Digital Banking & The Many Security Threats That It Faces Every Day

It is fair to say that for the vast majority of us, we would like to get rich quickly with the bare minimum of fuss and effort on our parts.

Creating an easy way to accrue wealth generally involves going down an illegal path and so many of us decide to go the opposite way and just create wealth by working hard and making wise investments throughout our lives.

There are others however who want to take the easy way and they want to make money quickly and easily and they don’t care who or what they damage along the way to get to their final financial goal.

This is why financial institutions and particularly banks are targeted every hour of the day by hackers and attackers trying to gain access to important financial data like customer information.

The banks throughout the world handle literally millions of customer accounts every single day and so cyber security is becoming a real issue as the banking industry moves forward.

These lending institutions take Cyber Security in Banking very seriously indeed, and they literally invest millions of dollars every single year protecting their interests and their customers’ interests.

Many customers are now deciding to hold digital accounts and so this makes cyber security even more important than it already is.

If you are unfamiliar with the different kinds of cyber threats that banking institutions have to deal with all the time then maybe the following can help to illuminate you somewhat.

1. Remote Working

The pandemic has expanded the scope of remote working and now it has become a normal part of a lending institutions working day.

Many employees are still working from home and so many of these employees decide that they would like to work from the local coffee shop and it is clear that the Internet connection is not protected there and so this creates vulnerability with regards to the bank software and so sensitive data could end up in the wrong hands.

2. Ongoing phishing attacks

This is the one issue that many banking institutions have to deal with all the time and the attack normally happens by an email and getting sent to an employee that looks very legitimate and so they open the email and malware is downloaded.

Employees probably receive multiple emails from the bank’s head office every single day and if they are busy and they are distracted by a heavy workload then there is a higher likelihood of opening up such emails.

3. Ransomware

Attacks from ransomeware are becoming a lot more frequent nowadays and this is one of the more dangerous traits that banking institutions face.

If there is one industry that doesn’t want to have its files held to ransom then it is banks because they cannot afford to experience any sustained down time at all because customers will vote with their feet and take their business elsewhere.

These are only three of the many security threats that banking institutions face every single day and there are many more.

Even though a lot of information has now been moved to the cloud, hackers are now seeing this is an excellent opportunity to increase their cloud-based attacks.