By Ashwin Pal, Director of Cybersecurity Services, Unisys Asia Pacific
The BFSI sector is undeniably the most innovative, heavily regulated and targeted sector within any economy. As this sector saves and processes high volumes of funds each day, it is understandable that the sector becomes the top target for hackers. Also, with every passing day, consumer interaction with the BFSI sector is evolving, paving way for new channels and mediums, making the sector further vulnerable to cyberattacks. Keeping this continuous evolution in mind, it is understandable that need for cybersecurity will remain a priority for this industry. The sector will continue aggressive adoption of emerging technologies like Artificial Intelligence (AI), Machine Learning (ML) and Analytics for improving customer service, analyzing customer behavior, offering innovative products and services to their consumers, digitizing business processes and staying relevant in the market.
Trust and risk management will remain the key pillars within any Banking and Financial services institution and a continuing investment in cyber security initiatives is a must to satisfy both these business requirements. Cyber security professionals must stay abreast of these future developments and work together with the business to ensure these initiatives can be executed securely.