Cybersecurity

The Role of Cybersecurity in Banking

Everything that happens in the cyber world directly or indirectly impacts real life. The digital space has become a playground of new ideas and possibilities that empower people from all walks of life to live their everyday life with ease, conduct basic or complex tasks within a short span of time, interact, invent, and much more. However, as cyberspace has evolved with time, it has also become a battleground of dark web elements that use this space to violate privacy and break laws. Now that most banking activities have shifted to cyberspace, it is of grave importance that we understand the role of cybersecurity in banking and how to develop it as per the needs of the future.   

Role of Cybersecurity in Banking   

The core existence of cybersecurity is to safeguard internet websites and assets against hackers and other dark entities who pose a direct threat to the cyber world. A person’s bank account is perhaps his most valuable asset, and hence there should be no doubt that prioritising cybersecurity should be at the top of everyone’s list. The Government of India revealed last year that between June 2018 and March 2022, a total of 248 successful data breaches took place, and over 11,60,000 cyber-attacks were recorded in last year itself. We simply cannot afford to be in such a vulnerable position, especially while we’re in the midst of a critical digital revolution, and the government has thus recognized how much distance we have to cover in cybersecurity.   

With the national and international adaptation of the United Payments Interface or UPI, people are increasingly becoming dependent on cashless payment transactions. The kind of remarkable faith UPI has amassed among the common people is one of the biggest factors behind India’s digital revolution, which is why it becomes all the more necessary to make sure that public and private banking entities make equal efforts to boost cybersecurity.    

We have all seen in recent times how public panic can cause even the biggest organisation to face losses. Several major American banks are today facing a similar crisis, which should be a lesson for all of us to ensure that our banks hold the people’s trust, and nothing threatens it more than the possibility of their bank accounts being hacked due to a lack of cybersecurity.   

As an advisor to an expanding IT Banking services provider – Aarav Global Products and Services Pvt. Ltd., my key emphasis would be on improving cybersecurity software and making them capable of dealing with the challenges of the future. We must make major investments in protecting our cyberspace to bring about a global leap in net banking and digital transactions! 

Author photo
Publication date:
Author: admin