As the financial world moves quickly online, it is becoming more exposed to a widespread global threat – cybercrime. Today security measures need to be reliable and strong to protect virtual data and assets.
Cyberattacks are usually aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting normal business processes.
Implementing effective cybersecurity measures to protect systems, networks, and programs from digital attacks is essential for financial businesses.
EXISTING ASSETS AND CONSUMER DATA HAVE MADE BANKS A PRIME TARGET FOR HACKERS, AND THE THREAT OF FINANCIAL LOSS AND DAMAGE TO REPUTATION HAS PROMPTED THEM TO INNOVATE AND ENHANCE CYBERSECURITY MEASURES
Besides external fraud risk, there is a potential danger of internal threats – from careless employees to software vulnerabilities and outdated hardware. Employers must know their employees and take measures to educate and train employees on cybersecurity awareness, as they are the first line of defence against all cyber threats and security breaches.
BANK SECURITY COMPONENTS AGAINST CYBERSPACE CRIME
The key idea behind cybersecurity measures is to safeguard customer assets and their transactions, so banks implement various methods to shield themselves from hackers and prevent all types of social engineering activities. What actions are taken to protect data?
- Prevent physical intrusion and secure workplaces against unauthorised access to confidential information
- Encrypt all data stored on computers within the financial institution and exchanged with the outer world
- Build trusted internal communication channels in the organisation, not use social or freeware media tools that might be exposed to various types of attacks
- Implement a multi-layered email strategy to prevent phishing. Email is the most common gateway for attackers to enter the organisation to steal data about customers and business processes or harm staff computers with ransomware.
- Establish checks and balances within the organisation. Whether it is authorised by the CFO or a newly hired employee, a financial transaction must undergo a series of checks and verifications before being approved.
- Make sure that employees regularly pass and refresh security training programs. A successful course covers all types of learning styles. Some employees may comfortably learn information with a bulleted list of actions, while others prefer practical real-life simulations. Remember that 90% of all safeguards rely on the employees to understand and adhere to these safeguards.
WHAT ABOUT TOMORROW?
The nearest future will show increased utilisation of Big Data-driven fraud detection systems which will flag up unexpected changes in patterns of activity. Nascent technologies such as biometrics and risk-based authentication could be used to strengthen protection against cyberfraud.
Banks need to prioritise and invest in cybersecurity, taking a most holistic approach to enhance cybersecurity programs. Banks should leverage the advice and support of their software providers to maintain and update both their fraud detection and prevention tools and their cybersecurity tactics in general.
MODERN AND SMART BACK OFFICE SOLAR RETAIL BANKING HAS BEEN CERTIFIED FULLY COMPLIANT WITH PCI-DSS REGULATIONS. SOLAR RETAIL BANKING WILL HELP YOUR ORGANISATION TO SHAPE EFFICIENT BANKING OPERATIONS AND SUCCESSFULLY MAINTAIN THE SECURITY, INTEGRITY, AND CONFIDENTIALITY OF YOUR DATA