A Race against Security Breaches: BFSI Sector
BFSI sector is constantly striving to safeguard the customer information with data volumes rising at a rapid pace along with the swift rise in the number of endpoints terminals including mobile devices. The customers of the companies in BFSI sector are looking forward for advanced protection in order to ensure a robust security mechanism thereby safeguarding their critical and confidential data. Further, the financial institutions which have managed a secure network against the data breaches so far are able to retain the customer’s confidence intact.
The government is playing a very important role by enforcing stringent regulations pertaining to the data privacy and its protection against the data theft and other related security breaches. As per the regulations such as Gramm-Leach Bliley (GLBA), California Senate Bill 1386 and Sarbanes-Oxley (SOX), it is essential for all the financial institutions to safeguard customer informational & data and to report any form of security breaches. The regulations mandates the financial institutions to make their customers fully aware about the privacy practices along with comprehensive programs to safeguard the confidentiality and privacy of financial information.
As a result of its cost-effectiveness and alignment to the government led regulations, the companies operating in this sector are now preferring Managed Security Services as the reliable solutions to mitigate the security concerns. The Managed Security Services providers facilitate the training and consulting to the end-users along with the monitoring and management of the network traffic.
With the advancement in the related technologies and enhancement in its integration, the financial service sector is experiencing a noteworthy transition in the deployed service models which on the other hand pose increased risk pertaining to the related security breaches. The customers are adopting the newer technology interfaces at a sturdy growth rate. This rise is making the banks and other financial institutions quite optimistic however, the concerns pertaining to the security is also rising parallel. The cyber criminals are carving different innovative ways to breach in the security thereby making it difficult to the companies in BFSI sector to have some durable solution.