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fraud risk, there is a potential danger of internal threats – from careless employees to software vulnerabilities and outdated hardware.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.
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?
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