The rise of digital banking, use of social channels, partnerships with ecosystem players, and shifting customer behavior have expanded the cyber-attack surface and exposed banks to fraud, especially payment fraud. The complex threat landscape mandates a relook at the existing cybersecurity in banking and financial institutions to identify gaps and implement technology interventions to address them. Leveraging artificial intelligence and data analytics can help banks understand the normal engagement behavior of customers. This will help identify anomalies in customer behavior, prevent fraud in real-time, and raise the cyber resilience quotient of banks.
To enhance cyber resilience, banks must define and implement a strategy that delivers future-ready capabilities. Defining an effective cyber resilience strategy will require banks to:
Leverage existing fraud controls and computing investments
Embed cyber resilience into digital platform architecture
Share cyber security data