Information on cyber security

1. NAME : NAWARAJ SUNAR
SRN :R20BM564
COURSE:BBA Honors 6th Sem
TITLE:CYBERSECURITY IN FINANCE

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CONTENTS
Introduction
Cybersecurity in finance
Types of cybersecurity
Types of cyber threat
Solutions

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Cyber security
Cyber security is the protection of internet connected systems such as hardware, software and data from cyber
threats. This practice is used by individuals and enterprises to protect against unauthorized access to data
centers and other computerized systems. Cyber security uses a variety of methods technologies and process to
minimize the risks of cyber attacks.
How does cyber security work ?
Cyber security is designed to provide multiple layers of protection across all computers, networks and programs
used by a business. Cyber security that function properly are able to detect , investigate and resolve potential
weakness and vulnerability in system before they can be exploited by hackers. Cyber security is designing secure
application architectures, writing secure code, implementing strong data input validation, threat modelling etc.

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Cyber Security in finance
Finance sector are leading targets of cyber attacks. Cyber security threats has moved from attacks on
individual institution to attacks on the financial system at large. Cyber security in finance aims to safeguard
users or company’s assets, whether cash or data.
Between June 2018 March 2022, Indian banks have reported 248 successful data breaches by hackers and
criminals
In 2022 Indian government have reported 11,60,000 cyber attacks.
As all the financial institutions go digital or cashless so there are chances of cyber attacks.
More than 25% of global malware attacks financial service providers
Cyber security is a critical area of concern for most financial institutions because good cyber security is
important to protect from cyber attacks.

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Types of cyber security
1)Network Security
Most attacks occur over the network and network security solutions are designed to identify and block these
attacks. The process of protecting the network from unwanted users, attacks and intrusions.
2)Cloud Security
It involves in protecting the information stored in digital environment or cloud architectures for the
organization. It uses various cloud service providers such as AWS, Azure, Google etc. to ensure safety against
multiple threats
3)Application Security
It involves protecting the software and devices from unwanted threats. Successful security begins before
program is deployed.This protection can be done by constantly updating apps to ensure they are secure from
attacks.
4)Information or Data Security
It involves implementing a strong data storage mechanism to maintain the integrity and privacy of data, both in
storage and transit.
5)Operational Security
Operational security includes the processes and decisions for handling and protecting data assets. The
permission users have when accessing a network and the procedures that determine how and where data may
be stored fall under this umbrella

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Types of cyberthreats in finance
1)Malware Attack
This is one of the most common types of cyberattacks .”Malware” refers to malicious software viruses
including worms, spyware, ransom ware, adware and trojans. The trojan virus disguises itself as legitimate
software.
2)Phishing Attack
Phishing attacks are one of the most prominent widespread types of cyberattacks. It is a type of social
engineering attack wherein attacker impersonates to be trusted contact and sends the victim fake mails.
3)Password Attack
It is a form of attack wherein hacker cracks your password with various programs and password cracking tools
like Aircrack, Abel, Cain, Hashcat etc
4)Man In Middle Attack
It is known as eavesdropping attack. In this attack, an attacker comes in between a two party communication i.e.
the attacker hijacks the session between client and host.
5)SQL Injection Attack
A SQL(Structured Query Language) injection attack occurs on database driven website when the hacker
manipulates a standard SQL query.It is carried by injecting a malicious code into a vulnerable website search box.

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How to prevent loss in finance from cyber attacks
Update or install all company devices with latest anti virus software
Leverage multi-factor authentication to tighten your IT security policies while minimizing cyber security risk
Report all instances of cyber fraud instantly to authorities to take quick necessary action to reduce financial
loss
Always verify websites or mail before entering , and do not download unknown files
Be aware of criminal tactics and always act to protect your devices from breach
Pick up cyber insurance policy to protect yourself from liabilities and expenses incurred from cyber attack.

8. THANK YOU