Financial Sector - Thriving on Sophisticated IT Security

Be it personal or professional life, finance plays a crucial role everywhere. Similarly, financial service domain is known to be the largest industry in the market, which encompasses banking, insurance, investment funds, stocks, and many more verticals.

Gone are the days when you happened to make payments via cheque, cash, DD or any other orthodox method of payment. Forget about the days when you used to buy insurance policy or stocks only through agents or brokers. Well! the time has transformed drastically, and the credit for this positive change surely goes to the cutting-edge technology. Withdrawal of money from the ATM, transferring amount to anybody’s account online, buying insurance/stock or any other financial transaction can be performed at a lighting fast speed now. Unfortunately, this convenience has a darker side to it as well. Want to know the reason?

Well! Cyber-criminals have been trying to disrupt this pleasant experience with full force through various strategies pertaining to identity theft, ATM scams, data theft, Internet vulnerabilities, Trojan attacks, and much more. Studies reveal that individuals performing unethical Internet activities have been targeting the servers of financial institutions (e.g., banks, insurance organizations, credit card companies, investment conglomerates, etc.). That’s not all! They are also targeting end-users, who perform financial transactions frequently.

Phishing attacks, spreading malware through SMS or unethical mobile applications to steal anybody’s precious data has been too common nowadays. And, it can result infuriating impression on anybody’s life. Moreover, mobile banking is one of the highly-targeted areas of hackers, as users store their financial information on their mobile phones and other related devices. The best way to keep data security annoyances at bay, is to stay updated with the technology, and choose the right IT products per your business requirements. Let’s understand it from a case study presented below:

An Auto Insurance Company Sacrificed Its Goodwill – Made a Tiny Mistake

A customer bought an online auto insurance from a startup company, and did not receive any digitally signed document. Later, he wanted to avail all the features mentioned in the policy. In the policy, some of the terms were documented and others were explained verbally. Later, it resulted a legal dispute between both the parties due to lack of information. But, the plaintiff could not prove the legitimacy of the document in the court because it was not digitally signed. It is obvious that this customer would never ever buy products sold by the same insurance company in the future because this situation may have disturbed his mindset. If we analyze this case from the insurance company’s viewpoint, it is not about winning or losing the lawsuit. But, it is about losing a potential customer, which can be terrifying for every organization. A digitally signed document can be used as an evidence to prove its terms & conditions, date of purchase, and other important parameters.

Maintaining transparency in any business is extremely important to run it successfully. And, if the technology can facilitate you to maintain strong connections with your clients, then why to overlook its significance? If this organization would have sent a well-framed digitally signed document, it would have won the trust of the respective customer, and might not have come across this situation. Be it digitally signing the insurance policies, e-wallets, payment banks, small banks, unified payment interface, NPCI or Adhar based payment system, perform everything with confidence. Secure your digital world by leveraging the technology now.

Here are some of the IT security products and solutions recommended for the telecom sector: