Securing the BFSI with Proactive Monitoring with Motadata


MotodataIn the last few years, the risk landscape for Indian BFSI has undergone drastic changes. There has been a number of high-value frauds, leading to significant loss of revenues. Few such incidents are mentioned below:

  • Over 22,000 websites were hacked between the month of April 2017 and January 2018
  • Many people in Bengaluru lost money in the SBI SIM swap fraud in Aug 2018
  • A cyber-attack on Cosmos Bank’s Pune branch led to nearly 94 crores being syphoned off in Aug 2018
  • Canara bank ATM System hacked in Kolkata and wiped off almost 20 lakh rupees from different bank accounts in July 2018
  • Union Bank: Hackers managed to steal Union Bank’s Access Codes for the Society for Worldwide Interbank Financial Telecommunication (SWIFT)
  • Axis Bank: Unauthorised login by an unnamed, offshore hijacker
  • Hitachi Payment Systems: Malware Caused breach of Bank data
  • Yes Bank: Malware attacked some ATMs and POS machines
  • Bank of Maharashtra: Central Server Hacked

It is quite evident looking at the various incidents above that India is a hotbed for cybercriminals who exploit the vulnerabilities in our IT System. Moreover, according to a survey, India ranked 4th out of the top 10 most targeted countries by cyber attackers.

Banking and Financial Services Industry is observed to be a hacker’s favourite for cyber-attacks, which implies you need to have a hypervigilant security system in place. It is estimated that more than 26 percent of the customer prefer accessing the banking services over the web or mobile app. So if your customers rely on you, you can’t afford to risk the security of your end-customers data and your critical IT resources

The financial services industry is very competitive, highly regulated, and constantly evolving. Meeting IT needs is often complex and costly. With Motadata 8.0 for banking and financial Institutions, users can rest assured knowing that all IT challenges will be met with best-in-class compliance, security, and automation technology.

Looking at the need on the ground for a robust Monitoring and Log Management Solutions, Motadata 8.0 is set to launch the next-gen version of its integrated product suite in 2019. This industry demands an IT Infrastructure that is available 24*7*365 days and meets rigorous Internal and External service level requirements. They need to ensure that the end user applications and business services are monitored with a robust IT infrastructure management tool that also supports business-critical availability and performance.

Some of the challenges today’s banking & financial institutions are facing:

  • Need for 24X7 availability of IT– From any time, anywhere access to responsive customer service, customers want to be sure that they’re getting the most value from their financial products/ services.
  • Complexity to manage distributed IT infrastructure –Banking and financial systems are spread over multiple branches and ATM locations requiring remote management for IT infrastructure.
  • Meeting compliance – Heightened security and compliance requirements must be met. Unmet requirements can lead to potentially a costly breach and large fines.
  • Hybrid Infrastructure – Organisations are dealing with different technologies from legacy systems to hybrid cloud-based solutions. There is a tremendous pressure on such financial organisations to monitor all the components with real-time data simultaneously maintaining security.

Motadata offers state-of-the-art affordable yet powerful product suite, consisting of Network Monitoring and Management, Log and Flow Management, and IT Service Management Platforms. The platform empowers both IT administrators and CXOs to analyze, track and resolve IT operational issues by effectively monitoring various systems (physical, virtual or cloud-based) and devices from multiple vendors through a unified and centralised dashboard.

Key Salient Feature of the Platform that can aid in thwarting Cyber Attacks

  • Real user monitoring: Motadata proactively monitors various network devices in real time with minimum polling time to eliminate downtime.
  • Mobile monitoring: The platform offers insights to optimise the performance of end-user experiences from mobile apps
  • Compliance Standard: Meet compliance standards such as PCI, DSS, FISMA, HIPPA
  • Threat Detection: With proactive monitoring mitigates threats that may arise due to system vulnerabilities with log management
  • Role-based access: The platform offers role-based access only to authorised individuals to limit the frauds. Moreover, even if files are modified, user access or password are altered a log is generated and alerts in sent to higher authorities.
  • AI-Based Monitoring: With the help of Artificial Intelligence and advanced analytics a trigger can be raised if the transaction is not in line with how the user, usually transacts with the bank. In such cases, prior confirmation from the customers can be taken to avoid any mishap.
  • Fraud Redressal Mechanism: With Motadata ITSM automatically create a customer redressal system with dedicated email ids and phone numbers to facilitate reporting of suspected frauds.
  • Patch and Package Management: With Motadata Patch Management update virus definitions, and other important windows patches and registry to reduce malware attacks
  • Remote Polling Engines: The BFSI infrastructure is spread across multiple location and investing in a monitoring solution for each of the location is not feasible and hence RPE or Remote Polling Engines gathers data from multiple locations and feed it into the central system
  • Branch Office Link Monitoring: It helps in ensuring that all the branches are operating normally without any system downtime
  • High Availability: Customers expect a continuous, reliable and stable service from the industry, which creates trust, the smallest irregularity leads to panic and confusion as their savings are at stake. With a robust monitoring software such as Motadata ensure that all systems (Servers, Applications, Network Devices, Storage Devices, Data Centre Infrastructure, Branch Office Link monitoring and Netflow usage statistics)  are monitored and they operate at any point in time at various locations
  • OPEN Architecture: The platform can be easily integrated with financial apps such as Finacle, Fidessa, Omnesys NEST, and a range of other applications to measure its performance and availability. Moreover, it can be integrated with Motadata IT Service Management (ITSM) tool for issue resolution and remediation process.

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