Tag: cybersecurity

The effect of COVID-19 on Indian Banking Services

Resilience has been seen in the economic effects of the COVID-19 pandemic on India’s banking sector. However, some of the concerns experienced during the pandemic were credit risk, online fraudulent transactions, crisis management, and cyber threats. Lack of access to systems and data was a major technological challenge as well.

Prioritization of certain frameworks considering the COVID-19 pandemic to resolve immediate concerns and certain policies to get back economic productivity was required. Multi-dimensional initiatives were the order of the day given corporate frameworks and commercial endeavors.

Indian Cyber Security solutions in the banking industry

Cyber security solutions imply the use of technologies and practices with the purpose of network protection, device protection from virtual attacks for the prevention of defects due to unauthorized access. Ensuring you have a good cyber security solution in place ensures a strong foundation for highly reliable banking services.

Cyber security is essential for the protection of commercial assets and personal data from malicious attacks. As you can imagine, the confidentiality of clients’ banking data and customers’ credentials are of utmost significance. Online transactions using debit cards and credit cards must be enhanced with cybersecurity.

Why your digital banking solution needs cyber security?

According to the National Crime Records Bureau, overall, online transactional fraud cases reported were 2,093 in 2019. In the year 2020, considering the COVID-19 pandemic, cases reported were more than 4000. 85% of online fraud transaction cases were analyzed in 5 Indian states. Having a robust cybersecurity framework in place will ensure the safety of banking data without any scope for unauthorized access, preventing any monetary loss for the bank and its customers. Disclosure of crucial and confidential customer banking details could lead to online fraudulent transactions with losses.

With a cyber security solution, you can prevent any loss from incidents such as unencrypted data, fraudulent transactions, malware, spoofing, third-party services, and phishing.

What to consider when planning your cyber security strategy

  • Appropriate governance methods, ethical policies, and code-of-conduct to be ensured
  • A cyber security solutions committee should be officially formed for the implementation of monthly audits considering the bank’s technical and commercial operations
  • Officially decide cyber security frameworks with parameters for prevention of future data breaches, online frauds, phishing, and any other unethical banking practices
  • Analyzing the intensity of exposure to cyber security and banking risks with methods such as Vulnerability Assessment and Penetration Testing
  • Ensure adherence and compliance to cyber security banking norms as one of the important Cyber security strategies

Root Cause Analysis of Cyber Security Threats in Digital Banking

The Banking, Financial Services, and Insurance (BFSI) sector include valuable roles of tax management services, internal audit services, business process management services, financial advisory services, fraud risk management services, and compliance services. Because these services deal with money and often people’s entire savings, identifying the root cause of online cyber security threats is essential.

Identity and access management should also be supervised. You can regulate and supervise banking duties by the provision of access granted only to required systems for each employee depending on their job role. Lack of awareness, an increase of ransomware, and no importance given to cyber security are other reasons.

Benefits of cyber security to digital banking services

  • General Data Protection Regulation – Regulation to be implemented for the protection of commercial banking data to avoid any mishaps is significant.
  • Service optimization – Execution of daily cyber security practices, offers the scope for transforming banking services to be effective, and perfect.
  • Integrated Security – Since the BFSI sector is highly-regulated, banks prefer investment in integrated technological solutions for all work aspects to be done in an integrated way in one place. This provides time and cost-efficiency benefits.
  • Machine Learning and Big Data Analytics –Analytics that includes keeping a check on the results and benefits of cyber security management policies for banking operations are significant. Cyber resilience must be promoted with the scope of analyzing security data and a real-time advantage.

The future of cyber security for the Indian Banking Industry

The Indian BFSI sector will continue to emerge considering adherence to cyber security management frameworks and implementation of certain strategies to prevent cyber frauds. Considering the pandemic and rise of online transactions, the scope for fraud might be possible. Analysis of past cyber threat banking incidents with their root cause identification is beneficial. In this context, being data vigilant from cybercriminals is the need of the hour.

Cloud-based cyber security services offer efficient workload management that will be safer for enterprises with benefits of operational efficiency, scalability, and agility. Preference for hybrid cloud strategies and cloud-based Cyber Security solutions will be seen. The use of automated products, automated services, and automated software with enhanced endpoint security will be reported.

According to the Indian Cyber Security Services Landscape Report, the size of Indian Cyber security services is estimated growth at financials of $4.3 billion in 2019 to $7.6 billion in 2022. This indicates the emergence of cyber security strategies for the prevention of cyber security threats. Data Infrastructure which is the foundation and crucial to banking must be under higher scrutiny considering cyber security threats in the future.

Looking for a cyber security service provider for your banking service? Reach out to us today.

A digital and cloud transformation revolution is happening across the globe and no corporate, large or small organization, or government can choose to shy away from it anymore. With all business and government entities relying heavily on computers and software for managing their activities, robust cybersecurity has become a primary goal. Continuous advancements and innovation in technology have brought a paradigm shift in cybersecurity trends that can be expected in 2022.

Here are the top 7 cybersecurity trends for 2022.

1. Integration of automation

The amount of data being generated, shared, and stored in the world is increasing exponentially every day. With this massive amount of data circulated, automation must be incorporated in businesses to give more systematic control over the data involved. The present-day hectic work-life demands professionals to deliver quick solutions, which makes automation even more valuable than ever.

In 2022, enhanced security measurements will be integrated into the agile processes to create more secure networks and software. Large, complex web applications are more difficult to safeguard, making automation and cybersecurity to be a primary priority in the software development life cycle.

2. More investment in cybersecurity insurance is expected

Cybersecurity insurance is a cybersecurity trend that’s expected to gain more momentum in 2022. Companies will take cyber insurance more seriously. Policies are expected to mandate higher standards of security. The increase in cyber security attacks (and the subsequent insurance payouts becoming frequent and costlier) has called for cyber insurance companies to increase the cost of cyber insurance. A similar increase can be expected in 2022. What’s more, is that insurance policies will now require the execution of stricter security standards to minimize the risk of cybersecurity incidents.

3. Cloud could also be targeted

With millions of organizations worldwide taking the cloud route, enhanced security measured have to be taken by cloud providers and vendors. The cloud environment also has to be regularly monitored and updated to secure the data from being leaked. Cloud applications, like AWS and Azure, are well-equipped when it comes to security. However, it is the user’s end that might act as a potential entry point for malicious attackers and software.

4. Securing mobile networks will become key

Our world revolves around our smartphones. With the pandemic blurring the lines between personal and professional life, mobile has become the new target for many cybercriminals. In 2022, there might be a more than 50% increase in mobile banking attacks or malware, making our smartphones a high-risk prospect for attackers.

All our data, including pictures, transaction passwords, emails, and messages are prone to cybercrime. Smartphone malware and virus might get the attention of cybersecurity trends in the following year.

5. Internal cybersecurity threats might increase

A data breach research by Verizon giving insights on cybersecurity trends found that 34% of cyberattacks were indirectly or directly linked to employees [1]. With companies working on hybrid models, the risk of human errors leading to cyberattacks is expected to increase in 2022. Knowingly or unknowingly, a huge percentage of cyberattacks are caused due to human error. Even a small loophole or human error can bring the network of the entire organization down and result in millions of stolen data points.

6. 5G Network, IoT and Cybersecurity

The advent of 5G networks is giving birth to a new, improved era of connectivity. The technology that’ll benefit the most from the growth of 5G is the Internet of Things. Though there are no doubts about the utility of IoT, the communication amongst multiple IoT devices also makes them vulnerable to cyber-attacks and unknown bugs. The 5G network is comparatively new and might bring various network attacks that we aren’t aware of. 5G architects need to be strict when building sophisticated 5G software and hardware to reduce the risk of data breaches.

7. Targeted ransomware

This is one of the most important cybersecurity trends which cannot be ignored. In developed and developing countries, industries depend on software and automation for daily operations. Targeted ransomware targets specific industries to cause harm on a larger level. For example, the ‘Wanna Cry’ attack that was targeted on Scotland’s National Health Service hospitals affected over 70,000 medical equipment and devices. Usually, ransomware attackers threaten to make data public or sell in the black market unless the ransom is paid, but it can still cause harm to organizations, and sometimes nations too.

It is expected that companies worldwide will spend over $100 billion on protecting their IT assets alone in 2021. IT infrastructure security is not a choice anymore, it is an integral part of any organization. We, at PruTech Solutions, offer cutting-edge cybersecurity solutions for businesses. Reach out to us to discuss your requirements here.

Sources

[1] Welivesecurity by ESET, Verizon (2019) “Verizon’s data breach report: What the numbers say” [Online] Available from: https://www.welivesecurity.com/2019/05/13/verizon-dbir-what-numbers-say/ [Accessed December 2021]

India’s technology startup ecosystem is growing at a superfast pace. While global tech giants are setting up a base in India, home-grown technology startups are also going global and gaining international recognition. Undoubtedly, the startup ecosystem is developing some of the most groundbreaking technologies in India. However, the fast-paced advancements in startups have also made hackers around the world more interested in the data of Indian consumers.

India is a leading startup destination in the world, with some of the best e-commerce, food delivery, and ride-booking apps in the world. The Indian government has also been tremendously supportive of the sector and announced several policies that support the growth of the startup ecosystem. Moreover, Indian and global venture capital firms have shown interest and trust in Indian startups by investing in them generously. But in today’s day and age, the success of a startup cannot be only measured in terms of funding, valuation, or even profit. It is also measured in terms of how well equipped a startup is to combat cyber threats.

Due to the lack of a robust cybersecurity system and strategy in place, most startups and small businesses are less secure and easy targets for hackers. Though most of the startups are technologically sound when it comes to offering quality products to their customers, many startups do not have strong IT backup systems and cybersecurity systems. This makes them more prone and vulnerable to data breaches and cyberattacks.

Having a simple yet effective cybersecurity system results in a secure online environment for working, enables seamless communication, and ensures data security for the organization and its people.

How can startups protect themselves from data breaches in 2022?

There are many financial implications associated with companies facing cyberattacks. A 2021 IBM report found the average cost of a data breach among companies around the world to reach $4.24 million per breach[1]. However, the biggest cost that businesses have to pay is the loss of customers and their trust in your startup after a breach.

Apart from financial implications, startups that become victims of cyber attacks also might have legal consequences, like government fines and penalties.

Here are some ways in which you can secure your startup from being bullied by cybercriminals:

1. Install anti-virus on all devices (computers, tablets, smartphones, etc.) used by your startup. There is free anti-virus software available, but it does not necessarily offer the optimum level of protection required by a startup.

2. Enable two-factor authentication. This adds an extra layer of protection and security and restricts unauthenticated access.

3. Use the cryptographic method for setting passwords in which certain characters are inserted in every password during the encryption process. This method essentially makes stealing password hashes worthless.

4. Make sure the software you are using is updated. The updates released by software-makers usually include security improvements. You can also schedule automatic software updates on your devices during weekends or holidays to avoid workflow interruptions.

5. Create multiple backups of your startup data in secure environments. Having data backup means that even if your startup becomes prey to a cyberattack, the daily operations of your business won’t be affected.

6. Provide cyber security training to your employees. Through this training, the employees can be educated about how to spot fraudulent texts and emails, and what steps they need to take if they come across any such online messages.

7. Protecting just your software isn’t enough. For ensuring 100% security of your startup from data breaches, you also need to secure your hardware from theft. Install tracking software on all your devices so that they can be located in the event of theft or loss.

When it comes to securing your startup’s network, it is always beneficial to be safe than sorry. Even after implementing the above cybersecurity measures, regular security audits should be conducted to make sure that your infrastructure is secure.

PruTech offers industry-leading cybersecurity services, including Next Generation Threat Management, Data Compliance & Audit Assessment, and Identity and Access Management Services. Learn more about our services here.

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Source

[1] IBM & Ponemon Institute (2021) “Cost of a Data Breach Report 2021” [Online] Available from: https://www.ibm.com/in-en/security/data-breach [Accessed December 2021]

Vulnerability Assessment and Penetration Testing, or VAPT, are cyber security testing tools and techniques that are centered around identifying vulnerabilities in the server, network, and system infrastructure. Both Vulnerability Assessment as well as Penetration Testing serve different purposes in cyber security but are performed to attain goals that complement each other.

In this blog, we talk about what Vulnerability Assessment and Penetration Testing are, how the two work together to secure your organization’s network, and why is VAPT important for your organization’s cybersecurity plan.

What is a Vulnerability Assessment?

Vulnerability Assessment is a quick automated review of an infrastructure’s servers, network devices, and systems. In VAPT, a Vulnerability Assessment is done to identify any critical configuration issues and vulnerabilities that malicious attackers might take advantage of. It answers the question: What are the issues in my organization network, system, and server?.

Tools for vulnerability assessment help in simply discovering vulnerabilities. The VA tools and scanners alert organizations about the preexisting flaws in their code and their location. However, Vulnerability Testing cannot differentiate between the flaws that can be exploited to cause any harm and those that can’t.

What is Penetration Testing?

A Penetration Test is an extensive and detailed test conducted by experts to identify the numerous possible routes from where attackers may break into a system or network. Penetration Tests, also known as PenTests, help in answering the question: What can cyber attackers do to break into a network?

Apart from vulnerabilities, Penetration Testing (PT) helps in identifying the level of the potential damage the vulnerability might cause if exploited. The test shows how damaging a vulnerability could be in reality if exploited. It also helps in gauging the compromise an attacker may carry out if they get past the perimeter.

How do the two technologies work together?

Vulnerability Assessment and Penetration Testing is a process used for finding security bugs, issues, flaws, and vulnerabilities within a software program, a computer network, a system, or a server. As the two tests have different purposes, VAPT can be misunderstood as 2 different network and security testing techniques.

Interestingly, the two testing processes complement each other and are usually combined to yield better results. The objective of Vulnerability Assessments is entirely to look for and find bugs that can become a way for an attacker to penetrate a system. Penetration Testing is about exploring the bug by exploiting it to assess how much damage can be caused if exploited in reality.

Why is Vulnerability Assessment and Penetration Testing (VAPT) important?

Regardless of which industry your company belongs to, VAPT is a must. Vulnerability Assessment and Penetration Testing is all about assessment and verification of the cyber security situation of your company. VAPT is crucial for any business because of the following reasons:

  • VAPT provides organizations with information and in-depth insights about potential cyber security threats
  • It helps companies identify errors in coding made by programmers that may lead to cyber-attacks
  • VAPT provides end-to-end risk management and safeguards organizations from loss of money and reputation
  • It secures software and apps from external as well as internal attacks
  • It assists in assessing the tolerance of a network or system in case of cyber attacks
  • It helps in the effective implementation of the cyber security strategy of the company
  • It significantly reduces the risk of business downtime

Not securing data and systems can make companies lose out on a lot of money. It can also stain the company’s reputation and shake up its credibility in the market.

Vulnerability Assessment and Penetration Testing helps in checking whether your organization is safe from cyber-attacks or not. It helps you discover all potential attack surfaces and security loopholes so that you can fix them before any damage occurs. It also allows data security compliance to store customer data in applications and networks and protect them against any risk of attack.

At PruTech Solutions, we offer cutting-edge, end-to-end cyber security consulting solutions to our clients. Click here to learn more about our cyber security consulting.

The Opportunity

India’s premier research and development organization, DRDO, required a web application security assessment along with STQC certification services for their applications managing several business functions such as admin, finance, HR, inventory, and more.

The Solution

To achieve this goal, the PruTech Solutions India team audited the application and discovered certain vulnerabilities and weaknesses.

Download our case study to learn more about the solution and impact.

About DRDO    

DRDO is the Ministry of Defence’s research and development wing, with a vision to empower India with cutting-edge defense technologies and a mission to achieve self-reliance in critical defense technologies and systems, while equipping our armed forces with state-of-the-art weapon systems and equipment per the three Services’ requirements.