BANKING, FINANCIAL SERVICES AND INSURANCE (BFSI)

THE CHALLENGE: SAFEGUARDING SENSITIVE FINANCIAL DATA IN AN INCREASINGLY DIGITAL BFSI LANDSCAPE

The BFSI sector is a constant target for cyber attackers due to its handling of large volumes of sensitive data and management of significant cash balances. In fact, experts have estimated that this sector is 300 times more likely to be targeted by cyber criminals compared to other industries.¹ The COVID-19 pandemic has further exacerbated the situation, with a staggering 238 percent increase in cyberattacks on financial sector organisations.²

The significance of cybersecurity in banking transactions and in providing financial services cannot be overstated, as its primary purpose is to safeguard consumer assets. With the growing trend towards cashless transactions, more individuals are relying on online checkout pages and physical credit machines. However, this shift also increases the risk of Personally Identifiable Information (PII) being diverted to unauthorised locations or exploited for malicious purposes.

To combat these evolving cyber threats, the BFSI sector must remain vigilant and proactive in implementing robust cybersecurity measures. By prioritising cybersecurity, the BFSI sector can fortify its digital infrastructure and maintain the trust and confidence of its customers in an increasingly interconnected world.

WE UNDERSTAND YOUR NEEDS

In the dynamic landscape of the BFSI sector, staying ahead of cybersecurity challenges is essential to protect sensitive data, financial assets, and maintain customer trust. Organisations need to be equipped with the necessary tools and strategies to address the following unique requirements of the BFSI sector:

1. SAFEGUARDING ASSETS AND DATA:
   As society embraces digital transactions and cashless payments, securing users' assets and data becomes paramount. With the increasing threat of viruses, malware, unauthorised access, hacking, and data theft, robust cybersecurity measures are crucial to protect financial transactions and confidential information.
2. COMPLIANCE WITH REGULATORY STANDARDS:
   The BFSI sector operates in a highly regulated environment, where adherence to data security and privacy regulations is vital. To meet industry standards and guidelines, you need to incorporate regulatory and compliance requirements into your organisation’s cybersecurity strategy. It is important to address data security, privacy concerns, and ensure effective measures are implemented to mitigate risks.
3. ADDRESSING RAPID DIGITAL TRANSFORMATION:
   The BFSI industry is undergoing rapid digital transformation, including increased cloud adoption and the integration of new technologies. These advancements bring both opportunities and security challenges. Organisations need to navigate this digital shift carefully to effectively prevent and mitigate security incidents while ensuring seamless operations and customer satisfaction.
4. MITIGATING SECURITY INCIDENTS:
   With the evolving threat landscape, the BFSI sector faces an increased risk of security incidents. Incident response plans, vulnerability assessments, and robust security measures need to be implemented to safeguard your systems and data.

WHY CHOOSE TÜV SÜD AS YOUR PARTNER FOR BFSI CYBERSECURITY CHALLENGES?

TÜV SÜD is a CERT-In empanelled cybersecurity audit firm and a global member of the Charter of Trust.

1. Global expertise and risk management: TÜV SÜD offers a dedicated team of global experts committed to helping you manage risks and access global markets. With a comprehensive portfolio of technical solutions, we provide the expertise needed to navigate the complex cybersecurity challenges in the BFSI sector.
2. CERT-IN certified and PCI DSS QSA: TÜV SÜD in India holds prestigious certifications such as being a CERT-IN certified cyber security auditor and a PCI DSS Qualified Security Assessor Company. This demonstrates our competence and credibility in providing top-notch cybersecurity services.
3. Holistic solutions across the business lifecycle: Our comprehensive suite of services allows us to view your operations in their entirety and offer holistic solutions that cover the entire business lifecycle. From testing and product certification to training, knowledge services, inspection, auditing, and system certification, we provide a wide range of services to meet your cybersecurity needs.
4. Tangible benefits and risk management: TÜV SÜD adds tangible benefits to businesses by enabling access to global markets and effectively managing risks. With our testing and certification services, we ensure that your products and services meet the required security standards, while our expertise and auditing capabilities help identify vulnerabilities and implement robust cybersecurity measures.
5. Global presence and one-stop solutions: With an extensive network of multidisciplinary experts, accredited laboratories, and offices in major business hubs and production centers worldwide, TÜV SÜD is ready to support your safety, security, and sustainability needs wherever you do business. Our one-stop solutions, backed by our accreditations, enable you to access global markets effectively.
6. Anticipating technological developments: TÜV SÜD takes a proactive approach to anticipate technological developments and facilitate change. We identify megatrends that will shape the future of commerce and society, and our Digital Service Centers of Excellence spearhead groundbreaking pilot projects globally. Our experts actively participate in standard-setting committees and consortiums to define the next standards in safety, security, and sustainability.

With TÜV SÜD as your partner, you can trust in our commitment to cybersecurity excellence and our dedication to helping you navigate the evolving challenges of the BFSI sector. Together, we can inspire trust and build a sustainable, digital world.

TÜV SÜD APPROACH