Financial sector cybersecurity at the helm of investor protection
Also Read: How cyber insurance can provide a safety net in the face of growing cyber threat In the digitalized world, Application Programming Interfaces (APIs) are important elements of innovation, efficiency and seamless connectivity. These enables different software applications to communicate with each other, playing a crucial role in the functionality of the digital experiences of social media platforms like Facebook, Instagram, eCommerce platforms, YouTube, ChatGPT, etc.
The increasing reliance on APIs, however, has escalated the risk of cyber threats, highlighting the critical need for advanced security measures, including the financial sector. APIs are the unsung heroes of the digital age, enabling the rapid exchange of data and functionality across diverse platforms.
In the financial sector, APIs have been instrumental in driving mobile commerce and the Internet of Things (IoT), with Akamai estimating that APIs drive roughly 83% of internet traffic. The financial sector, a vital component of national infrastructure, has witnessed a surge in API-related cyberattacks.
Cybercriminals exploit vulnerabilities to access or corrupt sensitive data, posing significant risks to consumer trust and financial stability. This widespread adoption underscores the urgency for robust API security mechanisms to safeguard sensitive financial data and consumer privacy.
A proactive and well-coordinated cybersecurity posture, with an emphasis on resilience and collaboration with national cybersecurity bodies like CERT-In and specific financial sector organization, i.e., CSIRT-FIN to safeguard against the evolving threat landscape posed by hacktivism is thus essential. CSIRT-Fin and CERT-In have been instrumental in protecting India's
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