Today, banking programs have become an integral component of monetary transactions. As a result, banks know that keeping their programs secure is more critical than ever. Cybercriminals have evolved and money providers such as banks will also have to evolve their tools.
That said, as large corporates, banks have access to substantial resources and are uniquely positioned to invest in advanced technologies and implement robust cybersecurity strategies.
But sometimes the bank’s protective measures against cybercrime aren’t enough. It can often be the responsibility of customers, especially small and medium-sized enterprises (SMEs) and micro businesses (those with ten workers or fewer) that are more exposed to cybercrime to adopt technology and work to raise cyber awareness among their staff. This is something that some consumers have been slow to catch on to.
Understanding the threat
Banks face many cyber threats that can compromise the security of their applications. Phishing attacks can trick users into revealing sensitive information, while malware can infiltrate systems to borrow knowledge or disrupt services.
Social engineering tactics, in which a criminal impersonates a trusted source, such as a bank, to manipulate app users into doing things like revealing sensitive information, clicking on links, or sending emails. cash to criminals, pose significant risks. As those threats evolve, i. e. , with the rise of generative AI, banks will need to continually update their security measures to prevent potential breaches.
Generative AI can be a tool to fight fraud. But it also represents a real threat, creating more sophisticated cyber-attacks and meaning banks must stay vigilant and adaptive in their defence strategies.
But it’s not all bad news. Banks have the cash to invest in the latest generation of cybersecurity and there are a few key measures they implement.
Multi-factor authentication (MFA): By requiring verification bureaucracy, banks can particularly reduce the threat of unauthorized access. MFA combines everything the user knows (like their password), everything they have (like a mobile device), and everything they are (biometric verification like facial ID).
Encryption: Data encryption ensures that sensitive data is unreadable to anyone, the bank and the customer. End-to-end encryption deserves to be popular for all transactions and communications within today’s banking programs.
Regular security audits and formula weakness testing: Performing common security tests helps identify and fix vulnerabilities before cybercriminals can exploit them.
Secure progression practices: To minimize the threat of weaknesses appearing in application updates, banks want secure coding criteria and deserve to conduct regular code reviews.
The one of cyber consciousness
While technology plays a crucial role, the reality is that human error remains a big vulnerability for any organisation. Banks must invest in comprehensive cyber-awareness programmes for both employees and customers.
Regular worker education sessions on the latest cyber threats and security practices can help recognize and respond to potential attacks.
But it doesn’t just have the staff. Banks offer resources and guidance to help their customers detect common threats like phishing and social engineering. Simple tips, such as not sharing passwords and detecting suspicious emails, can prevent many attacks.
And keeping things simple for all customers is vital too. Introducing security features that are easy to use, such as biometric authentication (including fingerprint or facial recognition) and secure password managers, can help customers follow better security practices.
When it comes to the SMEs and micros, the reality is that often they lack the resources to introduce advanced cybersecurity measures. This can make them potential targets for cybercriminals. Banks, being large corporates that can afford the latest tech, can and should provide support to smaller businesses like these.
First, banks encourage all their small business customers (SMBs, VSEs, and freelancers) to cover fundamental cybersecurity practices by earning Cyber Essentials certification. This implies that small businesses cover a list of security controls that will protect them from some of the most common ones. Attacks.
And provide SMEs with access to affordable cybersecurity equipment and help them protect their data and financial assets.
Banks should also collaborate with cybersecurity firms and industry groups to provide SMEs with the expertise and resources they need to bolster their defences.
The truth is that combating cyber threats requires a unified approach. In addition to the technological equipment that banks and monetary providers can use, the role of the National Cyber Security Center (NCSC) should be highlighted.
The NCSC provides valuable support, adding risk intelligence and qualified advice to support cybersecurity measures. And after an attack, it can offer advice to help banks protect their own financial assets and those of their customers. You can also offer recommendations to other people involved about their own cybersecurity.
Addressing banking threats is a complex challenge. Safeguarding consumer data and sensitive assets is vital, as a security breach can be costly for an organisation, both in terms of reputational damage and financial impact.
But if your bank – and you – are following the latest guidance, you can feel confident that banking on an app is no less secure than entering a branch.
Ismini Vasileiou, Associate Professor, De Montfort University
This article is republished from The Conversation under a Creative Commons license. Read the original article.
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