Biggest Cybersecurity Threats To Banks<\/h2>\n
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The top security threats<\/a> are, and still are, ransomware, direct access to your computer remotely as a result of remote work, cyber attacks on the cloud, social engineering and supply chain attacks.<\/p>\n With increased use of artificial intelligence and machine learning, cybersecurity software<\/a> may actually be making the defenses weaker rather than stronger.<\/p>\n “The true implications of COVID-19’s findings are that digital and mobile customer platforms, which offer quick and instant transactions, leave little time to run customer authentication or verification checks,” said Dr. Jean-Paul Kockelman. “Likewise, the risks associated with KYC and onboarding procedures in the digital era have increased significantly in recent years, causing frustration for financial services firms and their customers.”<\/p>\n Rehak continued that today’s increased need for safety and security has created obstacles in examining the authenticity of a digital interaction. Evaluating the validity of an individual’s identity now involves referencing huge amounts of data from multiple sources \u2013 everything from geolocation and session behaviors to data from merchants, bureaus and customer profiles.<\/p>\n In a recent Wall Street Journal article, M&T Bank security<\/a> chief David Stender said that more expensive tech just means more expensive security. \u201cIt needs to be cost-effective security,\u201d he explained, \u201cnot security at any cost.\u201d<\/p>\n \u201cCompanies are spending too much money on all these technological advancements,\u201d Stender continued. \u201cA lot of companies spend big bucks on artificial intelligence<\/a> as a way to solve their problems and that’s really not necessary. They would be better off using what they have now.”<\/p>\n Some banks don’t have the budget to spend on AI and hired specialists in cybersecurity and related tools. This is true for those with limited resources, investing in cost-effective measures like regularly installing patches, frequently backing up data and educating employees on password management and phishing attacks, which are often easy ways into a company by attackers.<\/p>\n “Spending money on cybersecurity awareness<\/a> makes sense,” according to Steven D\u2019Alfonso, a research director at IDC Financial Insights. Some of the banks I work with do cybersecurity awareness training, but he thinks smaller banks don’t try to focus on phishing tests and teaching people how to identify bad links.<\/p>\n And while D\u2019Alfonso doesn\u2019t dismiss AI outright, he agrees with Stender that small and mid-sized banks will not fully benefit from it unless they first agree on a security budget and a detailed risk management plan. Once those are in place, as this insightful article notes, banks can implement a series of solutions such as working with MSPs<\/a> to fill talent gaps and identify\/address security gaps, enhancing the security awareness of both employees and customers, using high-tech tools to help thwart attacks.<\/p>\n Communication is critical in banks and other financial institutions when it comes to maintaining cybersecurity. Organizations should have their own appropriate internal communications strategies in place to ensure that employees know their responsibilities in keeping secure data, reporting possible breaches, and be aware of new threats. Financial institutions also need resources and tools to deliver the information in an engaging way.<\/p>\nHow To Spend Money On Cybersecurity<\/h2>\n
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