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It's Time for Fresh Approach of Cyber Security for Banks

Providing online security to the users is one of the essential job roles of the IT world. There are nearly 3 billion people in this world using internet for various different purposes like education, business, entertainment, communication, banking and finance. 

Thursday November 03, 2016,

3 min Read

With all the recent happenings of debit card fraudulence, cyber security is the major concern of everyone especially the people of banking industry. Unlike other industries, apart from the important data of customers or the bank itself, banks deals with lots of cash which turns as lottery for the hackers.

It is possible that the banking sectors are using the age old strategies to help them from the Cyber attacks but they are vulnerable to the malicious attacks which is capable of damaging a business permanently. This is the time to invest and learn about the Cyber security strategies.

Every bank is prone to the Cyber attacks. Cyber attackers aren’t inevitably hunting for any large data. What they would like is easy access to the valuable data stored or transferred within the banks whether they are large or small.

Sadly many of the banks still do not get this scenario and are still ignoring the importance and proper investment in Cyber security. This lack of security makes them easy prey of hackers’ attacks. This ignorance results in the losing the reputation and good customers for a bank.

Given here are a handful of strategies and tips for Cyber security which the banking organization should think about for better security of their data.

Implementing Secure Communication Methods

Insecure communication system for banks or any other organization is deadly. The communication servers should pass through secured channels. The IT department needs to stick to securing the communication system and channels of the banking sector both externally and internally.

Creation of strong password strategy

Lots of Cyber attacks are successful as the passwords or pins of the different documents and accounts are easy to crack. Hackers have technologies which allow them to obtain encrypted passwords and crack them easily. A bank can’t avert 100% of the password threats but make it tough for hackers and lessen the chances of attacks.

Secured back up plan

With the increased concern of customers’ security, banks need to plan a secured back up. This can be done with the help of cloud security and data center management. It is possible that the hackers demand ransom in return of the valuable data they are holding. With a sufficient backup plan, businesses will have much more control in this state. Also with a secured backup plan, the data need to be stored and saved in multiple locations.

Awareness of internal threats

Many of the malicious attacks at an organization are carried out by the insiders. Protecting a bank is strengthening internal protocol. By rising authorization needs and keeping an alert eye on employees having access to the secured data/information, will result in preventing data leaks prior to their occurrence.

Educate the employees

The employees need to know about the Cyber security, the strategies and their importance. To avoid the attacks, it is the duty of a bank to educate their employees about the entire thing.

In the end, there are various approaches for coping with the Cyber security, but the vital thing is the action taken against it!! Internet has become the most essential in the daily life of people. Hence Cyber criminals who are eager to make money through stealth are needed to be stopped. And Webstep and other IT service providers are on the mission of making everyone’s’ daily online life smooth!!