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In past one decade, electronic banking platforms have been implemented as an efficient channel to process banking transactions remotely. These banking transactions are executed from web based applications over the internet network, thus creating security risk by exposing user’s data to hackers. Apart from this, the banking, financial and insurance industry is continuously witnessing threat from global terrorism, cyber-crimes, and espionage which are leveraging the loopholes in the critical infrastructure. With the increase in cyber-crimes activities, security of sensitive data including, personably identifiable information, personal banking details, commercial banking details, and confidential corporate information is at high risk, due to which, the demand for BFSI security solutions has witnessed traction in the past couple of years.