5 Ways to Avoid Banking Security Risks

Given the targeted activism of hackers who have seen quick successes in massive hacks, now more than ever, banking security has been questioned.  The latest reports of hacking of crucial customer data happened with Sony while JP Morgan Chase saw a devastating hacking episode. The trust that people have in banks comes in question even when a minor discrepancy is seen in a bank’s standards of security. And here we are talking of complete hacks that could jeopardize millions of dollars.

Banks have become extra secure regarding the use of money transaction protocols and the manner in which people are handling different security protocols within the bank. It has been predicted that digitalization of banks and personal data is what is increasing risks and making banks vulnerable too. From websites which report bank and broker reviews to experts in security technology, many have the same prediction around money transfer online: the risks are now higher.

Here are five detailed ways you can avoid banking security risks:

1. Train employees and customers.

Many experts in bank security claim that many fallacies happen even in the highest secured protocols due to lack of knowledge and an overall negligent attitude in using the processes. It is the duty of the management and employees to familiarize themselves and their customers on the required protocols and the significance of each step. Even simple steps like updating or changing passwords every fortnight is a compulsory aspect of corporate and commercial banking firms.

Furthermore, significance of security protocols on mobile devices must be clearly shown to customers. Also, simple precautionary steps like using mobile banking services through reliable routers and Internet Service Providers (ISPs), would significantly help the bank secure its transactions and also not expect trails to be left behind for hackers to cash in upon.

2. Implement stronger protection.

While customers can do their part, banks can also ensure that the Structured Query Language (SQL) end of their servers open up only to recognized ISPs to minimize hacking. Maximum breaches have been detected at the SQL portal of the server and banks need to work on adding more structures around this amount of information – whether it is just customer details or funds transfer.

Internet of things is not something we need to fear, we only need to be ready for the new improvisations and the challenges that hackers create around it to safeguard the money of our loyal customers.

3. Embrace chip and pin integration.

Essentially an addition to the traditional EMV card system, chip and pin integration has been the most awaited innovation of 2015. While customers are looking for added layers of security, they are slow in picking up the new mode of card payment. Now that the industry is fully introducing chip and pin card payments, banks need to think of probable hacking protocols possible in this new system and lock the process enough to avoid a major crash.

4. Leverage behavioral analytics.

Customer behavioral analytics are important to show who could be a probable hacker trying to gain access to a particular account or a major pathway. Updated records of the new customer profiles and limited access to services for customers who have not crossed a minimum space of time is very much important to help the banking officials prevent major online break ins.

5. Request government support and high tech processing.

Having complete high tech back up from the local government and federal bodies would help banks secure sensitive information. Working around hacker profiles and probable target protocols would help secure banks against future attacks alongside avoiding low tech breaches, password hacks and insider phishing incidents to a great extent.

While these five considerations are important it’s crucial to remember that with every new security protocol added to the field of banking technology, hackers start looking for ways to break it. This calls for extreme pro-activity on part of banks.

Alex Richardson is a Harvard graduate and a marketing and technology expert working with WebHawks Inc. He is based in California, from where he writes to share his thoughts on technology and business development across different marketing fraternities. Catch up with him on LinkedIn for more updates and well researched articles.

Written by Alex Richardson