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Cybersecurity in banking is a constant barrage of new threats, changing regulations, and customer worries. And your financial institution is a prime threat. Your business goes right to the source: the customer’s money!
To protect your customers and your business, your cybersecurity needs to be top-notch. But there may be some banking misconceptions that are holding you back. Learn about the current threats and common banking myths that are preventing you from being secure.
Does Your Bank Need to Be Concerned About Its Cybersecurity?
Unless you only do things paper and pen style, cybersecurity in banking should be a concern. Anyone that has data online is an opportunity for malicious actors—there are new threats every day from hackers who want to exploit your vulnerable online systems.
74% of respondents to a survey from the American Banking Association said that cybersecurity is their top risk priority this year—both for their employees and their customers. A growing concern for many banks is the threat of social engineering through vendors.
By getting into one employee’s account, a hacker could request funds from other banking customers by posing as the bank employee or management. Basic cybersecurity like an antivirus isn’t going to stop that threat.
If cybersecurity in banking isn’t a priority for you, it should be. These five common misconceptions may be what’s holding you back.
Only Big Banks Are at Risk
Who would you be more likely to hack: the small local bank with just a firewall or the national bank that spends millions of dollars on security each year? Any institution is a target, regardless of size.
The misconception that only big banks are at risk stems from the more visible attacks that have been seen on high-profile institutions like JP Morgan and Bank of America. But this also means those banks have taken steps to protect themselves, which still leaves smaller banks vulnerable.
I Just Need to Pass Annual Exams and Comply With Regulations
Regulations are important and can help prevent security breaches, but that’s only the first step. Be sure to also audit for and protect against insider threats, vulnerabilities in vendors, account takeover fraud attempts, cross-site scripting attacks, and any other potential risks you might face.
Your cybersecurity in banking should go beyond regulations.
My Customers Don’t Need to Worry About Security
This couldn’t be further from the truth. The weakest link in any security system is always people. You need to make sure that your customers are aware of how to protect their data, both on and offline.
Educate them on topics like phishing emails, using secure passwords, multi-factor authentication, and other best practices for staying safe online. Make sure they know the warning signs of a potential scam or attack so they can alert you to any suspicious activity.
I Can Rely on My Firewall Alone
Your firewall is just one part of your security infrastructure. It’s important that it stays up-to-date, but hackers are getting smarter. They’re using sophisticated tools and techniques to bypass firewalls and gain access to sensitive data.
Consider a layered security approach that includes firewalls, antivirus software, patching systems, and employee training. This will give you the best chance of keeping your data safe.
Cybersecurity in Banking Is Too Expensive
No doubt implementing a strong cybersecurity system requires an investment. But consider the potential cost of a breach—loss of customer data and trust, lost business opportunities, regulatory fines, and more.
The cost of prevention is far lower than the cost of remediation. According to a federal report, U.S. banks processed about 1.2 billion dollars in ransomware payments in 2021. Investing in security now can help protect your bank from catastrophic financial losses in the future. You might be surprised how an IT provider is willing to work with your budget to get you the security you need.
Cybersecurity in banking isn’t something you can put off until tomorrow—it needs to be a priority today. By understanding the threats and taking steps to protect your systems, you can ensure that your bank will remain secure against cyberattacks.
How RESULTS Technology Can Help Your Bank’s Security
Our history with the financial sector goes as far back as 1999. Many of our staff come from the banking world and specialize in IT compliance and security. We understand the daily security challenges of banking and are ready to help you develop a plan that meets your needs and budget. Schedule a free consultation today to see if we’d be a good fit as your cybersecurity provider!
