Step Towards Safe and Secure Banking

Cybersecurity is the most common concern to every organization today, irrespective of size and nature of the industry.

While every industry has its own level of proximity to cyberthreats, the financial sector especially banking is more sensitive to IT security attacks because of the assets it deals with. IT security threats to banking institutions result in different losses, which can be a serious impact on overall financials, loss of trust among customers by way of data thefts, threat to brand reputation, among others.

Moreover, the ever-evolving industry has brought along various security risks and today, securing assets and information is key challenge in the digital landscape.

Threats take multiple forms, be it externally or internally, in the form of careless employees or outdated software packages, lack of security protocols or firewalls, etc. Experts believe that internal threats pose high threat!

Banking

What Surveys Say?

  • Recovery costs from cyberthreats are more in banking sector compared to other industry
  • Rate of security breaches have increased by 300 percent in the last five years
  • Banking institutions are more 300 times more vulnerable to information security risks than firms in other industries
  • Cybercrime incidents are causing banks a whopping USD 1 trillion in loss, every year
  • In the digital front, most of the banking applications in an organization have at least one identified security risk and majority being prone to ‘high-security risks’

With insecure data storage, improper authentication and code tampering as serious risks, almost every financial site reports one high-severity security vulnerability.

It’s Time to Act!

Banking institutions have to keep updating their processes to ever-changing rules and regulations that strongly pitch for flexibility and convenience.

However, on the negative side, this transformation is not just helping law-abiding citizens but also offering enough scope for law-breaking hackers/intruders.

Implementing basic-level strategies like safeguarding email communication through strong protocols and firewalls, close monitoring, series of verifications and preparing employees with necessary countermeasures might offer protection to some extent.

However, most organizations feel such measures are not enough to tackle the ever-expanding threat landscape.

Moreover, mobile and web platforms in the digital landscape are welcoming new threats with each passing day. After targeting organizations’ own networks and systems, hackers are also finding new points of entry such as shared banking systems and third-party networks too.

So, the security threat is on all sides, naturally demanding an extra care beyond the existing efforts!

It’s high time to plan the future-proof security.

StealthLabs Hears You!

We have been the one-stop solution for many of the today’s prominent information security risks.

Be it concerns related to insecure data storage, identity and access control, data and threat management, incident response, and more, we offer you a solution tailored for your organizational needs.

Our experience in dealing with all industries help us easily gauge what your concern could be well before taking necessary implementation steps.

For sure, our IT experts give you the industry’s best!

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