Cloud technology is increasingly being adopted by all sectors of life. The banking sector is no exception. Digital banks are emerging. Even traditional banks now entrust their data to be stored in the cloud. So it is interesting to know how banking technology has evolved to protect customer data.
End of the Era of Traditional Banks
Reality shows that digitalization is increasing. The COVID-19 pandemic requires people to live a New Normal lifestyle, namely a lifestyle that has minimal contact with the outside world. Then, when the Corona Pandemic is declared over in 2023, the legacy of the Pandemic in the form of adopting increasingly sophisticated cloud technology will still be used because it has many advantages – among them, it can be accessed from anywhere.
Data becomes the greatest asset. And, as a result of the expansion of the use of the Internet of Things, data is becoming increasingly vulnerable to cyberattacks that can cause huge losses if not addressed immediately.
Cyber Attack Bank On
According to the latest Banking Priorities Survey, cyber attacks are considered one of the biggest banking threats in 2022. The survey results state that 24% of financial experts named data theft as their priority, followed by 21% compromised devices, 17% synthetic identity fraud, 10 % security endpoints, and 7% Denial of Service.
Some of the most serious threats to bank security in recent years include ransomware attacks, the growth of contactless payments, mobile malware attacks, and even data breaches of major banking and financial applications.
The Biggest Risks Associated With Online Banking
Mobile App
Today, more people access their bank accounts on mobile apps. Many customers tend to have minimal or no security. And this makes the potential for attacks much greater. Therefore, a banking software solution is required at the endpoint to prevent malicious activity.
Data Breaches in Third Party Organizations
As banks have increased their cybersecurity, hackers have turned to shared banking systems and third-party networks to gain access. If it is not as protected as a bank, attackers can bypass it easily.
Increased Risk of Cryptocurrency Hacks
In addition to standard funds, hacks have been on the rise in the burgeoning world of cryptocurrencies. As the sector is unsure how to implement cybersecurity software for banking in this ever-changing market, the ability of attackers to take large amounts of this currency becomes greater. Moreover, it is currently increasing rapidly.
How to Protect Banking From Cyber Attacks With Secure Software
Security Audits
A thorough audit is essential before any new cyber security software is implemented. The audit review reveals the strengths and weaknesses of the existing setup. Additionally, security audits provide recommendations that can help save money while enabling appropriate investments.
Firewall
Cybersecurity banking configurations don’t just include applications. It also requires the right hardware to block attacks. With an updated firewall, banks can block malicious activity before it reaches other parts of the network.
Anti-Virus And Anti-Malware Applications
Although firewall upgrades improve protection, they will not stop attacks unless anti-virus and anti-malware applications are updated. Older software may not contain the latest rules and virus signatures. In turn, it can miss attacks that could potentially damage your system.
Multi-Factor Authentication (MFA)
This protection is critical to protecting customers who use mobile or online applications to conduct their banking transactions. Many users never change their passwords. Or, if they change it, only make minor changes. Implementing MFA stops attackers from reaching the network because it requires another level of protection. For example, a six-digit code sent to a customer’s cell phone.
Biometrics
Biometrics is another version of MFA that is even more secure than text codes. This form of authentication relies on retina scans, fingerprints, or facial recognition to confirm a user’s identity. While hackers have accessed this type of authentication in the past, it is more difficult to do.
Automatic Logout
Many websites and apps allow users to stay logged in if they allow it. Thus, they can access their information at any time without entering their login credentials. However, it also helps attackers get your records easily. Automatic logout minimizes this by closing user access after a few minutes of inactivity.
Provide education
All of the above measures can improve cybersecurity in the banking sector. However, they cannot help if customers continue to access their information from unprotected locations or improperly protect their login credentials. When banks inform their customers of the consequences associated with these vulnerabilities, it may move them to change their habits for fear of losing their investments.
In short, technology affects how customer data is stored and accessed. Data that is accessed online or resides in the cloud is particularly vulnerable to cyberattacks. Banks need to increase security for their data and applications. Meanwhile, customers also need to adopt the habit of accessing data from devices and networks that are truly secure.
Improve banking data security with Hypernet. For more information, please contact CS at the number listed below.
