04 July 2020

Swan Solutions provides complete protection to critical assets of a banking and financial institution

The pace of digitization of financial transactions in India continues to gather pace. It is estimated that the total payments conducted via digital payment instruments will be in the range of USD 500 billion by 2020, which is approximately 10 times of current levels.

Cybercrime has jumped to the second position as the most reported economic crime and financial institutions are prime targets. As cybercriminals find new ways to attack, breach, and exploit Banks, threat patterns such as phishing, spear-phishing, and social engineering evolve and become more sophisticated.

The recent episodes of malware attacks, viz. WannaCry and Petya, brought Banks the rising menace of ransomware. As more Banks recognize the risks of ransomware attack via email, criminals are exploring other vectors.

Ransomware authors are also starting to use techniques other than encryption, for example deleting or corrupting file headers. With the advent of IoT-powered botnets, destructive DDoS attacks are inevitable and have intensified in volume and frequency.

Swan provided a better security option with Sophos Protection Enterprise edition on Linux and Aix servers to protect their data from Ransomware.

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