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How Banks Protect Your Information Against Ongoing Cyber Attacks
Thankfully, alongside investing in digital security experts, there are myriad other ways that banks protect client information against cyber criminals. From using advanced encryption algorithms to sending bank statement PDFs with passwords and so much more in between. The options available to lenders nowadays really are endless.
Below, we’ll explore how banks are introducing more protocols to harden their defences.
High Stakes Data Protection
Financial institutions are obligated to safeguard not only their customers’ physical cash deposits but also the massive volumes of personal records associated with investment and banking activities.
Information like account numbers, transaction histories and password data are attractive targets for high-tech criminals who steal information at scale with a few mouse clicks. For lenders, this means adopting vigilant security tactics that are typically a multi-pronged structure of defence. It will usually include the latest authentication methods, training employees to identify and respond to threats, audit trails, continuous customer communication and ongoing security measures on apps and websites.
This is also why many banking corporations are amending their own digital processes to ensure statement PDFs are password protected, and that banking apps won't enable phone screenshots. These measures help ensure that only authorised parties maintain access to sensitive account information and supporting documents.
Front Line Encryption
In the old days, banks relied on thick concrete and steel vaults. Now, they tap into the power of enormous supercomputers programmed with advanced security protocols and payment gates with special keys required on both ends of every transaction you make.
The Advanced Encryption Standard (AES) ensures your data remains secure at each exchange stage. Multi-factor authentication (MFA) is a framework that requires customers to declare and prove their identity through multiple layers, making access by suspicious actors more difficult.
You’ve likely been using MFA for personal banking already, and maybe for other online transactions. It starts with using something you already know like your primary password. Once entered, you receive a one-time-use numeric code sent by text or email, which you must enter as a secondary verification to ensure your identity before the transfer can be completed.
The newest player on the security scene is Biometric Authentication. By relying on our unique physiological characteristics like fingerprints, facial recognition, and voice tones, lenders can quickly identify you with a high accuracy rate. Several mobile banking apps have incorporated this scanning technology to offer a strong deterrent against criminal activity.
Institutions have also introduced machine learning to analyse reams of data around the clock and identify out-of-the-ordinary account activity that could indicate a security breach or high-level fraud. Basic examples might include a withdrawal from your checking account at a location you’ve never used, a series of small purchases or one large transaction. At that point, a bot would flag and temporarily pause the account until administrators can contact you personally for review and confirmation.
Threat Monitoring Systems
Like eCommerce companies, banks and investment institutions must diligently protect their computer hardware and networks inside giant data centres. They employ state-of-the-art surveillance to identify and respond instantly to suspicious database and operating system activities.
Data traffic and user access patterns are continually monitored, while hardware and software vulnerabilities are patched using vendor security updates. This proactive approach lets lenders detect potential infiltrations before they escalate into a global crisis.
Another aspect of threat monitoring is penetration testing. This is when they perform a hack on themselves to determine how far their systems can be penetrated by an external party. This highlights vulnerabilities that they can then correct.
Incident Responses
The realities of ongoing cyber threats mean having an in-house team to counter breaches and denial-of-service attacks is necessary. To quickly and effectively mitigate outages and secure sensitive data, banks have a reaction team ready to deploy when they need it. They train the team through periodic disaster simulations so that when a serious incident happens, the team is well-prepared to respond promptly and efficiently. These test scenarios help identify potential gaps in the response plan and confirm that all team members know their duties, enabling them to act decisively under pressure.
Staff Training
Like consumers, employees need to be kept up to date with the latest cybercrime threats. With continual education on how criminals are coming for customer data, bank staff can remain vigilant when it comes to phishing scams that target their bank. Staff are trained to follow protocol that helps them identify the customer they’re speaking with, and not provide any sensitive information until this has been confirmed.
Banks build a culture of security awareness through continual training classes and simulated phishing attempt demonstrations that mimic real-world attacks. This allows employees, not only the ones in the security team, to practise identifying and responding to attempted hacks via suspicious emails and phone calls in a controlled environment.
Cybersecurity is a Collective Responsibility
Staying informed on the latest threats requires ongoing vigilance from everyone involved in the banking process, including customers. Banks work hard to keep customers’ information private and protect their reputation, and this can include sending warnings to their customers through emails. Take these warnings and notifications from your lender seriously. If you notice unusual or suspicious activity, contact the bank directly for assistance. Bank administrators can then respond to the threat promptly, and mitigate any potential losses.
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