Cybersecurity in Banking
As technology advances and more people come online, it is
becoming increasingly important for banks and information technology
departments to work together to secure cyberdefense for their institutions.
While the Internet and technology have made many things possible, it has also
opened many doors for possible attackers and risk for theft. Cybersecurity in
banking is something that must be addressed and taken seriously. In order to do
that, certain precautions must be taken.
Banks are faced with a variety of vulnerabilities. Computer
network attacks are one of the more common threats to banks. Ransomware, spam
and other malware are some of the other common threats to financial services.
The absence of computing skills increases susceptibility to loose data to
cyberattacks, perhaps it is best to keep oneself updated with the best cyber
security course. Mobile banking security isn’t the only thing on the agenda for
IT departments, however. The most troubling and concerning cybercrime threats
are:
DDoS attacks are among the easiest and least expensive way
to shut down a company or hurt an existing business. These attacks can
transpire at any time, day or night. Distributed denial-of-service (DDoS)
attacks are often liable on hacktivists, when in fact they are undertaken by
someone looking for a lucrative target. Hacking attempts using computers in
public areas can be stopped, but only if there is a financial institution’s
computer network monitoring the system. Financial institutions and banking
companies should all have a network monitoring and stop services in place.
Another worrisome issue facing banks is cyber fraud. Cyber
criminals have developed methods of stealing financial institution or bank
account information. Criminals use various techniques to break into banks,
causing chaos for the financial institution and their customers. Banks use a
variety of methods to try and thwart cyber crimes such as firewalls, special
software, physical security measures and fraud alerts. A good example is
artificial intelligence software that banks can integrate with their security
systems.
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With banks facing increasing vulnerabilities, the need to
improve their fraud prevention and protection has become urgent. One solution
being considered is artificial intelligence software that banks can integrate
with their networks. This software will help banks to prevent and reduce fraud
by spotting unusual transactions or suspicious activity. It will also be able
to monitor changes in a person’s credit files and identify new accounts. If any
unusual activity is identified, it can be followed up with the concerned
individual. An important feature of such an approach is that banks can be
proactive in stopping any potential fraudulent activities before they turn into
realities.
Since many of the largest banks have already implemented
some form of cyber-security measure, including implementing encryption at all
levels of their systems, the next step for the industry is to implement more
sophisticated and advanced security measures. One such measure is storing all
of the customers financial services data in secured servers. Currently, about 5
billion documents are stored on database servers around the world. In the next
few years, companies that specialize in financial services will need to come up
with a way to store this information securely.
Another problem is hacking. Hackers are constantly looking
for vulnerabilities in systems, so even smaller banks will be vulnerable to
intrusions. Some experts believe that future financial sectors will be targets
for cyber-criminals, because many of these services are based online. Hackers
can easily penetrate networked computers. A large number of US retail outlets
have been hit by hackers who breach corporate networks, and if major retailers
are not careful, their customers could be the next victims.