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The fact that cyber-attacks are becoming more prevalent isn’t the only issue;
they're also becoming more complex and therefore harder to address.
And although the convenient interconnectivity of the Internet of Things (IoT)
creates many advantages for financial institutions, with that also comes an increased
risk to dangerous threats.
As individuals and companies perform most transactions online, the risk of a
data breach increases daily. This is why there’s a greater emphasis to examine the
importance of cyber security in banking sector processes.
The importance of cyber security in banking
The obvious reason for the importance of cyber
security in banking sector
transactions is to protect customer assets.
As more people go cashless, activities are done through online checkout pages
and physical credit scanners, In both situations, PII can be redirected to other locations
and used for malicious activities.
Not only does this affect the customer. It also greatly harms the bank while they
attempt to recover the data When it’s taken hostage, the bank might need:
–
to pay hundreds of thousands of dollars to release the information
–
In turn, they lose the trust of their customers and other financial institutions.
That’s not the only thing that happens when steps for cyber security banking
aren’t implemented The customer needs to cancel all their cards and start new accounts
– possibly at another bank.
Seven top threat trends for banks to know
Prevalent cyber threats within the banking sector are constantly evolving and
becoming more complex. In order
to stay ahead of threat actors, it is crucial to
understand the different attack vectors they use to carry out attacks.
We are going to Focus only on Three top threat trends for banks to know
1. Malware: Malware has long been a threat to the banking sector. By infecting
vulnerable end-user devices with malware, cybercriminals are able to gain access to
entire banking networks and steal critical user data.
2. Examining third-party services: As banks have upgraded their cyber security,
hackers have turned to shared banking systems and third-party networks to gain access.
If these aren’t as protected as the bank, the attackers can get through with ease.
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3. Social
engineering:
Unlike
traditional
hacking
methods, social
engineering attacks exploit human behavior to gain access to company servers. Social
Engineers manipulate employees into sharing login credentials or other sensitive
information which is then used to compromise the network. In the banking sector, the
most common social engineering attack is phishing.
4. Data manipulation:
data manipulation attacks
have become an increasingly
popular means of attack for cybercriminals. Data manipulation attacks occur when a
threat actor gains access to a target system and makes undetected changes to data for
their own personal gain
How to ensure your banking institution is cyber secure:
To ensure that you are protected against emerging threat trends, it is important
that you work with your IT teams to establish security protocols:
–
Multi-factor authentication
–
Firewalls
–
Anti-virus and anti-malware applications
–
Automatic logout
–
Employee
training
Download a banking application only from trusted sources, such as App Store
or Google Play. It is vital to make sure though that the app is owned by our bank. Do
not search for applications via Google, as Google may refer you to viruses.
Change your password and update software on your mobile phone regularly
Do not open suspicious emails, especially the attachments they contain
Do not open a bank application while using an open Wi-Fi or on a device you
do not know
Do not store any data related to the use of a banking application on your phone
Set daily and monthly transaction limits
Disable automatic updates from unknown sources on your phone
Maintain Secure
Access-HTTPs
Keep a tab on text & email alerts
Ensure multi-factor authentication
Keep your device updated with the latest security
Avoid all suspicious apps
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