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The recent cyberattacks on the BFSI sector shows that the modus operandi deployed by the hackers is both diverse and evolving. These dynamic nature of threats in the cyberspace demands that the BFSI sector is compelled to stay one step ahead in the game, writes Arjun Kallawar, Head of Solutions Engineering-India, Edgio, reminding the alarmingly rising threat on cybersecurity on the occasion of World Backup Day.
India’s BFSI sector is under increased threat and has become the most targeted industry by cyber criminals. According to a report by CloudSEK, India has emerged as Asia’s new hotspot for cyberattacks.
This uptick in cyberthreats in India, can be attributed to the rising trend of digitisation and widespread adoption of online banking systems, which grew exponentially amid the pandemic. Inevitably, digital has become the most preferred mode of payment; offering convenience over cash. In March 2021,
the volume of digital payments done through UPI doubled and by November 2022, they reached over 7.3 billion, as per data unveiled by the National Payments Corporation of India (NPCI) Back in 2020, the number of cyber security incidents faced by India almost tripled in a single year to reach 11.5 lakhs. Since then, the number of such incidents has been steadily on the rise. This points to the need of urgent interventions with a long-term cybersecurity vision with a strong understanding of the nature of the threats.