Key Cyber Security Threats Hampering Banking Operations

Banking CIO Outlook | Thursday, January 27, 2022

The bank's sensitive data can get jeopardized if solid cyber security measures are not in place.

Fremont, CA: Technology is used in many areas of a bank's or financial institution's activities. The bank's sensitive data may get jeopardized if solid cyber security measures are not in place. Here are the top cyber security concerns for a bank.

  • Unencrypted Data

It is a fundamental but critical component of excellent cyber security. Encryption should be helpful for all data kept on computers within the banking institution and online. Even if hackers steal the data, they won't be able to use it right away if it's encrypted — if the data is left unencrypted, hackers will be able to use it right away, causing major difficulties for any financial institution.

  • Malware

End-user devices infected with malware, such as PCs and mobile phones, represent a risk to the bank's cyber security every time they connect to the network. Sensitive data goes across this connection, and if the end-user device has malware placed on it, that virus might attack any bank's networks if not adequately secured.

  • Third-Party Services that Aren't Secure

In order to better serve their clients, many banks and financial institutions use third-party services from other providers. However, if those third-party providers do not have adequate cyber security in place, the bank may suffer as a result. Before deploying third-party solutions, it is critical to investigate how the user can defend themselves from security dangers presented by third parties.

  • Data That Has got Manipulated

Sometimes hackers do not go in to take data but rather modify it. Unfortunately, this form of assault is difficult to identify immediately and can cost financial institutions millions of dollars in losses. Because changed data may not always appear to be any different from unmodified data on the surface, it might be challenging to determine what has and hasn't got altered if the bank has to get targeted in this manner.

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