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.

Business Risk

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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Technical Threats

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:

Cyber attacks can cause substantial ‎financial losses for the customer as well as the banks through false transactions.‎
Attackers might sell the confidential information they steal from the banking ‎institution. The stolen data is later used for malicious purposes.
Hackers may begin targeting specific customers that are part of the organization. ‎This may result in customer identity theft or customer frustrations.
The public image of the financial institution will be damaged for insufficient infor‎mation security compliance.

Experts Tips

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.

Educate Employees

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.

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