Cyber Risks in Online Banking
Today’s cybercriminals can use lots of different methods to access financial service systems and bank accounts. Here are just a few:
- Mobile banking applications are a common gateway to entry. Unsuspecting users with weak phone security can easily let in malware or get hacked over unsecured networks, giving cybercriminals a free pass to all their stored info—including bank account details.
- Ransomware and phishing scams often come through email, putting financial institutions and their clients at risk. Both employees and customers can accidentally click a malicious link, letting malware into the system.
It happens all the time: Phishing and ransomware attacks happen every 11 seconds on average in the U.S. In 2023, there were nearly 320 million attempted ransomware attacks worldwide, and that number is expected to rise as hackers develop more advanced intrusion methods.
- Denial of Service (DoS) attacks can flood networks with incomplete communication requests. As the system tries to process these, all other traffic to the destination host is blocked. While DoS attacks don’t directly target finances or sensitive information, their ability to shut down a system is a serious security risk for online banking.
Steps for Minimizing Risks in Online Banking
Financial institutions need to stay one step ahead of hackers as their methods evolve. Here’s how:
Educate Staff on How to Spot Cyberthreats
From entry-level to C-Suite, every single employee needs to know how to recognize and prevent potential threats like phishing attempts, malware, and ransomware. A comprehensive education program like Managed Security Awareness Training will boost your staff's ability to prevent cyberattacks via expert-led lessons and hands-on simulations.
Implement Cybersecurity Measures
Managed Endpoint Detection and Response (EDR) is a crucial cybersecurity solution that monitors, detects, and responds to threats on endpoints, such as laptops and mobile devices—all in real-time. It also provides continuous visibility, advanced threat detection, and automated or manual responses to help thwart attacks.
EDR is necessary because traditional antivirus solutions are often insufficient against sophisticated cyber threats. EDR helps organizations quickly identify and contain breaches, minimizing potential damage and ensuring more robust protection for sensitive data and systems.
Use Strong Passwords
Many hackers use advanced bot programs to guess passwords. To stay safe, use long passwords or phrases of 16 characters or more. Mixing in capital and lowercase letters, numbers, and special characters makes it almost impossible for these bots to crack. The longer and more complex the password, the harder it is for hackers to guess it.
Employ Multi-Factor Authentication
Multi-factor authentication (MFA) significantly cuts down a hacker's chances of breaking in by requiring extra authentication steps that are tough to replicate. Popular examples of MFA include one-time passcodes and fingerprint readers.
Ever since computers entered the financial sector, cyber threats have been a risk. Cybercriminals are constantly evolving to overcome every defense, and they’re never going to stop. Combining strong cybersecurity measures with training around tricky threats like phishing remains the best comprehensive defense.
Huntress Managed EDR prioritizes the security of financial data and sensitive information, reducing risks and empowering banks to continue doing business with confidence. With our 24/7 team watching your back, cybersecurity will be one less thing you have to worry about.
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