Ask Question - Get Answer

1 Ans Focus writing: Cyber Security

Asked by AL MaMun (4 Golds) Monday, 11 Jan 2021, 06:32 PM at (Jobs Job Preparation)

Please log in to answer, like and save
Save 0

<<< Previous
Log in to Answer Next >>>


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.


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.


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


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) Monday, 11 Jan 2021, 06:34 PM

Please log in to Upvote, Downvote and Report

Related Q/A:

1 Ans Civil Service Written exam marksheet

1 Ans Light Engineering prospects and challenges

1 Ans The Economic Importance of the Padma Bridge

2 Ans Use of ICT in Banking sector in Bangladesh - Focus writing

3 Ans Nobel Prize 2020 Winners name and contribution

1 Ans Primary Teacher Recruitment Exam Question Bank From 2012 to Last Take exam and Study with explanation

1 Ans Current affairs November 2020 free pdf download link - Download now

1 Ans 100% Free Online Job Exam system

1 Ans Focus writing: Cyber Security

1 Ans The major impediments to development need to be effectively addressed

AL MaMun active 2 days ago (4 Golds)
Birds of the sky active 12 hours ago (1 Gold)
Tajrimun Elisha (active on Friday, 22 Nov 2019, 08:56 AM) (2 Golds)
Hena Begum (active on Friday, 15 Feb 2019, 11:04 PM) (8 Bronzes)
Ghost (active on Saturday, 05 Jan 2019, 10:37 AM) (1 Silver)
BrandonDug (active on Thursday, 17 Dec 2020, 05:25 AM) ( New Contributor )
Md Hasan (active on Saturday, 02 Nov 2019, 10:02 AM) (4 Bronzes)
APU KUMAR ROY (active on Sunday, 22 Sep 2019, 02:42 AM) (1 Bronze)
Md Mondol (active on Tuesday, 23 Jul 2019, 10:28 PM) (2 Bronzes)
student (active on Monday, 27 Jul 2020, 07:28 PM) (2 Bronzes)
Abdul Halim (active on Thursday, 03 Oct 2019, 05:36 PM) ( New Contributor )
GoMedii (active on Monday, 21 Dec 2020, 02:28 PM) ( New Contributor )
Hazrat (active on Sunday, 26 May 2019, 05:55 AM) (2 Bronzes)
Shahansha Habib (active on Monday, 21 Oct 2019, 04:09 PM) (2 Bronzes)
عبد الحنان سلفي (active on Friday, 28 Aug 2020, 05:04 PM) (2 Bronzes)
Sowrov (active on Thursday, 14 Feb 2019, 10:48 AM) (7 Bronzes)
MD SAIFUL ISLAM (active on Friday, 24 Jan 2020, 04:13 PM) ( New Contributor )
Daily Science (active on Friday, 03 Jan 2020, 07:52 PM) ( New Contributor )
Arif Hossain (active on Tuesday, 08 Jan 2019, 11:59 PM) (3 Silvers)
Hr Hannan (active on Tuesday, 11 Dec 2018, 12:28 PM) (2 Bronzes)
Show All Members

Online Now 2
Today's Unique PageViews 135
Today's Total PageViews 961
Site's Total PageViews 2164047