Page 45 - Banking Finance February 2025

ARTICLE

unusual patterns in user activity, such as irregular login
times, unusual transaction volumes, or attempts to access
restricted areas of the network.
Honeypots and Deception Technology: Honeypots are
decoy systems designed to lure attackers, providing valuable
insights into their tactics while protecting actual systems.
Deception technologies further enhance detection by
mimicking real environments.
Threat Intelligence Sharing: Collaboration between banks
and cybersecurity organizations enables the sharing of
threat intelligence. Platforms like the Financial Services
Information Sharing and Analysis Centre (FS-ISAC) facilitate
this exchange, helping banks stay informed about emerging
threats.
Endpoint Detection and Response (EDR): EDR tools
monitor endpoints such as ATMs, mobile devices, and
employee workstations for suspicious activity. These tools
provide detailed forensic data to analyse breaches. Emerging Trends and Technologies

Response Mechanisms: The dynamic nature of cyber threats necessitates constant
innovation. Emerging technologies and strategies in
When prevention and detection fail, an effective response
combating cyber threats include:
is critical to minimizing damage. Banks employ
comprehensive incident response plans to address breaches Artificial Intelligence and Machine Learning: AI and
promptly: machine learning are transforming cybersecurity by enabling
banks to predict, detect, and respond to threats more
Incident Response Teams: Dedicated incident response efficiently. These technologies can analyse vast amounts of
teams are trained to handle cyber incidents. These teams
data to identify patterns indicative of cyber-attacks.
include cybersecurity experts, legal advisors, and
communication specialists to manage technical, regulatory, Block chain Technology: Block chain offers enhanced
and reputational aspects. security for financial transactions through its decentralized
and tamper-proof nature. Banks are exploring block chain
Containment Strategies: Quickly isolating affected systems
for secure payment systems and fraud prevention.
prevents the spread of malware or unauthorized access.
Segmentation and pre-defined protocols for shutting down Zero Trust Architecture: Zero Trust models operate on the
specific operations are critical. principle of "never trust, always verify," ensuring that every
access request is authenticated and authorized, regardless
Forensic Analysis: Post-incident forensic analysis determines
of its origin.
the attack's root cause and scope. This information helps
improve defence and supports legal actions against Quantum-Resistant Cryptography: As quantum computing
perpetrators. advances, traditional encryption methods may become
vulnerable. Banks are investing in quantum-resistant
Communication Plans: Transparent communication with
algorithms to prepare for this eventuality.
stakeholders, including customers, regulators, and the
media, is essential to maintaining trust during and after a
cyber-incident. Regulatory and Collaborative Efforts
Recovery and Business Continuity: Banks maintain Governments and regulatory bodies play a crucial role in
detailed recovery plans to restore operations swiftly. Regular enhancing the cybersecurity posture of Banks. Regulations
backups and redundant systems ensure minimal downtime such as Reserve Bank of India ensure strict security practices
and data loss. and encourage collaboration. Collaborative efforts among

40 | 2025 | FEBRUARY | BANKING FINANCE