Financial companies are 300 times more likely to get attacked by cybercriminals. The security landscape of the banking sector is changing. First, the industry was under the threat of physical attacks, and how cyberattacks are dooming the industry. As individuals, BFSI companies do best to offer a safe online experience but to provide the utmost security online, they have to take cybersecurity services from third-party vendors.
When you look at the steady-state of security on the web, it is obvious to get scared and offer a safe banking experience; the BFSI sector needs to adopt cybersecurity.
Cyberattacks are increasing in the BFSI sector: The Dark Side of the digitalization.
A report published by the Federal Reserve Bank of New York in January 2020 claims that a cyberattack on any of the five most active banks of the US can affect 38% of the networks. Also, according to Fortunly, the cost of cyberattacks in the banking sector has reached $18.3 million annually per company.
There are enough reasons for cybercriminals to attack the BFSI sector. From managing sensitive information to offering various services, banking personnel has a lot on their plate. As the digital transformation has improved the banking experience, cybersecurity services remain a concern for the BFSI sector.
The sector is subjected to various attacks ranging from ransomware, phishing, DOS attacks, etc., as they want to steal the money, sensitive information and sabotage the brand’s reputation.
Reasons why the BFSI industry needs cybersecurity
To maintain the reputation.
The long term loss that comes from a cyberattack is the damage that comes to the brand’s name. The market scenario is quite competitive, and a cyberattack can tarnish the brand image that may lead existing customers to run away. Therefore, it is inevitable to have cybersecurity essentials for the BFSI sector to upfront the existing security parameters and protect the crucial data.
For more information: 5 Reasons Modern BFSI Industry needs Cybersecurity
Cyber attacks in the healthcare industry have increased at an alarming rate because of the global pandemic.
As the health sector worldwide is struggling to fight the ongoing COVID-19 pandemic, cybercriminals are leaving no stone unturned to target the hospitals and in this phase, trustworthy cybersecurity services can protect them.According to researchers, cybercrime in the healthcare sector has increased by 45% globally.
Because the cyberattacks doubled during the pandemic, and all the primary data like personal data, medical data, and security credentials are not secured.
The surging growth in cybercrime targeting the industry has put the personal data of the patients in danger.
Cyberattacks in the healthcare industry are of particular concern because they are not just attacks; in fact, they directly threaten the safety of the patients.Why are cybercriminals targeting the healthcare industry?Cybercriminals are selling the billing and medical information of the patients on the dark web for insurance fraud purposes.All the internet-connected medical devices could tamper.Ransomware can be used to lock the patient care and back-office systems to get massive amounts.Cybercriminals can use phishing emails to spread the virus in IT systems.
The alarming rise of cyber-crimes in the healthcare sector Health organizations are prime targets for cybercriminals.
"Many businesses are re-opening their offices, here are some cybersecurity tips for organizations to consider as they navigate the transition of returning to the office.
Increased awareness is driving sales of various public safety solutions, such as computer-aided dispatch solutions, jail management systems, and record management solutions, to name a few, with strong growth forecast for North America, Europe, APEJ, and Japan in the coming years.The most recent edition of MarketNgage's 'public safety software' market study provides an up-to-date analysis of this industry, with a focus on its driving and restraining factors, as well as the impact of the COVID-19 pandemic on demand-supply trajectories for the forecast period of 2021 to 2031.
The report also offers insights into new market trends and strategies being implemented by both leading players and new entrants in this space.With the rapid digitization of the past few years, the demand for public safety solutions has increased significantly.
The rise in cyber security threats, terrorist attacks, and natural disasters has boosted sales of public safety solutions such as mobile police software, court management solutions, and scheduling solutions.
Furthermore, increased mergers and agreements between vendors and technology partners in the public safety software industry have increased sales over the last five years from 2016 to 2020.In the notorious dark web, cybercrime as a service is emerging as a business model.
A cyberattack exposed 40 million customers' personal information, including social security numbers and driver licence numbers.As a result, the incident is expected to reduce customer traffic.
Despite the best efforts of cyber security experts, frequent attacks have highlighted the need for technological advancements to ensure data integrity.
Mobile network security vulnerabilities are not new, and they will not go away with 5G.
Overall, 5G is more secure than 4G, but they will usher in a wave of new IoT applications, but will it be safe.cy5G networks will usher in a wave of new IoT (Internet of Things) applications.
As with the implementation of any new technology, it is vital to ensure that a secure foundation is in place.
This is especially important when we consider that 5G will accelerate the deployment of smart devices and the applications they support.https://www.pamten.com/blog/iot-risk-management/
Cybersecurity experts are raising alarms about “smishing,” a unique form of phishing that attempts to deliver malicious links or infected applications to cell phones via text or SMS messages.
