Cybercriminals have long considered banks to be excellent targets. Financial companies really have no choice but to develop and speed up their cybersecurity measures given the large storage of cash and consumer data, the massive threat of financial losses, regulatory repercussions, and reputational damage.

Vulnerability to Mobile

Banks are becoming more mobile-accessible to quickly and conveniently permit payments and transfers as consumers have less and less cash on hand. Convenience is at an all-time high, but financial institutions are also in higher danger of cyberattacks.

In a recent investigation on the cybersecurity of 30 major banking apps, vulnerabilities such as unsecure data storage, unsecure authentication, and code tampering were found in all 30, with 25% of them having at least one “high-risk security issue.”

Web-Based Security Flaw

Web-based banking applications have also been identified as the “most vulnerable to attack” of all the examined businesses in a recent analysis that named the financial sector has been shown to lack efficient security. Every financial website that was tested by researchers had at least one high-severity vulnerability.

The risk from a Third Party

Shared banking systems and outside networks have been the cause of a number of significant banking cyber attacks. Financial institutions frequently depend on outside contractors for day-to-day operations. The duty of informing these firms about the degree of cyber risk connected with this practice ultimately rests with the MSP of the company.

Vulnerability of Cryptocurrency

Today, one out of every five financial institutions says they might begin trading cryptocurrencies at some point this year. Although the engagement of significant institutions would offer a layer of security to the cryptocurrency sector, it would require extraordinary efforts to guarantee the security of these digital currencies.

Although the financial sector is a high-risk one, taking the necessary precautions to protect firms is well worth the effort. Know where to begin my contacting our Cyber Security specialists.