Digital banking has given consumers a convenient and secure way to check their bank balances, apply for loans or credit cards, and make payments. But it’s also created new opportunities for hackers to steal personal data and financial resources.
To prevent cyberattacks, banking software solutions include several security measures. These include encryption, firewalls, and regular security audits.
Multi-Factor Authentication
In the early 2000s, faster telecommunications options offered consumers Internet connections that allowed them to access their bank accounts from home. However, this also created a new attack method for hackers and thieves. The Internet provided a pathway into personal computers, allowing attackers to steal private user data like passwords and social security number.
Good banking software solutions can protect against attacks by implementing multi-factor authentication (MFA) for all account logins. This provides an extra layer of security by requiring more than one type of verification factor, such as a password plus a biometric or hardware token.
This technology can help banks prevent unauthorized account access, secure sensitive information, and maintain industry regulation compliance. But, banks and similar institutions need to keep employees informed about the latest threats, especially those involving social engineering tactics like phishing. Such threats can lead to a loss of company assets or customer data and damage to physical buildings.
Intrusion Detection Systems
Banks must protect against a wide range of threats. Whether it’s data protection for sensitive customer information, network firewalls, and segmentation for controlled traffic, high-quality security solutions are vital for a bank’s reputation and business assets.
Security measures need to be layered to protect against all potential attacks, from social engineering scams such as “SIM Jacking,” where attackers identify a bank customer’s phone number, report that the user lost their SIM card with the telecom provider, and trick the company into reissuing it for them. Anomaly detection is another tool that guards against these attacks by establishing a baseline for normal network behavior and alerting when deviations occur.
Interested computer novices, dishonest vendors or competitors, disgruntled current and former employees, and organized crime or espionage agents pose significant security threats. These individuals may use readily available information about known security flaws in hardware and software to break into systems.
Real-Time Monitoring
The financial industry is a treasure trove of sensitive information and money, making it catnip for hackers. To mitigate attacks and keep customers’ data safe, banks must invest in continuous monitoring solutions that identify vulnerabilities and alert them to potential threats.
This requires deploying security tools to detect and analyze data, establish responsibilities and protocols, and regularly review monitoring parameters, alert thresholds, and response procedures to ensure they are efficient and effective. It also includes implementing consumer awareness programs so people don’t reveal personal information to cybercriminals and put their accounts at risk.
The security landscape for banking is constantly changing. But, investing in the right security technologies will help to reduce fraud and prevent cybersecurity attacks and physical damage to buildings. This will allow banks to continue providing a high level of service for their customers. It will also enable them to reduce friction for legitimate transactions by lowering the number of authentications required.
Updates
With a top banking software solution, banks can automate their day-to-day tasks while improving the workflow and service quality inside their company. This means reducing operational, support, and infrastructure costs.
Cyber attacks are getting more sophisticated, especially targeting bank employees through social engineering tactics such as phishing or whaling. These attackers can steal sensitive information from employees if they’re not trained to detect and respond to these threats.
Banking software solutions can help keep up with these evolving threats.
Barry Lachey is a Professional Editor at Zobuz. Previously He has also worked for Moxly Sports and Network Resources “Joe Joe.” He is a graduate of the Kings College at the University of Thames Valley London. You can reach Barry via email or by phone.
