Day 93 – Q 1.What are the threats to the financial sector emanating from the cyber space? Examine.
1. What are the threats to the financial sector emanating from the cyber space? Examine.
साइबर स्पेस से वित्तीय क्षेत्र के लिए खतरे क्या हैं? जांच करें।
Introduction:
The Indian government has embarked on a programme to turn the country into a digital economy. It has unveiled a series of initiatives—from introducing Aadhaar, MyGov, Government e-Market, DigiLocker, Bharat Net, Startup India, Skill India and Smart Cities to propel India towards technological competence and transformation.
The move towards a digital economy is likely to help trigger a fresh wave of economic growth, attract more investment, and create new jobs, across multiple sectors. However, it also poses a big challenge, that of Cyber Security.
Body
Threats to the financial sector emanating from the cyber space
- Amount of data held by financial services companies makes them prime targets for “cyberthreat actor
- According to NITI Aayog report
- 24 % of cyber breaches affected financial organizations.
- 73% of all of breaches were financially motivated
- Denial of Services, Web Application Attacks and Payment Card skimming represent 88 % of all security incidents within financial services.
- Ransomware attacks (Ransomware is a type of software that threatens to publish a person’s data or block it unless a ransom is paid) increasingly affected businesses and consumers, with indiscriminate campaigns pushing out massive volumes of malicious emails.
- Huge consolidation has happened in the banking industry in the last several years. Bank are also willing to pay up when held hostage by a ransomware attack
Conclusion
Institutions such as the National Cybersecurity Coordinator (NCC), National Technical Research Organisation, Computer Emergency Response Team and the National Cyber Security Coordinator Centre are all doing a reasonable job.
