The banking and finance industries deliver more services online now than ever before due to the pandemic. As a result, banking cybersecurity became more important than ever this year. Some of the threats to big data security in recent years included ransomware attacks, the growth of contactless payments, mobile malware attacks and even data breaches of major banking and finance apps.
Take a look at some of the major stories related to finance cybersecurity. How can IT executives and finance professionals enhance cyber defenses in banking, enhance customer security and reduce attacks?
Quick Briefs: Top Banking & Finance Cybersecurity Insights
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Contactless payments were on the rise before the pandemic, but their adoption soared during it. According to an article by FintechTimes.com, 51% of people adopted mobile wallets and radio frequency ID payment cards at the beginning of the pandemic, and 58% of people said they were more likely to use contactless payments than they were prior to the pandemic.
Contactless payments present security risks not just to retailers, but to banks and financial institutions that process the payments. Using it, attackers can create cloned cards or launch a variety of scams.
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Finance cybersecurity affects everyone, from chief information officers within an organization to the consumers who use its services. Following the bare minimum of standards and regulations is not enough to ensure customers’ privacy and their funds. That’s even more true when dealing with funds not covered by Federal Deposit Insurance Corp. insurance, such as cryptocurrency.
When it comes to finance cybersecurity, a self-assessment can help you increase your organization’s database security and mitigate risks. Present these questions to your team at least quarterly, with a mindset of willingness to change:
- Do you understand the finance cybersecurity risks and threats facing you?
- Are you running security assessments?
- Do you have a security-minded culture?
- Are the right human and financial…