Cyber Security Trends in the BFSI Industry

This white paper examines the evolving landscape of cyber security within Australia's Banking, Financial Services, and Insurance (BFSI) industry. It outlines the historical context of cyberattacks, beginning with the first reported incident nearly 35 years ago, and discusses the increasing sophistication of these attacks, particularly with the rise of AI-driven threats. The document details various types of cyberattacks, including ransomware, phishing, and business email compromise, and highlights the significant rise in reported incidents, with over 76,000 cybercrime reports filed in the financial year 2022 alone. The paper also categorizes cyber security incidents and cybercrimes, providing definitions and classifications. Furthermore, it presents trends observed in the BFSI sector, emphasizing the need for enhanced security measures as the industry adapts to an all-digital environment. Lastly, it discusses Nagarro's offerings to address the cyber security needs of banking institutions, aiming to prepare them for future threats.