Cybercrime is a serious and growing issue affecting businesses of all sizes and in all industries. One type of business that is particularly at risk is banks, as they are targeted heavily by cybercriminals using advanced technologies and tactics. It is for this reason that banks must make cybersecurity a top priority. Banks need to take measures to protect their customer’s money and sensitive information, which is why it is helpful to be aware of a few tips that will help you develop robust protection against the latest threats. Interested? Read on to discover a few of the best cybersecurity tips for banks.
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Require Multi-Factor Authentication
One of the best ways to improve cybersecurity is by implementing multi-factor authentication (MFA). Most attacks are successful by hackers working out or guessing passwords, but MFA adds another level of authentication that can greatly strengthen defenses. This can involve a code being sent to a linked email or phone number, answering a secret question, or using biometrics.
Encrypt Sensitive Data
Another smart way to strengthen security is to encrypt any sensitive information. Encrypting data both in transit and at rest will ensure that it is protected and unusable in the event of a breach. Only authorized users with the decryption key will be able to convert the data back into a readable format, which will help keep the data safe.
Use Open Banking API Solutions
Open banking API solutions can also be used to protect sensitive financial information. These solutions provide secure management of APIs, authentication, and authorization. Many platforms use advanced encryption methods and provide access control, giving you the ability to control who has access to sensitive information to reduce the attack surface and enable secure customer transactions. Open banking is also a more transparent way to share data between banks and third-party providers.
Provide Staff Training
Statistics show that 95% of cyber attacks are a result of human error. Therefore, it is vital that you provide security awareness training for your workforce. This training will show your staff how they can carry out their roles safely and avoid common scams. This should prevent human error from leading to a breach and give your team confidence in their ability to work safely.
Conduct Audits & Use PEN Testing
Finally, you must make sure that you regularly test your defenses to identify vulnerabilities. Security audits and PEN testing (simulating an attack on your system) will highlight any weaknesses you have in your protection and allow you to make targeted improvements so that you can tighten your defenses and protect against the latest threats.
The cybersecurity tips in this post should help you strengthen your protection and safeguard sensitive financial information. Banks are heavily targeted by cybercriminals using advanced techniques and tactics, so it is important that cybersecurity is a top priority and an area that is regularly addressed. When you have robust protection in place, customers will feel safe using your bank, and you will develop a positive reputation that will make it easier to attract new customers.