Risk of cyber attacks will grow as firms go digital, say experts

The banking and financial services industry has taken the lead, both globally and domestically, in improving its data security

As leading financial institutions have adopted state-of-the-art cyber security solutions over the past few years, many banks and financiers lag in terms of implementation of security protocols and tools, as well as in their understanding of cyber threats.

An expert panel of professionals discussed at the annual FIBAC conference if the country’s institutions are prepared against cyber threats, given the rapid pace at which business activities such as lending are moving to digital platforms.

FIBAC is an annual banking and financial services conference organised by FICCI, the Boston Consulting Group, and the Indian Banks’ Association.
 

While the discussion ranged from existing threats