Did you know some of the biggest breaches of the last decade affected companies worth hundreds of billions of dollars? A data breach can severely impact the bottom line of a company. Knowing that is what rattles bank directors the most.
Banking executives don’t want one of these unfortunate shakedowns to happen to them. Thus, it’s time to discuss cyber security for banks.
With this guide, you’ll discover five cyber security measures that can keep your company safe from crippling data breaches.
- Multi-Factor Authentication
Multi-factor authentication is one of the most important measures of cyber security in banking. When used, it requires two or more independent authentication factors to verify a user’s identity. Examples of authentication factors can include:
- personal identification numbers (PINs)
- access codes
Some of these codes are delivered via phone call or text message. Authentication factors can also be related to the user’s physical attributes or belongings. Multi-factor authentication is important for banks because it helps to protect customer’s financial data and accounts from malicious actors and hackers.
- Firewalls and Intrusion Detection/Prevention Systems
Firewalls serve as a digital barrier to malicious traffic and monitor traffic to detect unauthorized access. Intrusion detection/prevention systems detect and monitor malicious activity. It can help to block or quarantine malicious code and malicious users.
Together, these cyber security measures help to strengthen bank data security. By having both in place, banks can reduce the risk of cyber-attacks and help protect the sensitive data of their customers.
- Regular Software Updates and Patch Management
Software updates and patches help to close gaps in the system, which hackers can use to gain access, making the system more secure overall. This is an important step when it comes to banking cyber security because it provides the latest security measures to ensure that data isn’t stolen or damaged.
It’s best practice for banks to have a regular system of patch and software updates in place, including their banking PMO, HR system, and client records. That way, they can remain ahead of the curve when it comes to cyber security. This allows them to act quickly and preemptively against cyber threats.
- Employee Training and Awareness
Employees must understand their role in protecting customer data, how to recognize and prevent threats, and the procedures to follow in case of a breach. Keeping employees informed on the latest industry security standards is key. All employees should be regularly trained on how to:
- detect phishing emails
- identify malicious links
- understand social engineering techniques
Banks should also ensure that all employees are comfortable raising cybersecurity issues with their managers.
- Data Encryption
Data encryption ensures that a bank’s sensitive data is securely stored and protected from potential hackers. Banks should use strong encryption methods to ensure that attackers cannot decrypt and access confidential data such as:
- banking credentials
- customer information
- transaction records
Banks should also conduct regular security assessments to check for any security gaps and vulnerabilities. They need to have a strong audit system in place to monitor and track all data access and activity.
Understand Different Measures Used in Cyber Security for Banks
Every business needs to take their cyber security seriously, and for banks, the stakes are even higher. The five measures used in cyber security for banks discussed in this article provide an excellent starting point for banks to protect their data from cyber threats.
Banks should continually review and update these measures accordingly to ensure their customers’ data remains safe. With that in mind, we encourage business owners to take action on their cyber security now.
Visit our blog to explore more!