cxo voice
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release
No Result
View All Result
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release
No Result
View All Result
Leaders Talk and Latest Tech News | CXO VOICE
No Result
View All Result
Home News Banking

Cybersecurity in Banking Industry – Are the Banks ready to beat any the threat

Deepa Sharma by Deepa Sharma
October 10, 2019
Cybersecurity in Banking industry

Advancement of cybercriminals and their new attacking methods is like a ringing alarm for every profit and non profit making organizations. Measuring and following cybersecurity guidelines for banking industry in very important because It carries confidential and impotent customer’s financial data like card details, online login credentials, account details etc, any mis-happening will not only damage bank financially but a reputation as well which matters most.

Banking industry spends a huge budget on cybersecurity system and to maintain its IT infrastructure, but cybercriminals find new attacking ways, see  the example of Cosmos Bank Pune India cyberattack, where INR 94 crore (USD 13.2 million) were looted. What happened there, cybercriminals breached Bank’s ATM switch server and steal Visa and Rupay card owners confidential detail, On the basis of stolen account owner’s card details, cybercriminals carried out 12000 fraudulent transactions across 128 countries. The attack was so aggressive that Cosmos Bank had to close its ATM operations and suspend online banking facilities for the time.

Cybersecurity in Banking industry India
Image: TOI

After the attack, Cosmos Bank, said that its main banking software receives debit card payment requests via a “switching system” but it was bypassed in the attack. During the malware attack, a proxy switch was created and all the fraudulent payment approvals were passed by the proxy switching system,”

Despite of cybersecurity challenges, digital transformation and adaptation of new technologies powering banking industry helps to serve their customers greater experience with advance one-touch user facilities, this is customers demand as well. Embedding new technology and applications required additional Security measures and to follow security guidelines.

Why banks and financial institutions are the main target of cybercriminals? Rakesh Kharwal, MD, Cyberbit India said, “Because of the enormous reserve of cash and consumer data, banking industry is the top target for cybersecurity criminals. The repercussions of a data breach on the sector can be very severe including the threat of financial losses, regulatory consequences, and reputational damage. These factors have spurred technology leaders from the banking industry to innovate and accelerate in the cybersecurity field. But the challenges are not easy at all, the banking sector is adopting new technologies at a very fast rate to generate incrementing revenues.

Banks need to make their IT infrastructure robust as they are the most vulnerable to cyber-attacks. Banking industry is the most targeted sector and nearly 22 percent of the cybersecurity attacks which took place in the country last year were on the banking industry. On top of it, these attacks are becoming complex day by day. To address these challenges, technology leaders need military-grade cybersecurity solutions to detect the most advanced attacks as well as there is a need a strong team of skilled cybersecurity professionals who have hands on skills to counter such attacks. “

ADVERTISEMENT

Indian banking industry must be ready to combat the risk and challenges arising from Cybersecurity perspective. Banks also strengthen their security tech module and software applications.  

RBI (Reserve Bank of India) working on measures to enhance Cybersecurity standards, it has issued a Cybersecurity framework to combat cybersecurity challenges and threats.   

Banking industry must evolve cybersecurity policies and adopt most advanced security system with trained manpower.   

Deepa Sharma

Deepa Sharma

Deepa Sharma is CXOVoice’s Managing Editor, overseeing all coverage technology, cybersecurity, banking, and financial coverage. She can be reached at [email protected]

Related Posts

Venu Lambu
People

Debashis Chatterjee Retires as LTIMindtree CEO; Venu Lambu Appointed as Successor

May 30, 2025
Lenovo and Motorola FIFA Club World Cup 2025
Press Release

Lenovo and Motorola announce partnership with FIFA Club World Cup 2025™

May 30, 2025
Dora Liu Deloitte
People

Dora Liu Appointed CEO of Deloitte China, Set to Advance Growth with ‘1-2-3 Strategy’

May 30, 2025
Salesforce Amsterdam
Business

Salesforce Expands European Presence with New Amsterdam Office

May 30, 2025
Kore.ai
Business

Kore.ai Partners with AWS to Transform Customer Experiences with Integrated AI Solutions

May 28, 2025
Antony Cahill Visa
People

Antony Cahill Set to Lead Visa’s European Operations as Charlotte Hogg Departs for New Opportunity

May 27, 2025
Press Release

Coforge and Nylas Partner to Revolutionize Salesforce Customer Scheduling and Communication

May 27, 2025
Vietnam Airlines and FPT
Business

Vietnam Airlines and FPT Forge Strategic Partnership to Elevate Customer Experience Through Advanced Technology

May 23, 2025
Load More
ADVERTISEMENT

Latest Updates

Venu Lambu

Debashis Chatterjee Retires as LTIMindtree CEO; Venu Lambu Appointed as Successor

by Deepa Sharma
1 day ago

Lenovo and Motorola FIFA Club World Cup 2025

Lenovo and Motorola announce partnership with FIFA Club World Cup 2025™

by News Desk
2 days ago

Dora Liu Deloitte

Dora Liu Appointed CEO of Deloitte China, Set to Advance Growth with ‘1-2-3 Strategy’

by Deepa Sharma
2 days ago

Salesforce Amsterdam

Salesforce Expands European Presence with New Amsterdam Office

by Deepa Sharma
2 days ago

Kore.ai

Kore.ai Partners with AWS to Transform Customer Experiences with Integrated AI Solutions

by Deepa Sharma
4 days ago

Antony Cahill Visa

Antony Cahill Set to Lead Visa’s European Operations as Charlotte Hogg Departs for New Opportunity

by Deepa Sharma
5 days ago

Expert Views

Opinion

When AI Empowers Both Networks and Hackers: The New Battlefield for India’s Telecoms

May 20, 2025
Molly Sands AI
AI

AI RIP: 5 Things Knowledge Workers Will Say ‘Sayonara’ to in the Next Decade

March 8, 2025
multi cloud
Cloud

Multi-Cloud Made Simple: Strategies for Smart Business Management

March 5, 2025
Soft Skills
Opinion

Soft Skills and Technical Know-How: A Winning Combination in the Tech Industry

March 4, 2025
Digital Freedom
Cyber Security

Your Data, Their Gold: The Silent Battle for Digital Freedom

February 25, 2025

Get Latest Update

Subscribe to our mailing list to receives newsletter direct to your inbox!

ADVERTISEMENT

Leaders Interviews

Steve Wilson, GenAI Cybersecurity LLMs
Cyber Security

How effective is GenAI in cybersecurity? The role of LLMs and AI in security solutions. [Interview with Steve Wilson]

-
Interview on Counterfeit products with Nikhil Narayan
Leaders Talk

Advancements in ML & AI made it possible to detect counterfeit products in real-time, says Nikhil Narayan

-
Newgenone bridges the gap between business users and IT teams with its low code capability: Varun Goswami
Leaders Talk

Newgenone bridges the gap between business users and IT teams with its low code capability: Varun Goswami

-
AI chatbots, Prasanna-Kumar
Leaders Talk

Can AI chatbots enhance customer experience and reduce the cost of serving customers?

-

Entrepreneur

Samsung Electronics appoints its first female president

Inspiring Women Entrepreneurs in India (2022)

Technology Adoption For Entrepreneurs

Volunteering management is the need of the Hour

CXOVoice.com is a leading online publication for CXOs, entrepreneurs, senior leaders, developers, and industry professionals. Our coverage spans key sectors, including IT, technology, banking, finance, cybersecurity, engineering, and automobiles.

Connect with us

Easy Links

  • Cryptocurrency
  • Event
  • Blockchain
  • Press Release
  • Resources & Downloads

Write Us

[email protected]
  • Home
  • About Us
  • Contact Us
  • Advertise
  • Privacy & Policy
  • Feedback

Copyright © 2025 CXOVoice - All Right Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Our Spring Sale Has Started

You can see how this popup was set up in our step-by-step guide: https://wppopupmaker.com/guides/auto-opening-announcement-popups/

No Result
View All Result
  • Home
  • Technology
    • AI
    • Cloud
    • Telecom
    • Data Center
    • BPM
    • Blockchain
  • Finance
    • Banking
  • Cyber Security
  • View Points
  • Leaders Talk
  • News
  • Press Release
    • Submit Press Release

Copyright © 2025 CXOVoice - All Right Reserved