Digital banking is on the rise, just like all other aspects of society. As more customers take their banking online it offers convenience, but also cybersecurity concerns.
Cyber criminals are increasingly targeting small banks and credit unions. Customers are far less likely to trust institutions whose services and products are frequent targets for attacks. Luckily with well-placed cybersecurity defenses put into place and customer awareness banks can work towards improving protection of data.
Customer Awareness
Customer awareness is a key best practice when it comes to banking cybersecurity initiatives. It is also one of the most simple tactics to prevent breaches. By giving them the proper education and “toolbox” they will be able to better protect themselves and in doing so, the bank itself.
Have you educated your customers around:
● What does fraud look like?
● How to point out suspicious activity?
● Understanding the basic types of breaches?
● What to do if they find themselves victim to a cyber attack?
A little education for your customers can go a long way in blocking common cybercriminal tactics, like phishing and malware.
Phishing is one of the most common ways cyber criminals hijack accounts and with customer awareness can be avoided. Advise customers to look out for typos, check the incoming email address, and pay attention to grammar. On occasion, phishing emails will hijack the email accounts making it more difficult to spot the threat. Advise customers to always contact your bank by phone before downloading any email attachments and that you will never ask for private information via email.
Authentication
Self-service and contactless banking has gone mainstream since the pandemic. While people enjoy the ease of use, it also comes with some hefty concerns around security. Mobile wallets, digital only banks, and mobile banking apps all carry private financial and customer information and in the wrong hands can prove devastating.
Banks will need to be proactive in addressing cybersecurity concerns around mobile banking. Authentication will be a main measure both customers and banks can take. Beyond simple password authentication, biometrics, mobile identity verification, and multi-factor authentication can greatly improve security.
Proactive Internal Measures
Use the right technology and services to ensure your bank is proactive in preventing cyberattacks. Vulnerabilities will continue to emerge, and banks need to invest in technologies that can recognize and eliminate the practices and actions used in exploits. In order to get ahead of the bad guys several technology measures can be put into place. These measures serve to monitor for threats, alert on suspicious behavior, and find gaps in current security practices.
Security Assessments
How vulnerable is your bank to threats? A security assessment is an excellent way to lay a solid foundation. Be able to identify critical vulnerabilities, control gaps/ deficiencies, and applicable threats to the security of your organization.
Vendor Management
Automate your vendor risk management program and be able to improve your tracking of vendors and the risks they pose on your organization.
Disaster Recovery
With a few hours of careful planning up front you can save your business countless hours of recovery time when a problem occurs. A productive investment for banking institutions is a thorough review of the disaster recovery plan.
Curious to Know More?
Cybercrimes will only continue to rise in a world going more digital. New ways to attack and breach data will emerge. Ensuring your bank is on the forefront of cybersecurity and having well-educated customers is key to prevention.
Contact Bankers Equipment to learn more about how our suite of services and products can help your banking institution take the proper preventative measures.
