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Cybersecurity in Banking

Cybersecurity in Banking and Financial Sectors

Cybersecurity is not just a technology but is the ultimate jurisdiction for survival on the internet. The technology acts as a shield for every business and helps them conduct their operations online and offline, both safely and securely. Although the tech is important for every organization, but banking is one sector that cannot exist without this tech. Here’s why we think, cybersecurity is critically important for the banking sector-

Potential Problems with the banking sector that only cybersecurity can exclusively resolve-

In order to protect customer assets– As more and more people go cashless every day, the online payment option is the most adopted method of purchasing, which means customer’s credit history can possibly be redirected to hacker’s IP address. In order to safeguard customer’s banking credentials, having a strong cybersecurity foundation for any bank to maintain safe transactions is crucial.

Avoiding potential risks through mobile applications- Nearly everything online is accessible through a mobile application. Even so, many e-commerce outlets are entirely operational through apps, which makes customers more than 50% of their transactions on apps. With no secure endpoint for transactions, banks can lose customer’s trust and integral data as well, which can be disastrous both in terms of reputation and revenue.

Avoiding Breaches at third-party organizations– As cybersecurity has upped its game to provide secure support to banks, hackers have also upgraded their fraud schemes. Hackers now have turned to third-party networks and shared banking systems in order to access customer’s stored data.

These three are the most common problems that banking sector face readily. Now moving towards the part where we explain-

How banks can secure themselves with the assistance of cybersecurity-

Firewalls- A strong cybersecurity foundation for any system requires the correct hardware to block hacks. With an upgraded firewall, banks would become more capable to block any kind of malicious activity.

Multi-factor authentication– Multi-factor authentication system is a very important adoption for easing customer transactions through mobile applications. With MFA, hackers won’t be able to reach the  networks as it adds an authentication protection. This method is also commonly known as OTP system of a code generator system.

Automatic logout system- Many times netbanking systems automatically logout customers online when they detect an inactive session of more than 60 seconds and more. This method forbids hackers to access customer’s system without the use of their credentials. For every inactive session, users have to re-enter their credentials.

Security audit- A smart and sporadic audit of banking systems by their cybersecurity teams would help minimize fraud and detect potential risks through data collected during a select period of time. 

Final Words

In the world where digitization is sweeping in to our homes as well with IoT, AI and other disruptive tech, opportunities for hackers are on a significant rise. We need to realize the potential risks now, and implement cybersecurity norms at every level. If you need assistance in understanding how can you support your business online through cybersecurity, then do drop us an email now.