Why Cyber-Security needs to be a priority in Banking ?
Traditional bank robbers are being left in the dust by organised cybercriminals. The most serious security problems in the banking industry nowadays are cyber threats. Millions of transactions are processed daily by banks and other financial institutions , with the bulk of them taking place through digital payment transfer systems. As a result, fraudsters have found banks to be attractive targets.
Why Industry is a target for cybercrime
Consumers have relatively little to lose from cyberattacks on banks, provided they haven’t been lax about safeguarding their information and they quickly notify the bank if funds are missing.
U.S. federal law requires banks to refund customers if someone takes money from their account without authorization and they notify the bank within 60 days of the transactions appearing on their bank statement. Business accounts, however, have fewer protections and could be subject to greater losses.
Cybersecurity in banking is a priority.
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How Industry Is Targeted
Hackers will constantly come up with new ways to attack data security. A new door has opened thanks to modern bank services and internet technologies that allow for quick transactions and account maintenance. Hackers are using common financial systems and third-party networks to carry out assaults as banks and consumers grow more digitally intertwined. Hackers can quickly access the network if these systems are not adequately protected by a cybersecurity plan.
The possible losses banks might face as a consequence of cyber-attacks on their platform are:
The number of cyberattacks in the banking industry is increasing, but there are several ways to minimize the risk of getting hacked.
The right security solution
Manually monitoring every transaction requests to check for possible threats is impractical. Therefore, banks will have to switch to using a process automation solution to automate all monitoring and scanning processes, block and filter malicious traffic from getting into the network. An ideal security solution will stop and screen suspicious activities and track patterns of these attacks and work accordingly. Moreover, these cyber solutions must be easy to customize and configure.
Making employees aware of the threats that are commonly faced by financial institutions is essential for preventing most of them. Since many of the cyber attackers targets employees and try to extract information from them, awareness of such activities and what to expect needs to be made aware to the team. For example, all employees working in the banking institution must be aware of the risks of downloading or opening email attachments that come from unknown or unreliable sources. This is particularly important since many cyber attacks are from viruses that come through these attachments. Banks must also prohibit their employees from sharing confidential information.
Audit all systems regularly
Cyber attacks can always be traced back to some loophole or minor vulnerabilities in the internal systems and network setups. Look out for anything such as missing security rules, development bugs, misconfigured systems, or outdated extensions, since these might end up being the loopholes that hackers later take advantage of. Vulnerability assessments can help identify lagging infrastructure on the security section and correct them. At the same time, penetration tests can simulate real-life cyber attacks to test the strength of the security system.