The banking, financial services, and insurance (BFSI) sector is highly vulnerable to cyberattacks due to its reliance on computing software and the cloud. The annual cost of cybercrime to the global economy is $575 billion, and the BFSI sector is the most vulnerable to cybercrime. Financial institutions are targeted by hackers because they have advanced security infrastructure, making it easy for them to break in and gain access to sensitive information. The impact of cyberattacks on the BFSI sector is significant, as it not only threatens return on investments but also has the potential to destabilize social frameworks that foster innovation, such as theft protection and privacy laws. To enhance cybersecurity in the BFSI sector, procurement strategies should be implemented to ensure that vendors have strong security measures in place and that they are held accountable for any breaches. Additionally, financial institutions should invest in advanced security infrastructure and regularly conduct security audits to identify and address vulnerabilities.
