Why IBM QRadar is the best pick for Advanced Threat Protection in BFSI sector?
Published: 12/24/2021 3:52:34 AM
Brief Introduction to Cyber Crime and Why Advanced Threat Protection is the need of the hour
While there are many benefits of online financial transactions, it is always on the radar of hackers and cybercriminals. Banking apps are often accessed through smartphones, and most of these devices may not be properly secured.
Banks and financial services providers use third party and shared networks which may be prone to cyber-attacks. Cryptocurrency is another relatively newer aspect that is not properly regulated in most countries, and hence is prone to phishing, hacks, and other cyber threats. Overall, robust and high-grade solutions are essential for the BFSI sector to prevent financial frauds and subsequent losses, maintain data security and subsequent credibility and reputation, avoid court cases, litigation, and penalties due to negligence or non-compliance.
Staggering Data on Data Cybersecurity in BFSI Sector
It is appalling to see the cybercrime data released by various leading research organizations for the BFSI sector..
- A recent report released by the Boston Consulting Group suggests that financial services firms are 300 times more likely to face cyber attacks than other businesses. Mitigating these threats and their aftereffects will cost huge for banks, wealth management organizations, and others.
- Another study by IBM X-Force Threat Intelligence Index indicates that the BFSI industry was the most affected industry by cyber threats for three years in a row. Cyber threats in this industry account for almost 19% of total incidents and cyberattacks across all markets.
Types of Cyber Attacks in the Banking, Financial Services, and Insurance (BFSI) Industry
Common types of cyberattacks in the BFSI industry:
- Phishing: Here, the attacker gets access to user names, OTPs, and fixed passwords enabling account manipulations, money withdrawal, and more.
- Denial of Service (DoS): In this attack, network access is denied to a user on their computer or a handheld device through a downloaded program that triggers a system crash. This can be done through malware, which spreads viruses across a network with remotely connected devices.
- ATM Skimming: In this type, a gadget is introduced in the ATM keypad which simulates everything entered by the user in the ATM kiosk. This includes copying debit card numbers, passwords, and so on which are used to carry out fake transactions.
- Spamming: This is a way to enter user accounts through fake email ids advertising a product. This is sent to multiple accounts at a time.
- Spyware: A malicious software gets downloaded into an account holder’s computer mainly due to clicking on a dubious link from some unknown email id. This can access all the local files in your system.
Why IBM QRadar for BFSI Industry?
IBM QRadar for BFSI can help to safeguard financial organizations against various types of advanced and sophisticated attacks..
- IBM QRadar for BFSI industry is powered by IBM X-Force and offers advanced threat detection in real time.
- IBM QRadar scans the network for identifying anomalous communications, abnormal connection patterns, malicious sites and processes, and more.
- Insider threat detection monitors behavioral analytics and pre-configured alerts for hijacked accounts.
- Identify abnormal authentication behavior in real time, which may include unauthorized access, password guessing, and brute force attacks, and issue alerts immediately.
- Detect abnormal cloud workload and usage, multi-vector attacks, misconfigurations, and so on.
- Encrypt exfiltrated data and monitor network traffic during large volumes of data transfers.
- Complete protection from various types of cyber threats such as phishing attacks and multi-prong attack tactics and protect critical assets such as financial databases, and assure improved endpoint detection and response (EDR) integration.
Whether you are an old or a new player in the BFSI industry, it is essential to be aware of various types of attack tactics and ways to safeguard your organization from these attacks.
Futurism Eagle Eye is an Advanced Threat Protection SIEM Service for BFSI industry powered by IBM QRadar that provides up-to-the-minute protection from coming-of-age and advanced cyber threats. IBM QRadar leverages Watson AI to use intelligence feeds from X-Force to detect and mitigate these threats before they escalate.
Get in touch with our security expert at +1 (732) 790-2593 or book a FREE consultation here to know how Futurism can help you get the most out of IBM QRadar for BFSI industry.