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When you picture a cybercriminal breaching your network, have you ever imagined it could come through something like a coffee maker or fridge? With 16.6 billion IoT devices connected to the internet at the end of 2023, the likelihood of a cyberattack through an unsuspecting and unsecured device is becoming a reality.
Today’s banks are powered by a web of smart, Wi-Fi connected devices designed to enhance operations and efficiency. From networked printers to customer-facing tablets to smart coffee makers, these devices streamline processes, but they also create new entry points for cybercriminals.
Each of these devices, known as endpoints, represents a potential vulnerability that could expose your institution to devastating attacks.
If you’re not confident that every device in your bank’s network is secure, this blog is for you. We’ll explore what endpoints are, the risks they pose, and nine actionable best practices to fortify your bank’s defenses.
What Are Endpoints and Why Do They Matter?
Endpoints are any devices that connect to your organization’s network. This includes everything from printers and customer tablets to employee smartphones and smart office devices. Each endpoint acts as a potential gateway to your broader network, giving cybercriminals an opportunity to gain access.
Why Are Endpoints a Big Deal for Banks?
The number of endpoints in modern banking environments is growing exponentially. Here are just a few examples of common endpoints in banks today:
- ATMs
- Tablets used for customer service
- Printers and photocopiers
- Employee laptops and smartphones
- IoT devices like smart thermostats or coffee machines
- Security cameras connected to the network
- Digital signage and displays
- Smart door locks and access control systems
Each of these devices, while integral to daily operations, expands the attack surface of your institution. Left unprotected, they can be exploited, allowing cybercriminals to infiltrate your network and access sensitive data.
Now consider this—if even one of these endpoints is compromised, your bank could face catastrophic consequences, including:
- Data theft, exposing sensitive customer information.
- Business disruptions, causing systems to crash or halt operations.
- Regulatory fines, which can reach millions of dollars depending on the severity of the breach.
Ask yourself this—are you confident that every single device connected to your bank’s network is secure?
The Hidden Risks of Wi-Fi-Connected Devices in Banks
If you’re skeptical about the risks of unsecured Wi-Fi connected devices, consider this video demonstration. “Ethical hackers” used an open Wi-Fi network to hack a smart coffee machine and demand a ransom. Not only can they make the coffee machine function (somewhat maliciously with that boiling hot water), but they can also use the connection to your broader network to steal sensitive data.
The threat is real, and it’s not just limited to coffee machines. Any unsecured device connected to your network could serve as an entry point for cybercriminals. Here are the most commonly overlooked devices in financial institutions:
- Printers and Copiers: These often store sensitive data, such as scanned checks or customer account details, right in their memory.
- Customer-Facing Tablets: Used to help customers sign forms or check balances, these are frequently connected to broader banking systems.
- IoT Devices: Devices like smart thermostats, clocks, or coffee makers may seem trivial, but their lack of robust security makes them a hacker’s dream target.
Best Practices for Securing Wi-Fi Connected Devices
Are you doing enough to protect your bank’s endpoints? Here are 9 must-know best practices to consider:
1. Segregate Devices on Separate Networks
Don’t allow IoT devices to share the same network as your critical banking operations. Segregating devices minimizes the blast radius of a potential attack and ensures that hackers who access one network cannot easily infiltrate others.
2. Enable Device Encryption
Encryption secures the data stored on and transmitted by connected devices, ensuring that even if hackers intercept your data, it will be unreadable without decryption keys.
3. Use Firewalls to Block Threats
Firewalls can monitor and regulate traffic going to and from connected devices. Partner with security specialists to ensure firewalls are correctly configured and optimized for endpoint protection.
4. Keep Device Firmware Updated
Outdated firmware often contains security vulnerabilities. Schedule regular firmware updates to ensure all devices are running with the latest patches and protections.
5. Be Strategic About Device Placement
Keep devices in secure locations. For example, ensure networked tablets are out of public reach, and place printers in employee-only areas. The fewer people who have physical access to these devices, the better.
6. Train Employees on Endpoint Protection
Devices aren’t the only weak links—people are too. Provide ongoing training sessions to educate your employees on best practices, such as:
- Strong password management.
- Recognizing suspicious activity.
- Following proper disposal procedures for old or outdated devices.
7. Conduct Regular Device Audits
Perform routine audits to identify all devices connected to your network. If a device is no longer in use or doesn’t need access, remove it from the network.
8. Secure Default Settings
IoT devices often come with default administrative passwords, which hackers commonly target. Ensure all default settings are changed and tightened before deploying devices on your network.
9. Engage Professional Endpoint Protection Experts
Consult cybersecurity professionals to conduct an in-depth analysis of your current endpoint ecosystem. They can identify gaps and provide tailored solutions to strengthen your defenses.
Is Your Bank’s Network Your Weakest Link?
Securing every device in a modern banking network might feel overwhelming. The truth is, ignoring this responsibility exposes your bank to avoidable risks. But by implementing these nine best practices, you’re not only protecting your institution but also building trust and confidence with your customers.
You can start by performing a comprehensive endpoint audit within your bank and consulting with endpoint protection specialists.
Partner with RESULTS Technology to find cybersecurity weaknesses and turn them into your strongest defense. Schedule an assessment today!
