Advance Cybersecurity Adoption in banks and Financial Services

Advance Cybersecurity Adoption in banks and Financial Services

March 11, 2022 | Bitscape Team, Technology

Cybersecurity is an important prospect for the banking and financial industry. Rather than witnessing the loss of data, breach of information, and malicious cybercrimes turning out to be a nightmare, it’s better to adopt advanced security protection to secure the vulnerable information of banking architecture.

Why Financial Change Management Needs Advanced Security Protection

In recent years, data breaches and online attacks have impacted a huge scale of information, including account credentials, account information, user ID, password, and many more. This filthy backdrop has built up a compulsion to adopt the advanced security software solution that could form an integral part of Change Management Technology Adoption.

Major cyber threats to the banking and financial sector are:

Major cyber threats to the banking and financial sector

Web Attack:

Be it Google documents, basic tools, webmail platforms, or financial databases, Most of the applications hosted on the web are under serious threat of cyberattack.
The solution is to get the usage of a smart and intelligent Web Application Firewall with a behavioral firewall.

DDoS Attack:

This is referred to as Distributed Denial-of-Service. In this attack, the websites are drastically slowed down, making them completely unavailable for the users.

The solution is to use a DDoS protection tool that could integrate with the present architecture of the IT ecosystem. Remotely triggered black hole (RTBH) filtering is also a relevant option to prevent such an attack.

Supply-Chain Attacks:

Banking ecosystems are too open to Backdoor and Supply-Chain attacks. The hackers floating in the market get easy accessibility to a financial institution network by bypassing intrusion detection systems.

Auditing and monitoring the system are the simplest way to detect a supply-chain attack. Further, you can incorporate a security protection service to stay protected from such unauthorized data breaches.

Third-Party Vendor Attack:

Tackling the risk of third-, fourth- or fifth-party vendors is the biggest challenge that banks and financial institutions often encounter. If the partner gets under attack, there is a bright possibility that you will get affected by an unauthorized and unstoppable data breach.

You need to make sure that the vendors you are collaborating with are enabled with a strong security protection system. This will keep their infrastructure protected, and as a result, you will stay secure from cyber-attacks.

Global Operational Threats:

When you take your business to the global platform, there is a possibility that the operation risk would haunt you on a very large scale.
This gives rise to the adoption of an advanced security system that builds a cocoon around your IT infrastructure.

Competitive Advantages of Advance Security for Financial Institutions

• Establishes bank’s Reputation
• Prevent Loss of Customer Money
• Secure the Customer’s Data
• Deliver Firm Compliant Behaviour
• Safeguard the Vulnerable

Technologies to Ensure Bank’s Security

• Artificial Intelligence
• Data Analysis
• Intrusion Detection System
• Intrusion Prevention System
• Security Incident and Event management
• Firewall
• Antivirus
• Big data
• Machine learning
• Zero Trust Security

Bitscape, An Exceptional Security Service Provider for Banks!

As a spearhead of Microsoft, owing to the accountability of being the Gold Partner, Bitscape has already proven its expertise as an outstanding service provider for IT solution for Financial industry in the recent market.

To create and suatain your brand value in the global market, your team of concerned IT professional need to learn the art of choosing a Change Management Consulting Firm that is feasible for your operational requirement and business growth.

For instance, a client like a US bank has relied on Bitscape for securing its operational functionality, there is no other say to the context.

“Partnering with Microsoft accelerates our pace of innovation,” said Dilip Venkatachari, U.S. Bank’s Global Chief Information & Technology Officer. “This transformation will allow us to increase the velocity of change, to deliver new products and services much faster, and create richer, more personalized experiences. By automating many of our core engineering, security, and risk processes, this transformation will greatly improve our developer productivity and experience. Our teams will be able to work more iteratively on projects with high impact that are able to scale instantly on the elastic capabilities of cloud technology.”

Bitscape being the leading Gold Partner of Microsoft, can leverage your banking infrastructure with an outstanding advanced security solution. Be it any of the threats mentioned above, we bring for you a smooth transition to the cloud, reflecting exceptional change management technology adoption through every touchpoint of your cloud-based online architecture.

Be it Identity and Access Management (IAM), Advanced Threat Protection, Information Protection, Device and App Management, or Advance Compliance System, Bitscape brings a one-stop solution for the complete data protection of your financial institution.