Major Security Drivers of BFSI Sector in Digital India

Increased adoption of digital payment system in the recent years, especially after the demonetization accentuate the need for enforcing the security platforms associated with Banking, Financial Services and Insurance (BFSI) sector. While cyber threats being a major concern to finance institutions in countries where lack of cybersecurity awareness exits like India, the susceptibility to such kind of attacks remain as a stumbling block despite widespread implementation of countless security measures.

Cybercrime attacks and data breaches via malicious malware is still a great concern to the BFSI sector as cyber criminals come up with new strategies to counteract the defensive framework and preventive measures adopted by finance organizations, indicating that the security platforms used by these organizations are not secure enough and contain loopholes. Mobile based online transactions are also at a greater risk with mobile systems being more prone to variety of malware and malicious links designed to heist confidential information for illegal activities.

Despite the employment of various security policies such as biometric authentication, smart card purchases, debit/credit PIN & OTP authentications, etc to prevent hacking, cyber criminals still find a way to perform illegal activities and unauthorized transactions. By employing more robust security platforms with fool proof mechanism and by creating a proper awareness among consumers, these kinds of fraudulent activities can be circumvented.

How to Combat Cybersecurity Threats?

As the world goes digital, BFSI organizations need to administrate sophisticated real-time security approaches and robust security policies to shield against cyber-attacks. These attacks are becoming increasingly complex and sinister by the day. However, we are not completely defenceless, there are various security practices available today to enforce and assess the firmness of a cybersecurity platform such as Endpoint Detection and Response (EDR), Ethical Hacking, Cyber Attack Drills, Embedded System Security Assessment, Cyber Intelligence, Code Audit, Security Trainings, etc.

Biometrics in Cybersecurity

There are certain high-end technologies that will mark the era of next generation cybersecurity. Given the scale of threat protection that need to be employed, Artificial Intelligence (AI) based solutions along with biometric technology will drive the future of cybersecurity. Deep Learning &Behavioral Analytics is being explored to identify patterns of network activities to detect real-time cyber-attacks. Powerful user-identification techniques such as Embedded Hardware Authentication will fortify hardware accessibility.

Blockchain Cybersecurity is one of the highly advanced technologies these days offering a virtually impenetrable network and defend against data breach. Blockchain technology coupled with Artificial Intelligence and Biometric technology can offer an unbreakable security system to keep potential cyber-threats at bay. However, no technology can be regarded as 100 % fool proof, as the technology progress so does the tools and mechanisms for hackers to invade the security systems. To combat this, finance organizations need to constantly monitor their security platforms and employ advanced security solutions.

5 Main Technological Drivers of Cybersecurity

·       Artificial Intelligence

·       Biometric Technology

·       Internet of Things (IoT)

·       Integrated Security Solutions

·       Cloud Technology

ZKTeco develops its own biometric algorithms and offers ample Integrated Security Solutions. We believe in and nurture our Core competencies and our security solutions are driven by Artificial Intelligence (AI), Internet of Things (IoT), Biometric Technology, Cloud Security, etc providing a holistic security environment that transcends the conventional security solutions.

ZKTeco’s BFSI Security Solutions extend to ZKBioSecurity, a High Availability Solution offering real-time protection against cyber-attacks and various Physical Security Solutions such as Biometric Authentication, Biolocks, Multi-Door Access Controllers, Video Surveillance integrated with AI& Computer Vision Technology, Inspection Devices, Locker Solution, etc. All these solutions can be conveniently managed and monitored by ZKBioSecurity, an ultimate “All in One” web-based security platform powered by Integrated Technology and Solutions.   

If you have any further queries regarding security systems, please feel-free to contact us via sales@zkteco.in. we would be happy to provide you the best possible solution available in the Industry.