FinTech companies will not only have access to sensitive financial information about customers, but are likely to collect personal customer information in their quest to know more about the customer. In light of recent events and shifting industry dynamics, that forecast has been revised to a 1.8 million worker shortage by 2022. There is no doubt that the challenges of securing information and financial assets of the customers and citizens, as well as to provide cutting-edge services, in a competitive business environment will test the financial institutions severely. The risks associated with security threats and the potential impact to business should make organizations see the benefits of proactive security. A new generation of security analytics solutions has emerged which are able to store and analyze huge amounts of security data in real time. 16 Another report, by Cyber Security Ventures, projects unfilled cyber security positions to reach 3.5 million by 2021. Here are the top five emerging trends in cyber security, according to Dr Adrian Nish, Head of Threat Intelligence at BAE Systems. The second is direct attacks against candidates' or digital electoral infrastructure. The weaponization of AI. As cybercriminals find new ways to attack, breach, and exploit organizations, threat patterns such as phishing, spear-phishing, and social engineering evolve and become more sophisticated. ReBIT will act as a catalyst for innovation, big systems and new ideas apart from having the capability to guide the regulated entities in the IT areas of their operations as also for the RBI’s IT related functions and initiatives. Some of the factors which continue to have their impact on the state of cyber security are as follows. This is because of the overwhelming evidence that these tactics are being increasingly adopted by state actors with the aim of causing political unrest. These new applications are expected to introduce complexities in the interfaces between systems, which could present cyber vulnerabilities, and data security issues. Cybersecurity expenditure is expected to exceed $1 trillion from 2017 to 2021.The noticeable rise in cybercrime, has pushed the expenditure on products and services to more than $80 billion in 2016, according to Gartner. In light of recent events and shifting industry dynamics, that forecast has been revised to a 1.8 million worker shortage by 2022. Security and its challenges to Society. 8 This has significant implications for KYC simplification, but also in further proliferation of services like Aadhaar Enabled Payment System (AEPS). The technology infrastructure continues to build up, with 100 crore mobile connections in the country, of which 24 crore are of smartphone users. Technological investments grew as we saw improvements in the analysis of threats based on behavior. Despite some improvement, there remains a lot of work to be done in this area. It is speculated that even ATM and PoS networks may have been compromised. It is prudent to classify the risk associated with each system and focus on the efforts accordingly. The 5 Biggest Cybersecurity Trends In 2020 Everyone Should Know About. Periodic Newsletters on Cybersecurity: Target audience would include key stakeholders from RBI (CGM and above) as well as CIOs, Executive Directors, business unit heads, heads of internal audit, operational risk, compliance and fraud management from all of the financial institutions regulated by RBI. Read here In addition to the webinars, some initiatives will require further support to enable easy adoption of these best practices by the financial institutions. The cybersecurity skills gap continues to grow During 2020, research suggests the number of unfilled cybersecurity jobs will increase from just 1 million in 2014 to 3.5 million. However, responding to COVID-19 remains the biggest challenge for most security organizations in 2020. Data Breaches and Phishing Protection from phishing attacks is one of the top trends in cyber security. Given the need for inter-operability and cross- institutional cooperation, ReBIT will effectively participate in setting up of standards to strengthen Reserve Bank’s role as regulator. Finally, cloud companies like Google and Amazon storing other companies’ data are heavily investing in improving their cloud security. The report covers nine key cyber threats: Ministry of Finance set up a working group to work closely with all financial-sector regulators and stakeholders on issues of cyber security. The attempt closely resembled the cyber theft of USD 81 million from the Bangladesh central bank’s account at the New York Federal Reserve. Cyber security trend #1: The phishing landscape is changing, though email still ranks as the biggest of those threats It should come as no surprise that phishing would make our list of the top cyber security trends. One of Gartner’s 2020 technology trends, AI security may be a cybersecurity trend, but it’s more than that—it’s a fundamental challenge. The digitalized world is handling increasingly vast amounts of data, and this feature is introducing exponentially more opportunities for malicious actors to … Deception technology is a promising new way to detect the stealthiest cyber-attacks. The result is our 2020 Cyber Threat Trends Outlook. Community Leadership:ReBIT strategy is to work with experts and drive industry led initiatives to strengthen cybersecurity resilience for the financial sector. It is recommended in the WG report that CERT-Fin, will collect, analyze and disseminate information on cyber incidents in the financial sectors. Large scale harvesting and resale of this data on the black market is highly lucrative for cybercriminals. In addition to keeping systems secured, it is recommended to secure the information/data such that the security remains and travels with it at all times. Infosecurity Magazine noted that IT-OT collaboration engenders a lack of visibility, as IT security teams don’t know what’s spread across their employer’s entire infrastructure (in their … However, that doesn’t make them immune to deep cyber intrusions like the Operation Cloud Hopper. Emerging trends of cyber-crime law; Conclusion. As a result, healthcare organizations now pay more considerable attention to … AI … Become smarter and intuitive with machine learning and big data analytics: Considering the current digitization drive, there will be an exponential increase in the data relevant to the BFSI sector. Of course, implementing these mature defenses requires access to a skilled, experienced cybersecurity workforce â something that is likely to increasingly become a challenge in coming years. Organizations need to be prepared in identifying such attacks and not only respond, but recover with the least damage. 2018 was an overall positive year for cybersecurity. 16 Another report, by Cyber Security Ventures, projects unfilled cyber security positions to … 2. Some of the active areas include payment systems, peer to peer and cross border transactions as well as mobile PoS processing; robo-advisory and brokerage for personal finance management; crowd-funding, P2P lending, alternative lenders and market places; and credit scoring, analytics and risk management. Anti-Phishing Campaign/DMARC implementation. Both forms of digital electoral interference are likely to become a growing problem over the next 12 months, partly due to the fact that they have proven to be highly effective up until now. However, not many firms invest in training and improving the cyber security awareness levels within the enterprise. Spending on Cyber Security will Increase Cyber security spending is on the ascent. Moreover, as FinTech companies embark on data based differentiation, the issues of data privacy and customer protection will become increasingly important. Similarly, Union Bank of India also became the victim of an attack in July 2016. The sharp rise in value and volume of digital transactions which touched record levels in March 2017 manifests the accelerated shift towards electronic payments. The working group is in the process of defining a Cybersecurity Maturity Model that can be used across financial firms, financial software and other vendors to the financial institution, security service providers and other stakeholders to assess a firm’s preparedness using uniform metrics. From Brazil, a novel way to attack a bank was reported. As it appears to most people, the internet and the online world is an international entity â relatively free of borders or restriction on the free movement of information and ideas. Even before we get into the subject of self-driving cars, vehicles today are basically moving data factories. Artificial intelligence (AI) will play an increasing role in both cyber-attack and defense. Cyber Security Esri Human Resource ... Top 6 Emerging Cybersecurity Trends for 2020. With digitization, India is embarking its journey towards digital economy. AI is the new arms race, but unlike earlier arms races, anyone can get involved â thereâs no need for the sort of resources that were previously only available to governments. Study of Latest Emerging Trends on Cyber Security and its challenges to Society Ravi Sharma Abstract— Cyber Security plays an important role in the development of information technology as well as Internet services. If more barriers like these go up, it could easily have the effect of preventing international cooperation on both the technological and regulatory challenges of cybersecurity, and thatâs only likely to benefit the bad guys. Banks and other financial institutions must invest in technology that can recognize and prevent the practices and actions used in exploits. A risk-based approach gives a clear roadmap for the organization to focus its effort and investment where it matters. The pace of digitization of financial transactions in India continues to gather pace. Introduction Interfaces and APIs that facilitate seamless data hops with multiple applications may also be most vulnerable and create prospects for malware propagation, in case of cyber-attacks. The working group would work on defining a cybersecurity assessment model for the financial firms in an industry-led initiative. Following themes have already been covered and the presentation materials and playbooks made available on ReBIT webinar repository. Cyber security best practice: Training and technology. Top management focus also remains a concern, support for cyber security projects are usually given low priority. This deficit of skills is likely to become a growing matter of public concern during the early part of this new decade. According to Becker’s Hospital Review, the financial loss from data breaches in the healthcare industry reached more than $5.6 billion. The risk issues and incidents also made their presence felt. Digitization brings unmatched functionalities, coverage and usability for the large Indian population. It arms the enterprise with a set of digital tripwires to turn the tables on even the most advanced hackers. Organizations handle large amounts of shared data daily. Poor Identity and Access Management: Identity and access management is the fundamental element of cyber security. The other side as, to enforce it into Law, its implementations and some of the solutions that may be With the swift rate, internet usage and the technology for ICT in India is increasing. Prioritize risk based security: Risks are dynamic and 100% prevention is not realistic. 3. Targeted disinformation campaigns aimed at swaying public opinion have almost become an accepted feature of democracy today. Just as AI can âlearnâ to spot patterns of coincidence or behavior that can signal an attempted attack, it can learn to adapt in order to disguise the same behavior and trick its way past our defenses. The vital role that cybersecurity plays in protecting our privacy, rights, freedoms, and everything up to and including our physical safety will be more prominent than ever during 2020. Aspects such as the purpose for collecting personal information, how will this information be used, security mechanisms put in place for protecting such information, for how long will this information be stored and what will be the procedure for destroying such information, are not known by the individual nor have these aspects been defined uniformly in the policies and procedures. Business Leaders’ Forum:To support the cybersecurity initiatives and create awareness. Publically available personal sensitive information can pose a risk for Indians because the majority of the population are digital immigrants, and, therefore, vulnerable to misuse of their data. Vehicle hacking and data theft increases. 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