Cyber Security for Financial Institutions

Financial Systems Cyber Security

Banking security traditionally is heavy on iron bars and impressive safes. The concept of those with robbery in mind would be toting a sawn-off shotgun and masks.

Times change. Wherever there is a concentration of money, so human nature will produce those who think nothing of the law, and have no qualms in trying to help themselves to it.

The changing nature of finance and the digital society have brought the concept of cybersecurity to the fore, where “Mac the knife” might rob a few hundred pounds, “Kenny the keyboard” has the potential to spirit many millions from the banking system.

Financial institutions, headed by banking have had to accommodate and evolve their business procedures into rapidly encompassing digital surroundings.

The meteoric rise in smart mobile phones and tablets are one part of the growth of online banking, making payments, transactions and accessing online banking, which has opened a new range of possibilities for potential fraudsters.

Banking has been adopting measures to narrow the windows of opportunity for fraud, including sms alerts to user’s mobiles when they undertake internet banking, or checking the internet geolocation as the customer connects.

However, banks seek to host their banking portals and critical systems on high quality PCI DSS Certified Hosting which offers the security that banking requires.

The banking industry, whilst making great strides in cybersecurity, have to recognise the importance of whilst striving to provide innovation and competitiveness, compliance and cybersecurity move on.

As internet speeds increase across the country with the installation of rural fibre optic network installations, more people are able to access the web at viable speeds allowing for a rapid increase in online banking, internet shopping and surfing.

Many companies have established security protocols to cope with existing known threats, but are lagging in projecting their resources to defend against tomorrow’s threats.

There are now millions of online bank customers producing hundreds of millions of banking operations daily. The bigger the numbers involved, the larger the possibilities of infiltration, but given these numbers, it must be recognised that online banking is relatively safe.

There are steps that individuals should always take to help with their own safety & online security, following best practice on passwords and not sharing online details. Certainly banks have a responsibility, but it would not be them to blame if you have left your front door wide open.

Banks have malware attacks on a virtually daily basis, and almost all are repulsed immediately, and others, before they do any damage, and under the constant probing, the safety of bank accounts is relatively good.

They are keeping up as best and as fast as large institutions can hope for, the modern cyber hacker is more likely to be an international team of criminals with highly sophisticated software.

So which side has the very finest computer brains on it?