With increased instances of cyber breaches, outages and frauds, concern over operational risk for the Indian banking sector has grown during the last few years. Last month, the Reserve Bank of India (RBI) has also issued guidelines to improve security, control and compliance among banks, payment gateways and wallets.
Amukha has introduced Market Intelligence News (MIN) which captures and identifies all important events from an operational risk perspective by analyzing news and social media in real-time. We have identified ten news categories that can help get an early warning signal of events that pose an operational risk. These categories are highlighted below:
Each category comprises hundreds of keywords that form the basis to capture all relevant news around a specific topic. Here, we have highlighted some of the keywords for our Security category:
FY21 Sees Spike in CBI, TRAI, Strike and Outage related Negative News Volume
Amukha has witnessed a surge in the negative news events defined by category keywords such as CBI, TRAI, Strike, Outage, Data Breach, Bribery, Blast, Cyber Attack, Ransomware, etc. in the financial year 2021 for the Indian companies.
Banking Sector Worst Hit by Negative Operational Events
On sectoral front, banks led the negative news volume followed by Telecom Services, Coal, Electric Utilities and Pharmaceuticals. CBI, Strike, Outage, Bribery and Cyber Attack were the top 5 category keywords which led negative news volume for the banking sector.
Amukha’s Market Intelligence News application can alert concerning stakeholders in real-time about evolving news events involving the bank, the industry, the loan accounts in portfolio, the country, or the entire world. For instance, if there is any news report highlighting a data breach in your bank, our system will trigger an alert to relevant stakeholders. Our system can also issue early warning signals for any cyber-attack on your competitor or any major earthquake in the country.
To know more about Amukha’s Market Intelligence News, email us at firstname.lastname@example.org.