5 Major Cyber Security Threats to Banking Sector

    5 Major Cyber Security Threats to Banking Sector

    Most of the banks or financial institutions tasks are all geared up with the use of technology, via internet banking. Banks are subsequently considered to be the secret keeper of the general public of any country. Banks have sensitive information, which is therefore, an obligation for the financial institutions to maintain the secrecy of their customers’ valuable information.

    With the widespread use of technology all around the world, some cyber thefts are also emerging in their full swing. For the sake of preventing banks from cyber threats, many banking app testing companies are playing their best possible role to avoid maximum such types of crimes.

    It’s here important for financial institutions and app testing companies to recognize the major possible threats involved in this cyber crime. Let’s have a look in to some of them;

    • Unencrypted Data

    The crucial yet essential part of a financial institution’s security must be the encryption of its data either online or not. Encryption is helpful in such a way that, in case your data is stolen even then hackers can not access it immediately. If not encrypted – data can be used and exploited easily by the hackers.

    • Malware – As a cyber threat 

    User friendly devices such as Personal computers and smartphones, which may possess malware in it, can be a great threat to the cyber security of banks, each time a device is connected to the bank’s network. If malware is installed in an end-user device, without appropriate security measures, malware can easily attack a financial institution’s security.

    • Not secured third party services

    Many financial institutions hire services from third vendors, to better serve their customers requirements. But they do not pay attention towards the cyber security preventions that vendors may or may not have implemented. It’s important to choose a vendor while keeping cyber security as a criteria to ensure the future bank’s security.

    • Data Manipulation

    Hackers always try to play smart and are one step ahead away from your thoughts. They do not steal data instead prefer to make changes into it, this way bank’s are unable to recognize whether the alterations in their original data are made or not, and if so – then where. Without any doubt, this can be a great challenge for financial institutions. Just beware! Before it’s too late.

    • Spoofing – An emerging threat

    An all new type of cyber threats is spoofing – which has enabled hackers to imitate the website’s url of a bank with an exactly similar one in its functionality. When a log in log out information is entered by a user, it is easily accessed by the hacker.

    As a bank, it is utterly crucial that you find ways to cushion the threats of cyber security, while still being able to provide your customers with hassle free, technologically advanced experience.

    Conclusion

    As of today’s banks and financial institutions have connected more gadgets to the internet, the number of potential security threats to their network is also rapidly increasing. In this crucial time, banks need to be more cognizant and must develop a strategy to tackle the cyber risks involved and must recognize which type of cyber threats are more likely to happen.

    Author Bio:

    As a Senior Marketing Consultant at Kualitatem, Ray Parker loves to write tech-related news, articles, specifically quality assurance and information security. Apart from his techie appearance, he enjoys soccer, reading mysteries, and spending long hours working over at the New York office.

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