Banking, Financial services and Insurance

Infosys commissioned a study of 277 senior executives from the Banking, Financial services and Insurance (BFSI) industry with revenues of over USD 500 million across the US, Europe, Australia and New Zealand (ANZ). The respondents were senior executives involved in cybersecurity initiatives representing both technology and business functions.

The survey was aimed at understanding the cybersecurity initiatives for Banking, Financial services and Insurance companies. Some interesting findings are:

• 69% in the BFSI industry have a well-defined enterprise-wide strategy/roadmap implemented
• With cyber threats and attacks on the rise, respondents viewed hackers and hacktivists (83%), low awareness among employees (76%), corporate espionage (75%) and insider threats (75%) as the top concerns
• BFSI enterprises undergo multiple challenges as they establish a cybersecurity defense. The top three are building a cybersecurity aware culture (66%), embedding security into enterprise IT architecture (65%) and keeping pace with fast-changing cybersecurity technologies (63%)
• BFSI enterprises rely on methods such as training and certifications (62%), workshop and enablement sessions (57%), and integrated security solutions (57%) to overcome the existing challenges
• The BFSI industry has security incident management (72%), security awareness training (71%), risk and compliance (70%) as the top security solutions implemented today