Are middleware solutions the need of the hour for Indian Banks?
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Last Updated: Dec 17, 2020, 11:37 AM IST
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Synopsis
Globsyn’s NOTIVA is one such middleware solution that offers a high-end solution for banks and financial institutions in the field of transaction monitoring and security.
ET Spotlight
In the recent past, the world has witnessed a steady amplification of cyber attacks on various financial sectors especially in the SWIFT (Society for Worldwide Interbank Financial Transactions – a messaging service that banks use globally for inter-bank cross border transactions) space of banks for the past 3-5 years. If we monitor the nature of these high profile heists, some factors are common in all of them; almost all of these attacks involve the pairing of some type of malware onto a bank’s internal SWIFT systems with the compromise of SWIFT user credentials. Although SWIFT provides assistance to ensure customers are able to manage cyber-attacks, it does not