An Integrated Approach to Eliminating Cyber Threats for the BFSI Sector


Summary:The world of finance today is not merely about brick-and-mortar banks making passbook entries, or finance companies funding businesses against collateral securities. The use of technology in the industry has moved beyond spreadsheets and is shaping new trends with significant impact on personal banking services, lending models and investment patterns. To keep the digitally influenced financial operations secure against complex cyber threats, Tata Tele Business Services offers a bespoke portfolio of products and solutions.

Fintech has gained significant momentum in the banking, financial services and insurance (BFSI) industry over the past five years. Its focus on deploying digital technologies has brought innovative solutions for consumers who expect quick and prompt responses to their queries while dealing with any business. Some of the alternative finance processes designed by fintech startups include mobile payments, online lending services, crowdfunding and insurtech.

This fintech revolution has also disrupted the conventional banking segment that had been operating with paper-based processes for decades. A majority of private and public sector banks in India today offer Internet banking and mobile app banking services to their customers. With the growing use of mobile devices and data services reaching rural areas under the Digital India campaign, even the cooperative banks and traditional NBFCs are employing online platforms to serve their customers.

In addition to the consumer-facing use of technologies, banks and NBFCs also use cloud-based software, collaboration applications and customised calculators for their internal operations. Some enterprises in the BFSI sector have adopted data analytics, IoT, AI, and blockchain to understand their customers better and make more profitable investments.

While such changes will improve operational efficiency and the customer experience in this industry, a prime concern is – How secure are work processes and financial information in the cyber landscape? Amidst regular data sharing, usage of different connectivity services and bring-your-own-device (BYOD) trends, there are further chances of a data breach and cross-platform malware contamination.

Banks and NBFCs that aim to reduce their operational costs and retain customers with strategic use of technology must also have tools to maintain optimal levels of security and privacy in their work procedures. They must have encrypted networks, effective ways for safeguarding the digital identities of their employees and customers, secure architectures on devices used for work, and customised techniques to stop the online threats from corrupting their cloud-computing operations.

Tata Tele Business Services helps the BFSI players to adopt an integrated approach as they redesign their security models in an increasingly complex technical landscape.

Our easy-to-use enterprise-grade solutions for your NBFC companies’ IT and cyber-security include:

Smart VPN

With Smart VPN, your bank or NBFC gets a secure MPLS network that builds reliable connectivity and data privacy into your operations. In addition to the MPLS technology that lets your employees prioritise and deploy efficient routes for critical business traffic, TTBS Smart VPN brings the benefits of Secure Connect – it enables your organisation to use leading cloud service providers’ business applications and CRMs securely. In effect, Secure Connect privatises the segment of public cloud network used by your teams. The result is faster data transfers and seamless transitions between the office’s private network and the public cloud.

The security of Smart VPN is also available to your employees working from home. The remote access feature of this solution is called the Internet VPN and is easy to use via a soft client. It can be configured on any device, with any operating system and connects over the basic broadband and Wi-Fi services used at homes.

A cost-effective solution for network security and data privacy, the Smart VPN comes with uptime of 99.5% guaranteed by a service-level agreement (SLA).

Endpoint Security

All devices – whether owned by the enterprise or by employees – used for BFSI operations must be safe from viruses, malware, spyware, and other cyber risks that result in a data breach. Run-of-the-mill antivirus software systems cannot render adequate security to computers that are used for financial service management every day.

TTBS has designed its Endpoint Security to provide wired and wireless devices with a multi-pronged defence mechanism against sophisticated threats – these typically come from unsafe websites, emails and infected USBs. Our solution has more than ten security features including antivirus, anti-spyware, anti-ransomware, firewall, HTTPS web protection, URL filtering, data loss prevention and full disk encryption for the seamless security of your machines.

Endpoint Security is easy to configure and scale. It works non-intrusively in the background and comes with an admin portal to check what’s going on with a device. With compatibility for standard operating systems, viz. Windows, iOS and Android, the solution can be installed on any desktop, laptop, tablet or smartphone.

Email Security

Emails can pour corrupt content and harmful links onto any computer. Employees in BFSI companies get numerous emails from their colleagues, customers, businesses and stakeholders. Some of these emails could be spam or may arrive from spurious IDs. An unintentional click on the links or executable files attached in such mails can be detrimental for the device and its data.

TTBS has addressed this problem with its Email Security solution that works for all email platforms such as Microsoft Exchange, Outlook, Office 365, Gmail and other domains configured at on-premise servers. It safeguards the mailboxes of your teams with a combination of FirstWave Cloud Technology’s ESP™’s email software technology, Cisco-based ESA/IronPort, and Advanced Malware Protection (AMP) technologies.

With TTBS’ Email Security, your email usage is wholly protected from viruses, spyware, malware and spam. The solution goes a step further to detect and thwart advanced persistent threats like spear-phishing, whaling, typo domain, and spoofing attacks.

Our zero-CapEx cloud-based solution brings the benefits of data loss prevention, advanced content control, assured disaster recovery and 32 days trace replay. It also has analytics and policy enforcement for ease of content management.

Multifactor Authentication

To keep their devices secure against unauthorised usage and fraudulent operations, BFSI workers should have a multifactor authentication (MFA) system that asks for more than one form of authentication to validate the legitimacy of login for the critical operations on their device.

TTBS provides an efficient MFA tool backed by Cisco Duo Security. It is based on a zero-trust security model to enable safe and genuine access to the apps and data stored on a device.

Our solution is simple to configure and offers a choice between multiple authentication methods to give your employees the freedom of selecting the ones that best suit their workflow. They can use soft or hard tokens, push authentications or U2F to login and authenticate their actions on files/portals containing sensitive data.

While MFA prevents unauthorised personnel and hackers from accessing a device and associated network, it verifies the identity of genuine users within seconds through a single sign-on process. There are no codes to memorise.

For added security, your IT team can set up adaptive policies tailored as per your standard operating procedures.

Virtual Firewall

Firewalls are commonly used by businesses to inspect and manage the incoming and outgoing network on the devices used by their teams.

To make the functionality of this cybersecurity tool more effective, TTBS offers an enterprise-grade firewall solution called the Virtual Firewall. It can be installed on any device and works at any location with a basic Internet connection. The firewall monitors all apps and content accessed on a device and accelerates the response time against potential threats.

The TTBS Virtual Firewall uses the industry-leading Palo Alto Networks firewall technology and has advanced security attributes, but is non-obtrusive to use.

When your devices are guarded by this hosted tool, you can rest assured that malicious traffic from the cyberspace does not pose a security hazard to the operations being conducted on the devices.

Web Security

Need more of security for the devices that house your confidential data and materialise your regular work? TTBS offers its Web Security to keep all kinds of online threats and bad actors away.

This solution rides on DNS-based technology powered by Cisco Talos intelligence and Cisco Advanced Malware Protection (AMP). It determines the intent of all web requests, URLs and files reaching a network or device. Based on its real-time analysis, which happens in seconds, the Web Security determines if they are safe, risky or malicious. Accordingly, it routes, blocks or sends them for further inspection, while ensuring that the underlying device and network are not harmed in any way.

By installing the Web Security on your devices, you can eliminate any threat before it reaches the endpoints of your networks and associated devices.

With features such as web filtering, collective security intelligence, portal reporting and category-based URL filtering, it makes for a multipurpose online security solution. It is also easy to use and is cost-effective for a company of any size.

Conclusion

Finance rules the world, but we are already living in an age where technology rules finance. In addition to the large public and private sector organisations in the BFSI industry, traditional NBFC and regional cooperative banks must also embrace digital transformation to stay competitive, reduce their operational expenses and offer a better experience to their customers. Fintech is not a buzzword anymore – it has triggered the wave of technologies that will shape the future of financial solutions.

Tata Tele Business Services helps businesses to use such technologies productively and responsibly. To know more about our tools for connectivity and cybersecurity, call us at 1800-266-1800.


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