Strategic Insights for BFSI and NBFSI Success

In an increasingly interconnected world, battlefields have expanded far beyond traditional boundaries. Today, amid geopolitical tensions, the financial sector is a primary target. Banks, insurance companies, and non-banking financial institutions (BFSI & NBFSI) face sophisticated cyber threats that disrupt operations, erode trust, and destabilise economies. Fighting these threats isn’t just about protecting data, it’s about preserving trust and security.

The high stakes of cybersecurity in FinTech space
The reason why fintech is such a crucial target is simple – disruption to financial tech systems can cause widespread public chaos. With fintech companies, cyberattacks can target:

Digital Payment Platforms – Disrupted transactions create customer panic. Data and Customer Information – Breaches expose sensitive info, leading to theft and financial fraud. Operational Systems – Service disruption erodes public trust. The need of the hour is to have a strategic, proactive approach designed for crisis situations. With that in mind, let’s explore how BFSI & NBFSI institutions can bolster their cyber resilience during turbulent times.

1. Quick security check-up
In crises, rapid audits reveal critical vulnerabilities. Frameworks like CIS Controls or NIST CSF help evaluate posture quickly. In a rapid audit, some of the most critical steps are:

Patch Up – Prioritise patching critical systems, especially those exposed to the internet or accessible to external parties. Unpatched vulnerabilities are easy targets for attackers.Access Lockdown – Enforce strong Identity & Access Management (IAM), Multi-Factor Authentication (MFA), and password policies.Zero Trust, Zero Doubt – Ensure hybrid, multi-cloud, and on-premises environments are properly segmented to limit the lateral movement of attackers.Bulletproof Backups – Implement immutable, offline, and geographically diverse backups. In the event of a ransomware attack or system failure, reliable backups are essential for quick recovery.
2. Amp up threat intelligence
Being proactive means knowing what threats are out there. Enhanced threat intelligence can provide valuable insights in the following ways:Real-Time Feed – Connect to intel sources like CERT-In (Computer Emergency Response Team, India), Fintech Association for Consumer Empowerment (Face) and National Critical Information Infrastructure Protection Centre (NCIIPC). Automation is Key – Automate the ingestion of threat data and enrich it with analytics. Automation can help identify potential threats quickly and efficiently.Know Your Enemy – Develop profiles of known threat actors targeting the financial sector. Understand their tactics, techniques, and procedures (TTPs). This knowledge is crucial for effective defense.Scenario Planning – Use threat intelligence to simulate attacks and conduct simulated cybersecurity drills such as Red/Purple Team exercises.
3. Proactive defence is the best offence
Building strong defenses can act as a significant layer in deterring and mitigating cyberattacks if they take place. Some key steps that fintech companies can take are:DDoS Protection – Use tools like geo-fencing, rate-limiting, and cloud-based (Distributed Denial of Services) DDoS protection (such as AWS Shield, Azure DDoS, or Cloudflare) to guard against DDoS attacks. Ransomware & Malware – Review all open detections and alerts across your security platforms. Ensure all security signatures, rules, and endpoint detection/response (EDR) or agent-based tools are fully updated.Spot the Inside Threat – Utilize User and Entity Behaviour Analytics (UBA), cloud activity logging, Data Loss Prevention (DLP) and privileged access monitoring to detect insider threats which can be just as damaging as external attacks.SIEM and Real-Time Dashboards – Implement a Security Information and Event Management (SIEM) system with real-time dashboards and threat enrichment. Secure the Supply Chain – Validate Software Bill of Materials (SBOMs), enforce strict Service Level Agreements (SLAs), and continuously assess vendor security.
4. Fortify your cloud fortress
Cloud security is paramount for financial institutions using cloud services. Some ways to safeguard these are: Network Segmentation:. Instead of having one flat network, separate critical parts using tools like VPCs or VNets. This helps contain any attack and stops it from spreading.Deny by Default: Review security group and firewall policies to ensure they follow the principle of least privilege and deny-by-default. Secret Keepers: Manage keys and credentials in Key Management Systems (KMS) or secure vaults. Rotate them regularly. Drift Detection: Monitor for and detect unauthorised infrastructure changes. Drift can indicate malicious activity or misconfiguration.External Attack Surface Management (EASM): Implement and monitor EASM solutions to discover and manage internet-facing assets. Real-time Monitoring of Credential Leaks: Continuously monitor for leaked credentials across public and dark web sources, trigger automated alerts on detection, and rotate compromised credentials immediately to prevent unauthorised access. Technology doesn’t work in a silo. People and processes are equally important. To ensure teams are well-prepared, it helps to conduct regular simulation exercises, such as tabletop (TTX) and unannounced drills, to rehearse responses to threat scenarios. Maintaining a clear and effective crisis communication plan can also support timely coordination across internal teams and external stakeholders during high-pressure situations.

Fortifying against cyberattacks in times of conflict is not a one-time effort but an ongoing process. BFSI & NBFSI institutions must remain vigilant, adapt to emerging threats, and prioritise security at every level to protect not just their internal systems but their customers who rely on their services.

The author is Prashant Madhyasta, CISO, Cashfree Payments.

Disclaimer: The views expressed are solely of the author and ETCISO does not necessarily subscribe to it. ETCISO shall not be responsible for any damage caused to any person/organization directly or indirectly.