Asked by
AL MaMun (4 Golds)
Tuesday, 12 Jan 2021, 05:32 AM
at (Jobs
Job Preparation)
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Answer(s):
Focus writing: Cyber Security Cybersecurity is one of the biggest
concerns that banks have today. They get more digitized, and they undergo
higher risks to be hacked. Large databases with information about internal
operations, customer data and all the sensitive facts may be lost if they do
nothing to protect this all. The consequences of a security breach may be not
only the loss of reputation but also negative implications for private and
corporate customers. What are the risks of today? What will
change next year? We’ve collected the top cybersecurity risks for banks in
2020, and we’ll tell you about them below. Mobile and Web Banking That’s so comfortable to install an app
and control all personal accounts and operations. We can say the same about web
apps. However, these applications create the right conditions for
vulnerabilities that banks have to predict and avoid. Accenture has conducted an investigation
where 30 most popular bank apps were tested. Each of them has at least one
security risk, while 25% of them had a problem with high-risk security flaws.
It means that there were problems with the insecure data warehouse,
authentication and code tampering. We have found a report that states that
the financial niche is the most vulnerable to attack. This mostly refers to
web-based banking applications. All of them have at least one thing that could
put all the customer’s operations at risk. Going back and returning to cash is not
the right way out. People don’t want to have tons of coins or money in their
pockets. It’s convenient to have a mobile wallet and having no need even to
take a card with you. Banking cybersecurity threats Third parties It isn’t always an easily detected cyber
attack. It can look like a transaction to a wrong account or manipulations with
the money transfers. Hackers look for the weak sides of the system and try to
enter through it. The tendency of using financial services
from third-party providers has led to a situation where banking systems are at
risk. We think it’s worth to mention one of the most significant data breaches
that happened in 2016. Hackers managed to steal $81 million from Bangladesh
Bank thanks to a lack of cybersecurity in the SWIFT system. Banks should focus on building secure
and safe bundles with third-party service providers for all operations. This
should be one of the main concerns in 2020. Cryptocurrency We saw a significant breakthrough in the
cryptocurrencies around the globe some time ago. We could witness how one
imaginary currency could raise to $18,000 worth. That was truly astonishing. There are people who consider moving
your assets to the crypto wallet is an excellent opportunity to secure them.
However, there may be some risks of hacking during the exchange process. One of
the most thrilling cases was a steal of 850,000 bitcoin in 2014. And another
one eas in 2018 – there was a loss of about $534 million during the crypto
exchange in Japan. False Expectations In the majority’s view, a bank is an
unconditional synonym for security. People are convinced that there is no safer
place to store money and documents. And this is true when it comes to something
material. But not about what not to hide in a safe. Information is the most valuable thing
today. Today, Google, Facebook, and similar companies are far better at
protecting sensitive data than banks. In large IT-companies, security is
literally “built-in” inside the products themselves and is an essential
component of them. At the same time, banks are still trying to build data
management protection like a kind of dome over the company. This is the main mistake of all
financial organizations – they are used to separating security and IT. Besides,
if a conflict arises between IT and security, it is highly likely that
management will take the side of the one that is interested in launching the
product as quickly as possible and reducing time to market. This is more
consistent with business interests than the requirements of information
security. Bank is not equal to security | Diceus Low Qualification Before global digitalization, an information
security officer was mainly responsible for the physical safety of paper money
and documents. But now that the Digital component has become decisive for the
financial market, the data protection requirements have changed. And now,
having a strong technical background is one of the critical elements for the
manager of information security. No less important is the flexibility and
ability to dialogue with the development teams and engineers. The manager
harmoniously combining these skills will be able to radically change approaches
to the organization of security in the company and bring it on a par with
technological giants. Manipulations Fear is not only one of the most potent
motivators but also an excellent tool for manipulation. Typically, a call from
an information security officer is perceived as a cause for concern. Fear of
losing a job for violating internal standards is ordinary in companies. Then
any requirements of the security guards, as a rule, are fulfilled without any
questions. A competent manager of information
security will be able to change the idea of security in the bank from a blind
fear of abstract threats to a conscious desire to solve specific issues. Then,
an understanding will come to the whole company that information security is an
integral part of modern business and not a source of problems. The creative
component in the work of the director of security should be decisive, and then
his colleagues will have a desire to delve into the study of data protection
issues. Manipulations with trust | Diceus Compliance The sphere of information protection,
like any other, is regulated and subordinated with a number of laws. Some banks
believe that compliance with established standards automatically guarantees a
high level of security. A few more words about cybersecurity The leading causes of cyberthreats can
be divided into several groups: lack of necessary legislation and common
safety standards lack of funding from in banks lack of corporate culture regarding
cybersecurity within the bank Unified cybersecurity standards were
introduced in the USA and the EU, although they are not a panacea for
eliminating all types of cyber threats. However, in most cases, they
demonstrate their effectiveness. Being obligated to bring internal security
standards in line with the requirements, American and European banks have a
reasonably effective system to counter most threats. Diceus protects banks | Diceus Diceus is always on guard We know how cybersecurity is crucial for
all types of banks today. That’s why we help financial organizations to detect
and get rid of any possible breaches in their information security area. Our
team can become a reliable technology partner that will provide high-quality
software development services for threat analysis, risk mitigation, data
protection and improvement of back or front office operations.
Answered by AL MaMun (4 Golds) Tuesday, 12 Jan 2021, 05:34 AM |