Bhaskar Rao, CISO, Bharat Co-operative Bank (Mumbai) Ltd.
Security Priorities in Banking Sector
Cybersecurity is one of the major challenges in the financial sector, particularly for banks as they must protect both customer data and internal systems. Banks handle sensitive customer transactions and store critical data in data centers, making security a top priority.
To address this, financial institutions deploy various security measures such as securing applications, protecting data centers from external threats, and utilizing micro-segmentation to safeguard their networks.
However, cybersecurity is a dynamic field that evolves every day. Threats and security risks change continuously, meaning banks must constantly upgrade their systems to stay ahead. What worked yesterday might no longer be effective today. Therefore, financial institutions are required to not only update their individual systems but also overhaul their entire security infrastructure to stay resilient in the face of changing challenges.
Balancing Security Across Bank Sizes
The banking sector also faces significant disparities in resources. Large banks have the financial means to deploy sophisticated security technologies, but smaller institutions, particularly in the cooperative sector, often rely on third-party vendors. This reliance can create gaps in security capabilities and make it harder for smaller banks to keep up with the evolving threats. Additionally, a shortage of experienced security professionals exacerbates the issue, making it difficult for banks to find skilled personnel to manage their cybersecurity effectively.
CISOs Steer Cybersecurity Forward
The role of the Chief Information Security Officer (CISO) is particularly demanding. CISOs must balance protecting customer data, ensuring compliance with regulatory standards, and defending against cyberattacks. Moreover, they need to adapt to constantly changing threats. With the rise of AI technologies, the landscape of cybersecurity is shifting, and AI is becoming a vital tool.
AI can consolidate security events, generate detailed reports, and identify threats more quickly than human analysis alone. It allows banks to track, detect, and block potential security breaches efficiently.
Elevating Cyber Resilience With AI
Rather than viewing AI as a challenge, it is increasingly seen as a necessary tool for improving security in the financial sector. As AI continues to evolve, it will play a key role in strengthening cybersecurity measures, ultimately making financial institutions more secure and resilient in an increasingly digital world.
