In today’s digital era, the financial sector is increasingly targeted by cyber threats due to its handling of sensitive data. The integration of technologies like cloud storage, application programming interfaces (APIs), mobile applications, and artificial intelligence (AI) presents both opportunities and cybersecurity challenges. Cloud storage offers convenience but poses risks, while APIs can be vulnerable to exploitation. Mobile apps face threats such as data breaches and malware, and AI serves both as a tool for cybersecurity and a weapon for attackers. This notification was published on January 8, 2024.
To combat these threats, financial entities must establish robust information and cybersecurity policies, as guided by the Pension Fund Regulatory and Development Authority (PFRDA) regulations. These policies should be comprehensive, incorporating best practices from ISO and COBIT standards. They must address governance, risk management, and incident response. By implementing strong access controls, network security, and continuous monitoring, financial organizations can better protect their systems and maintain customer trust amidst evolving cyber risks.
