Online banking is a big deal today and as the industry becomes more virtual, the more aware it must be of the cyber security threats it faces.
The cyber theft in November of 2016, which compromised 40,000 Tesco Bank accounts in the UK, should be a loud and clear warning bell to banking institutions and others in the financial industry that cyber security can no longer be brushed away as “an IT problem.” Rather, cyber security concerns must be addressed as a business imperative.
In fact, in some businesses, the role of Chief Information Security Officer is changing into that of Business Risk Manager, as companies are starting to realize that a glitch in cyber security won’t just shut down a website for an hour, but rather puts the entire business at risk.
There are some simple steps that financial institutions can take to start minimizing risks, and much of it boils down to using a secure messaging service for all work-related purposes.
Employees who aren’t aware of the security risks may casually mention work-related details in text messages or may simply lose their phone with crucial information on it. Shifting all work-related communications to a secure messaging service is an important move towards securing the information that today simply leaks out unnoticed. The secure messaging service encrypts the information being sent and can allow for remote deleting of messages when necessary.
In addition, utilizing two-factor authentication for banking transactions, ATM withdrawals, and other bank-related activities and utilizing other mobile messaging solutions such as suspected fraud alert messages with response options will help keep financial institutions secure and will alert promptly alert them to any breaches.
As technology advances and more information and valuables are kept online, the more vigilant those that safeguard our possessions must be to keep them secure. Staying up to date with secure corporate communications is vital to the future of our cyber-wellfare.