As financial organizations continue to evolve through technological innovation such ML & AI, business transformation such as online banking and mobile applications, and third party outsourcing for optimization and cost saving, the sector continues to become more vulnerable from the cyber-crime point of view.
“New-age technological adoption in the BFSI sector has given a way for cyber-crime attackers for easier attacking tactics and techniques. The financial sector has always been at the forefront of cyber-crime target, after all that’s where the money is!” said, Falgun Rathod, Gujarat’s youngest, leading and award winning cyber security expert who has not only achieved recognition from the department of defence from the US government, but has also offered consultation services to several financial institutions, private companies, and has been mentoring younger generation who is aspiring to make their mark in fighting the cyber-crime.
Going by the latest reports by the Indian Computer Emergency Response Team (CERT-In), the COVID 19 pandemic has given rise to a phenomenal 600 per cent increase in the cyber crime instances. “With more number of people shifting online to carry out banking and shopping transactions, these numbers are infact not surprising.”
“As if the huge increase in security breach, malware, ransomware, phishing and data hacking in the financial sector was not enough, the attackers are now taking advantage of the Artificial Intelligence algorithm running remotely, thus augmenting the efforts of the cyber attackers.
In order to strengthen their defences against the increasing number of attacks, institutions can employ ways to recognize hackers, improve the way they design and deliver services, manage risks, and train their teams. And above all, build MI technology that is flawless enough to counter attack the hackers.” Rathod added
Falgun Rathod. who is also a part of the ‘Indian servers’ team, is the founder of Cyber Octet, a cyber-security company which has proudly served over 150 clients, and has taught 50,000+ students the concept of cyber security and ethical hacking.
Rathod’s Cyber Security firm helps organizations identify IT vulnerabilities, and provide them with latest cyber security systems. Today, Cyber Octet has clients such as pharmaceuticals, and BFSI companies who are served by its team of ten key security experts.
Rathod is among the top ten ethical hackers of India and one of the first to appear on the cover page of international cyber security magazine. With his passion and constant learning, today he is an example for many in his industry, and a concern for those that are on the other side of his computer.
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