| | August 20188CIOReviewCYBER SECURITY FOR THE 2018 BFSI LANDSCAPE ­ ARE YOU DOING ENOUGH?sk any risk ma n a g e -ment profes-sional and they'll tell you that the domain of cyber security today is no less than a minefield.On one hand, you have beginner outfits send-ing phishing emails and SMSs, trying to capture individual customers and their personal fiscal data. On the other, there are experienced hackers, ex-ploiting new techniques and technologies to cause large-scale breaches lead-ing to losses in millions, if not more. No sooner do cyber security experts spot and plug vulnerabilities than newer cyber security threats crop up in tandem.The data at riskLast year, the number of Ransomware attacks grew at a rapid pace, doubling in volume from 2016. To make things worse, or-ganizations often take months or even years to identify breaches that do not have an immediate fiscal impact. This leaves companies vulnerable to further attacks and has a visible effect on a company's reputation.Nowhere is this more important than the BFSI sector, an industry that relies on customer trust, handles huge amounts of PII (Personally Identifi-able Information) and con-ducts thousands of trans-actions digitally.A leading food tech-nology company had its PII database hacked and the information was made available for sale on the Dark Web since Novem-ber 2015. However, the attack was discovered only in May 2017. Since then the company's payment gateway handles transac-tions globally, storing PII like names and addresses, as well as customer's fi-nancial data ­ card details, bank account login details, and so on. Without a strin-gent risk mitigation plan in place ­ both preventive and prescriptive ­ com-panies stand to witness massive fallouts.ABy Bikash Choudhary, Chief Risk Officer at Future Generali India Life InsuranceIN MY OPINIONBikash Choudhary
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