Theft is nothing new to banks. Since the beginning of the digital age, however, armed robbery has gone down. But this is not necessarily good news.
Cyberattacks have been on the rise and are constantly evolving. And, unlike traditional money heists, consumer data breaches can bring greater financial devastation. Hackers can stay under the radar for months and get away with stealing millions or even billions.
According to Fortunly, the authorities are not even aware of the full extent of damage some financial data heists have caused. For instance, the endgame of the 2003 cybersecurity incident involving Data Processors International remains a question mark to this day.
The absence of physical threat has somewhat made modern bank robberies even scarier. With the growing popularity of digital banking, financial institutions must take every measure to give hackers a run for their money.
As an IT solution provider, it is your obligation to prevent financial institutions from falling victim to attackers — a task you can’t achieve without their cooperation. Below are some effective tips for convincing your banking clients (current or otherwise) to step up their cybersecurity initiatives.
1Help them acknowledge any cyber-defense inadequacies.
Average threat actors understand the classic vulnerabilities of usual banking applications. Being in a state of denial about this fact can lead to massive financial losses and PR crises.
The modernization of IT infrastructure is a non-negotiable requirement 21st-century banks must take seriously. Yet, many institutions still refuse to earmark substantial funds for it.
Highlight the weaknesses of legacy technology. Sincerely explain the merits of carrying out necessary system upgrades. That way, they might realize that such investments are worth their weight in gold.
2Debunk the perceived feasibility of avoidance.
Cyberattacks are never fully avoidable. Advise your clients in the finance sector to improve the formidability of their IT security to withstand any hacking attempts instead of simply hoping to avoid them.
Underline the importance of having a clearly defined security policy and employing relentless malware protection to avert large-scale data breaches.
3Promote stakeholder empowerment.
Equipping members of a financial organization and its customers with adequate knowledge is key to cyberattack prevention. Scams like phishing attempts can easily be identifiable with proper awareness of their telling signs.
4Recommend 2FA adoption.
Integrating two-factor authentication (2FA) into cloud-based email accounts as well as customer-facing apps is a neat solution to take consumer data security to a whole new level.
Discuss how this practice can help stop threat actors in their tracks even after they manage to steal the primary credentials of customers.
5Advocate for employee activity surveillance.
Catching internal fraudsters when they make a move is paramount. Cite historic money heists that began with an inside job, such as how Barings Bank and Societe Generale absorbed a combined loss of $9.2 billion because of their dishonest traders.
Offer convenient solutions to monitor the activities of all bank employees around the clock, which can act as deterrence against future transgressions.
Bank hacks are not a matter of “if” but “when.” Make every effort to be instrumental in rationalizing the IT architecture of your banking clients. Assess their cybersecurity system so they will be able to do everything in their power to avoid any future attacks.