Phone : +91 95 8290 7788 | Email : sales@itmonteur.net

Register & Request Quote | Submit Support Ticket

Home » Cyber Security News » BCG, IT Security News, ET CISO

BCG, IT Security News, ET CISO

BCG, IT Security News, ET CISO

Rising cases of online thefts and frauds will push Indian banks that are already lagging behind their global peers in cybersecurity spending to step up, according to Neetu Chitkara, managing director and partner at Boston Consulting Group.

Cybersecurity spending by Indian financial institutions as a part of their revenue is about one-ninth of what is seen at global banks, Chitkara said Wednesday in an interview with Bloomberg Television.

“As you think about increasing digitalization, having consumer trust is very important,” Chitkara said. Cyber breaches can result in a loss of trust and “that is the biggest implication beyond any financial loss or regulatory action.”

India’s financial sector has seen rapid digitalization over the past decade, led by the Unified Payments Interface, or UPI, which allows users to transfer money instantly using their mobile phones. The transformation from physical to digital in the country has however also been accompanied by a surge in online frauds.

Digital payment frauds saw a more than fivefold jump to 14.6 billion rupees ($175 million) in the year ended March 2024 from the previous fiscal year, according to the Reserve Bank of India.

Chitkara said Indian banks also need to invest in technology to handle the larger scale and digital initiatives over the next few years, as they only spend about 5% for their revenue in tech compared to 7-8% by global peers.

  • Published On Aug 29, 2024 at 10:45 AM IST

Join the community of 2M+ industry professionals

Subscribe to our newsletter to get latest insights & analysis.

Download ETCISO App

  • Get Realtime updates
  • Save your favourite articles


Scan to download App

Information Security - InfoSec - Cyber Security - Firewall Providers Company in India

 

 

 

 

 

 

 

 

 

 

 

 

What is Firewall? A Firewall is a network security device that monitors and filters incoming and outgoing network traffic based on an organization's previously established security policies. At its most basic, a firewall is essentially the barrier that sits between a private internal network and the public Internet.

 

Secure your network at the gateway against threats such as intrusions, Viruses, Spyware, Worms, Trojans, Adware, Keyloggers, Malicious Mobile Code (MMC), and other dangerous applications for total protection in a convenient, affordable subscription-based service. Modern threats like web-based malware attacks, targeted attacks, application-layer attacks, and more have had a significantly negative effect on the threat landscape. In fact, more than 80% of all new malware and intrusion attempts are exploiting weaknesses in applications, as opposed to weaknesses in networking components and services. Stateful firewalls with simple packet filtering capabilities were efficient blocking unwanted applications as most applications met the port-protocol expectations. Administrators could promptly prevent an unsafe application from being accessed by users by blocking the associated ports and protocols.

 

Firewall Firm is an IT Monteur Firewall Company provides Managed Firewall Support, Firewall providers , Firewall Security Service Provider, Network Security Services, Firewall Solutions India , New Delhi - India's capital territory , Mumbai - Bombay , Kolkata - Calcutta , Chennai - Madras , Bangaluru - Bangalore , Bhubaneswar, Ahmedabad, Hyderabad, Pune, Surat, Jaipur, Firewall Service Providers in India

Sales Number : +91 95 8290 7788 | Support Number : +91 94 8585 7788
Sales Email : sales@itmonteur.net | Support Email : support@itmonteur.net

Register & Request Quote | Submit Support Ticket