Fundamentals of Cybersecurity in Banks

Fundamentals of Cybersecurity in Banks

06/06/2022

According to a report from Trend Micro, in the first half of 2022 alone ransomware attacks in the banking industry increased by a whopping 1318%.

Fundamentals of Cybersecurity in Banks

As we move towards digital economy, we are facing a looming threat of cybersecurity in banks. Leveraging techniques and practices that are designed to protect our data is paramount to successful digital revolution. Whether it is an accidental breach or a well-coordinated cyberattack, the strength of cybersecurity in banks determines the safety of our Personally Identifiable Information (PII), and by extension, ourselves.

The rapid rise in the volume of cyber threats implies how important cybersecurity in banks is today. Cyber-attacks can be extremely expensive to endure, especially for small financial institutions and credit unions that don’t have sufficient resources to get through. Reputational damage for such financial institutions can prove to be catastrophic.

According to a report from Trend Micro, in the first half of 2022 alone ransomware attacks in the banking industry increased by a whopping 1318% which was disproportionate to other industries.

 

The main reasons to be vigilant around cybersecurity trends include:

  • An increase in cashless transactions means more digital financial transactions than ever before.
  • Weak cybersecurity in the banking sector can compromise customers data.
  • The cost of recovering from a breach is enormous and time-consuming.

Cybersecurity challenges banks face

Trying to implement cybersecurity mitigation strategies in the banking sector can be challenging. Some of the major obstacles that banks need to overcome include:

  • A cybersecurity talent gap where the number of appropriately trained professionals is significantly less than the demand.
  • Employees not been appropriately trained in cybersecurity awareness or their training is outdated and doesn’t factor in new risks.
  • Lack of appropriate budget to deal with cybersecurity threats.
  • Weak credentials being used by employees that make it easy for hackers.
  • Mobile devices and apps used for banking are being targeted by those who wish to exploit them.
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