JULY - DEC 2017CYBERSECURITY REVIEW6 The emergence of new operational models and the rapid digitization of businesses in the BFSI sector is making it a hot target for cybercrimes today. From identity theft and data manipulation to financial fraud, there have been persistent hacking attacks on payment systems and other critical information systems and communication channels in the sector. This is prompting businesses to take a unified, proactive approach towards security, making it a common denominator for all their initiatives. While setting up new security initiatives, companies need to make sure that the initiatives will align with their requirement for providing a seamless customer experience. Customer expectations have remarkably matured today; and they are more concerned about information security, unbundled services, instant decision-making, and other service enhancements. There are several fintech start-ups that are counting on innovative technologies to replenish the aforementioned gaps including `point-solutions' for multifactor authentication and KYC verification. It's the time for financial executives to bank on IT to encourage game-changing innovation in core areas such as payments, credit scoring and billing, while taking care of the security implications. According to the report from MarketsandMarkets, the BFSI security market is estimated to grow from $30.23 Billion in 2016 to $48.95 Billion by 2021, at a CAGR of 10.1 percent. The report attributes this growth to an increasing adoption of cloud-based security solutions, enforcement of regulatory security compliance, and the increasing risk of cyber threats against BFSI infrastructure.In this scenario, a unique strategy that brings together strong security practices and the quintessential factors of the digital approach--automated processes, improved regulatory compliance, and revamped customer experience--will be the essential ingredient of success for companies in the BFSI sector. Write to us your thoughts.Fortifying the BFSI Infrastructure EditorialNicholas Halden Managing EditorCyber Security ReviewCopyright © 2017 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Email:sales@thecybersecurityreview.comeditor@thecybersecurityreview.commarketing@thecybersecurityreview.com JULY - DEC 2017 Vol 01 Issue - 01 Published by ValleyMedia, Inc. To subscribe to Cyber Security ReviewVisit www.thecybersecurityreview.com Managing EditorNicholas HaldenVisualizerRonald DonovanEditorial StaffJasmin AliSara FernandesCristopher ReedJonathan Parks Susan*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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