Modern Day Cybersecurity Challenges at Banks and Ways to Beat them

Banking CIO Outlook | Monday, July 01, 2019

Banks can enhance security by leveraging world-class digital solutions and fight against cybercriminals.

FREMONT, CA: The financial sector is facing a significant threat from cybersecurity issues. With digitalization and evolving technologies, the risk factor has increased manifold. The situation mandates that banks prioritize security functions and develop infrastructure that has the least possible vulnerabilities. Proactively planning and implementing strategies can help banks detect threats and potential risks before they do any damage. Sensitive data and resources present with banks make them an attractive target for cyber attacks, but banks can devise ways to mitigate any attempted attacks in the following ways.

•  Firewall Protection

This is the first level of protection. Network firewalls are an absolute necessity in banks. Increased network connectivity opens up a lot of possibility for hackers to enter into the system. The primary tool of network firewall can thwart of attacks at the initial stage itself.

•  Anti-Malware

Malware can be extremely harmful to banking systems. To prevent malware from causing any intrusion and damaging or stealing information, banks must invest in a good anti-malware tool. The anti-malware can detect unusual behavior and alert the concerned system functions or experts.

•  Strong Verifications and Authentication

Two-factor authentications is a valuable way of preventing an attack on financial firms. It adds a layer of security and reduces the risks of intrusions by hackers. Banks should ensure strict verification processes using the most modern equipment and techniques available.

•  Measures against DDoS attacks

Distributed denial of service (DDoS) attacks limit bank functions by allowing attackers to take over the bank websites and prevent a user from accessing any of their data. It even allows the attacker to access private information and vandalize the sites. In the coming times, this will form of cyber attacks will become more common. To mitigate these attacks, banks will need special efforts and multiple layers of security. Quick recovery should also be prioritized so that banks can start operations at the earliest even if there has been an attack that has taken the systems down.

The threat landscape is changing fast, and cybercriminals are enhancing their capabilities. Even encryption cannot guarantee safety. Banks and security service providers need to keep developing and upgrading themselves because every new attack requires a unique solution. Optimizing security is the key to a safe financial sector.

Check out: Top Cyber Security Companies

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