The Security Threat is looming the BFSI Segments

There have been countless reports and articles offering actionable advice on how organizations can adapt to the pandemic. A new study from Juniper Research has found that IoT platform revenue will reach $66 billion (€60 billion) in 2020; rising from $55 billion (€50 billion) in 2019. Despite an outbreak of the global COVID19 pandemic causing a slowdown of businesses across industries, an annual rise of 20% is projected by the year-end.

The banking industry has been in a state of constant change for over a decade, with a remarkable acceleration in the rate of change in the last five years. Today's core needs to process and operate in real time, and support multiple digital channels. There are different routes and many factors that need to be considered, such as budget, workforce skills, and huge cultural change in terms of new working methodology and enterprise-wide buy-in. At the same time, the financial institution was being increasingly targeted by pitch-perfect social engineering attacks that often led to users unwittingly installing remote access software or malware.

A robust fraud solution that could analyze current event data and compare to historic behavior in order to accurately distinguish anomalous behavior in near real-time was needed. The hard fact of the life is, technology world is full of hidden risks and opportunities, it has to be top priority for the tech leaders to provide insights that benefit people, businesses and societies around the globe. The study further anticipates that businesses seeking greater resilience in areas including supply chain and asset management will enable the IoT market to overcome the anticipated widespread economic disruption over 2020 and beyond.

With lockdowns being imposed in every country, digital usage, particularly that of smartphones has surged considerably. Enterprises throw big money and talent at security, but they still make basic mistakes that lead to data breaches. Here are a few. In 2019, businesses spent approximately $103 billion on security-related hardware, software, and services, according to IDC-a figure it expects to reach nearly $134 billion by 2022. Still, the data breaches keep coming.

As per the 2020 Verizon Data Breach Investigations Report (DBIR), the use of stolen credentials (usernames and passwords) is the top hacking technique in data breach incidents. Using stolen credentials has consistently ranked among the top ways enterprises are breached. Further, enterprises are often their own worst enemy when it comes to credential attacks. It's still too common for teams to hard-code and embed passwords and encryption keys within devices, applications, and even software repositories. Until these habits stop, these types of attacks are going to continue.

Secondly, enterprises regularly slip on the basics, which costs them big when it comes to data breaches, regulatory fines, forensics investigations, downtime, and irritated customers. Organizations that follow best practices, like using VPNs and two-factor authentication, are well-positioned to handle a remote workforce securely.