Crores of Rupees change hands every day. Trust in the companies’ people use to handle their money and the markets keeps everything going. Trust is broken if the numbers do not add up, if customer information is breached. So basically, your clients should have a safe environment to perform their banking needs. And you only can create-establish trust by ensuring your systems are cybersecure.
It is not just the big Govt. owned / multinational banks that need to focus on Cybersecurity. SME-SMB credit Companies and Co-operative banks are equally as vulnerable.
For smaller financial institutions, there are different challenges. Skilled persons may be more difficult to attract and retain outside of large cities. Internal teams might be overwhelmed with other IT projects and handlings.
Cyber Criminals rob banks because that is where the money is. Likewise, in the digital world, the financial markets are attractive targets. As per research, it has been revealed that the financial institutions are 300 times more likely to be attacked than other industrial sectors.