Cybersecurity in Banking: The Biggest threats to Your Business
Do you know the cyber security in banking; perhaps the biggest threats to know about? The cyber crime, Cyber Espionage (hacking), which includes stealing trade secrets and intellectual property, Cyber warfare (attacking another computer system without permission), including attacks on financial institutions and government agencies, is a huge problem and it is very costly to victims. Cyber criminals use a network of computer systems to transmit private data over the internet. The main goal of a cyber criminal is to obtain and store sensitive information that can be used to steal identities and perform illegal activities. Some of the most common data sent over the internet are credit card numbers, account numbers, bank account information, email addresses, user names and passwords. Cyber criminals are getting smarter each day and they are more creative in executing their crimes, which make it very difficult for the average person to protect themselves against cyber criminals.
Each day, new and more sophisticated tools are created to collect personal information from computers. This information is then used by these cyber criminals to steal your identity and do damage to your business. Cyber criminals use these resources to empty your bank accounts, create unauthorized charges on your credit cards, open unauthorized bank accounts, create phony tax claims, and report incorrect personal information such as false or inflated income, poor credit, etc. All these actions lead to severe financial problems and even to the closure of your business.
Cybersecurity in banking is one of the ways that you can protect yourself from these potential dangers. Cyber criminals don’t just want to steal your business data. They also want to sabotage your business. A successful cyber attack can shut down your cash processing machine or your office mail server. You could be blacklisted on the cyber criminals’ list and your personal data could be intercepted and distributed to other cyber criminals.
Banks usually store confidential business data on a secured network. You may have installed firewalls on your computer system or you may have used a program that protects your system from hackers. Unfortunately, your firewall may not be able to protect all the files on your computer. Some important information is often hidden in hidden files. Even if you have installed an anti-virus program on your computer, it is not enough to safeguard your entire system. The files that are being sent over the internet may be scanned by a hacker and if he finds any information that he finds valuable he can use it to make an illegal purchase.
Cyber criminals have become smarter than ever. They have learned how to use the internet, databases, and online resources to their advantage. They can steal personal information and bank accounts without anyone noticing. These crooks get access to vital information online through the internet, email, and through file sharing systems. They also use online methods to advertise their products and services.
One of the biggest problems facing businesses today is identity theft. Criminals can take your money through online transactions. They can open up new accounts in your name, using your credit card. They can even open up businesses using your social security number. As frightening as this is, it doesn’t have to happen to your small business; there are ways to protect your business against identity theft.
Most online banks these days are encrypted. Even when an online transaction is performed between two websites, the transaction is encrypted so that the information can’t be read easily. However, there are times that the online transaction is not encrypted, which leaves a door wide open for the crook. Encryption is the best way to stop identity theft because the crook cannot use the information he gets from you and use it to steal your business or cause damage to your business.
Another way to defend yourself from cyber criminals is to install firewalls on your computer and servers. These systems are usually designed by companies such as Mcafee, Norton, Lavasoft, etc. These systems also encrypt all of your business information, which makes it harder for someone to get information from your computer without your consent.