It is very important to secure customer devices such as computers and mobile devices that are used for digital transactions. Malware- Malware, or malicious software, is any program or file that is intentionally harmful to a computer, network or server.Top Cybersecurity threats faced by banks are: Non-adherence to regulatory compliance can sometimes attract penalties to financial institutions. GLBA: Gramm-Leach-Bliley Act, also known as Financial Modernisation Act of 1999 is a federal law in the United states which requires financial institutions to explain their information sharing practices to their customers and to safeguard sensitive data.Īpart from PCI-DSS, GLBA some countries have their own privacy laws which also requires compliance from financial institutions to operate. This standard requires use of encryption, masking, hashing and other secure mechanisms to safeguard the customer data. PCI-DSS: Payment Card Industry Data Security Standard is a set of security and compliance requirements designed to protect the cardholder data which defines how the financial data (card data) will be processed, stored and transmitted in a safe manner. There are mainly two standards which financial institutions must comply with:
Availability refers to the ability of authorised users to access the systems and data when needed under any circumstances using measures like disaster recovery plans.īefore we go further and discuss about various threats faced by financial institutions, let’s look at the regulatory requirements and industry standards in financial institutions. Integrity refers to accuracy and completeness of data to ensure data is not manipulated or corrupted using cybersecurity measures like data backups, system monitoring. Confidentiality refers to protection of sensitive information from unauthorised disclosure using measures like encryption, access control etc., to protect sensitive data. Sometimes theft of PII can lead to identity theft too.Ĭybersecurity measures are designed to protect the confidentiality, integrity, and availability of data and systems. These threats can result in the theft of sensitive customer data (PII), financial fraud, and reputational damage.
With the widespread use of technology and the increasing amount of data being stored and shared electronically, financial institutions must ensure that they have robust cybersecurity measures in place to protect against evolving threats.įinancial institutions face a range of cybersecurity threats, including phishing attacks, malware, ransomware, and denial of service ( DDoS) attacks. The role of cybersecurity in financial institutions is very vital as the number and severity of cyber threats continues to rise by each day. Due to bloom of technology, most of all businesses rely on IT services, making cybersecurity a critical part of IT infrastructure in any business.
AT&T does not adopt or endorse any of the views, positions, or information provided by the author in this article.Ĭybersecurity is practice of protecting information technology (IT) infrastructure assets such as computers, networks, mobile devices, servers, hardware, software, and data (personal & financial) against attacks, breaches and unauthorised access. The content of this post is solely the responsibility of the author.
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