According to the findings of positive technologies overseen in the industrial business, IT companies, and the financial organization, the report stated that cybercriminals could breach into 93% of company networks and access the local network resources. Read on to understand how cyber security is essential in private banking.
What is cyber security?
Cyber security is the operation of protecting computers, networks, data, mobile phones, and lastly, electronic systems from malicious attacks.
What are the categories of cyber security?
There are several types of cyber security, and we shall discuss them in this article
1. Application security
The first category of cyber security is application security, and it is the act of protecting critical information at the app level. Creating strong passwords, implementing two-step authentication, and security questions are some of the strategies used in application security.
2. Operation security
Operation security is the second type of cyber security, and operation security is the risk management exercise for internal cyber security. In operation security, risk management officers are hired to help with a data threat and ensure employees of the organization are taught by the risk management how to keep their personal and business information secure.
3. Cloud security
These days most people use online storage such as google drive, Microsoft one drive, and Apple iCloud for storage. You should secure your storage system all the time due to the amount of data stored in them, and you reserve the cloud by using the end-user interface, backup plans, and data storage security.
4. Network security
Network security is protecting your data from unauthorized entry through computer networks. Software and hardware technologies are what network security is all about, and they help secure you from data threats. Types of network security are email security, firewall, anti-malware security, and data loss prevention.
5. Information security
Information security designs and installs tools to protect your vital information from alteration. The IT department explicitly creates it for cyber security, and it also ensures only authorized apps, users, and systems access some information. Information security includes vulnerability management, cryptography, and incident response.
What is the purpose of cybersecurity in a private bank?
Here are reasons why cyber security is essential in a private bank.
1. Cyber security protects customer’s data
The first benefit of cyber security in a private bank is protecting the customer’s data. The cybercriminals hack into the bank’s system to steal a client’s information and later sell in the black market for hacking schemes. The bank should always ensure proper protective measures are put in place to protect the clients’ and the banks’ data from hackers.
2. Cyber security offers VPN technology
A Virtual private network helps to ensure secure remote access. The secured remote access offers devices and users a safe way to the corporate network, and the VPN technology uses powerful ways to validate the user or the device. For protection when transacting money, you can download VPN tool and get dedicated IP to encrypt your banking transaction. The IP address you connect to the online banking system guarantees your financial data is safe. Make sure your bank has VPN technology to protect you from cybercrimes.
3. Protects the bank from financial losses
Preventing financial losses is an excellent reason for banks to have cyber security in their organization. When a data breach occurs on a client’s account, it can be a challenge to get their funds back, which causes distress to the client and destroys the bank’s reputation. To avoid data breaches in the bank’s system, the bank has to execute cyber risk management plans to protect its network and provide financial security to its clients.
4. Cyber security protects the bank’s reputation
The third benefit of having cyber security in private banks is that it preserves its reputation. If your bank data is compromised, most clients will not want to be associated with your bank as you know that a business reputation is everything. Ensure your bank has the cybersecurity method to protect each customer’s financial wellbeing.
5. It helps you avoid FDIC non –compliance penalties
Another reason to include cyber security in your private bank is that it helps to avoid non-compliance penalties. There are regulations set in place for clients’ protection, and if a bank breaks any of the rules, they face massive fines that can be hard to regain from.
As you have read above, having cyber security in your private bank is a must to protect your reputation and retain your customers.