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Website and internet security in banking

security in banking

Most of us prefer to do our monetary transactions online as the broadband speeds have increased. It is a reliable option for most of us. The transactions must be done in a secure environment. However, the risk of a cyberattack and subsequent data breach is quite high. The banking industry has been at the center of such cyberattacks mainly because of the highly sensitive data stored by them. In early 2020, Greece’s major banks cancelled more than 15,000 credit cards after a breach at a travel website.

According to the 2018 report of the Identity Theft Resource Centre, there were 135 instances of credit, financial and banking data breaches that exposed almost 1,709,013 records. In late last year, there was a massive data breach across 1.3 million debit and credit cards and the majority of them were of subscribers in India. These data show the growing risk of website and internet security in the banking industry globally.

With more customers opting for online transactions, it is crucial for banking institutions to come up with a foolproof cybersecurity policy to thwart data breaches. Similarly, users must also ensure that they use a secure environment when undertaking online transactions. In this article, we will discuss how to keep the banking networks safe from any cyberattack.

Install an SSL certificate

Before doing a banking transaction, users must check whether they are transacting at a secure website. It will be evident from the address bar that will be marked “Secure”, and there will be a padlock symbolizing it. The banking industry must Buy SSL Certificate to ensure a secure banking transaction. SSL uses the HTTPS protocol, which ensures that the communication between the visitor’s browser and the webserver is encrypted.

An SSL certificate also ensures that the website is authentic as it requires the Certification Authority to validate the antecedents of the owner and the site before the certificate is issued. It becomes impossible for the hackers to create a precisely similar website to carry out phishing attacks.

Secure the networks

Banks must ensure that they deploy foolproof network security with 24/7 intrusion detection systems, antiviruses, and firewalls with robust network monitoring systems to prevent any data breach. There must be an audit log of all who have access to sensitive areas in the network. It must be ensured that the data center adheres to the SSAE 16 data center auditing standards.

There must be periodic vulnerability scans and dedicated hosting of the customer data. The IT team must ensure that there is periodic updating of the CMS and associated plug-ins. Encrypted back-ups of the entire data must be taken at regular intervals and stored at a secure location. It will help you have a robust recovery plan.

How can users ensure a secure transaction?

As the number of online transactions increases, users need to know that they run the risk of their accounts getting hacked. The risk can be mitigated if they undertake a few tricks for a safer online transaction.

Avoid using public Wi-Fi

It is essential to know that most public Wi-Fi systems are not adequately protected. Hackers find it easy to prey on unsuspecting users over these open systems. As a user, you will not know who all are online and may inadvertently share your personal information with a hacker. They can use the information to get unauthorized access to your banking accounts.

Accessing your banking accounts in public is also risky as you do not know the people around you. They may eavesdrop and get knowledge about your user credentials, and you will run the risk of someone hacking into your system. You must use a secure connection to access your banking account and in the safe confines of your home.

Use password best practices

Your password is the ultimate key to your online banking account. Always choose a unique password that cannot be beaten by brute force attacks. When choosing the password, you must ensure that it follows the global password best practices. It means that it should be a combination of letters, digits and allowed special characters. You can also opt for using OTP (One-time Pin) that is sent by the bank for accessing your account. It is an additional layer of security for your bank account.

You must not save your password, or have it written on any piece of paper. If you need to write it somewhere, ensure that it is placed in any online locker. Users must change their password at frequent intervals and use the virtual keyboard whenever needed. Also, you must avoid using public terminals to access your banking accounts.

Receive transaction notifications

It is essential to know the amounts deducted whenever you undertake any transaction. Users must subscribe to SMS and email notifications whenever a transaction is being conducted from their banking accounts. This way, they can keep real-time track of their banking accounts. It will also help you to notify your bank immediately if you notice any unauthorized transaction has taken place. Users must also opt for digital statements that will provide them with an overview of all transactions throughout the period. Ideally, the statements are offered every month or every quarter.

Conclusion

Banking subscribers expect that their data is stored securely by the authorities. After all, it is their hard-earned money. Banking institutions must buy SSL certificate to ensure that all communication with the users are encrypted. They must also ensure that they follow best practices in securing their networks. Similarly, users must also ensure they follow rigid security protocols and do transactions in a secure environment.

This post has been shared by Unity Vaidya

Read Next: The importance of laptop security for the CIOs

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