Day by day, cybercrime is increasing, and cybercriminals are looking for new ways to breach security. Security gaps are increasing as many employees work remotely and connect with other teams through online platforms. Other factors that increase the chance of cyberattacks include home wifi networks, mobile devices, remote servers, and lack of encryption.
As an IT service in Dubai, it is equally important for banks and other credit unions to secure data. Employees should be trained about cyberattacks and how they can protect themselves. Most commonly, business emails are designed to trick people while processing payments or exchanging personal information.
Similarly, banks and many other financial institutes are responsible for protecting their customers’ confidential data. Any financial institute is at high risk of a cyberattack because they have personal and financial data. Exposure to this information may have a negative impact on their position.
As we net Logix offers services where your network, system, and programs are secured from digital attacks. These attacks can be in many forms like viruses, malware, denial of services, or unauthorized access.
Following are some reasons why financial institutes, banks, and other credit unions require strong cybersecurity.
Cyber Criminals aim at Banks and Other Financial Institutions.
Cybercriminals’ attacks on financial institutes have higher chances than any other industry. There are different tactics that they use. For example, they steal banking information or download data. Or they steal customers’ debit and credit card information through ATMs. Many of them directly steal money from customers’ accounts.
Personal Data Stored in Databases Is Sensitive
Many businesses have customers’ personal information, but financial institutions require sensitive information like name, date of birth, email, address, phone numbers, and social security numbers. All this information is linked to their debit and credit cards and accounts. This information is valuable to cybercriminals as they can get an advantage from this directly or can sell this information on the black market.
Exposure of personal data can damage reputation and position:
Financial institutes not only lose money, but they lose their potential customers if data breach incidents take place. This damages their reputation and image in the market. Suppose any consumer’s data or money is lost during attacks of the data breach. Then they will switch to another institute for services and will lose interest in your bank. And if this information is leaked in the market or on different communication media, it will prevent new customers from opening new accounts.
It is quite difficult and challenging for banks and financial institutes to recover after losing consumers’ trust. In many cases, financial institutes end up closing.
Refusal in FDIC Can Result in Significant Penalties
Many financial institutes agreed to meet certain requirements that help reduce cyberattacks in a data breach or any other cyberattacks. These institutions face penalties from FDIC.
Banks May Face Lawsuits if Information is jeopardized.
Consumers who face information breach cyberattacks can file a lawsuit against financial institutions or banks. These lawsuits are valid if consumers suffer from civil or criminal injuries. They lose money from their accounts or if their information is stolen to perform identity theft.
Though a cybercriminal is responsible for the theft of funds and data, the bank will be liable for victim damage as they could not take precautionary measures to prevent a cyberattack.
Many banks and other financial institutes have included charges of cyber insurance to their security fees. It can be affected as it minimizes the risk of financial loss.
Today organizations are using many different ways to protect their systems against cyber threats. Some of the factors to consider are:
- Doing security audits regularly
- Using antivirus or anti-malware applications
- Running multi-factor authentication system
- Creating firewalls and initiating automatic logins
These all factors will help you to reduce cyberattacks. But the main factor that will support any organization is giving cyberattack awareness training to your employees. This will not only help them to keep safe but will secure your networking system as well.
Bank leaders can discuss how to reduce the cyber threats ratio with risk management consultants. If you are looking for different IT services, we are net-Logix here for you. Offering you our team of experts who design and implement variant cybersecurity systems to protect your business from destructive viruses. We are considered the best IT Solution company in Dubai & IT Service Company in Dubai. Make your system better to use with different firewall combinations, variant security protocols, antiviruses, and anti-malware.
Our team of skilled professionals offers the following services to update your Information technology infrastructure to be more safe and secure.
- Firewall Development
- Robust Email Security
- Stringent Security Protocols for Networks
- Preventative Measures from Cyber Crime
- Implementation of Efficient Antiviruses