Banking institutions are responsible for protecting large amounts of digital and physical information. Keeping customers’ personal information, account numbers, and other financial details secure is essential to maintaining a good reputation and trust with the public.
This challenge is coupled with the reality that criminals and hackers often target financial institutions due to the high value of their information. To combat these threats, banks must implement strong security measures.
The digital security experts at Pathlock.com have put together a list of essential security solutions for banking institutions, as well as guidance on how to implement them:
1. Multi-Factor Authentication
Multi-factor authentication (MFA) is a security measure that requires users to provide more than one form of identification when logging into a system. This can include something the user knows (like a password), something the user has (like a security token), or something the user is (like a fingerprint).
MFAs are used in many ways, such as:
- Credit cards with chip and PIN
- One Time Passwords (OTP)
- USB security tokens
- Biometric authentication
MFA adds an extra layer of security by making it more difficult for hackers to gain access to systems. Even if they can steal a password, they need another form of identification to log in. These features make it much less likely that they will be able to attack a system successfully.
2. Data Encryption
Data encryption is a security measure that is vitally important for financial institutions that use mathematical algorithms to encode data. Encoding data ensures that only authorized individuals can access the information and that it cannot be read by anyone else.
Encryption helps to protect customer information from being accessed by unauthorized individuals and makes it more difficult for hackers to steal data.
This is why all financial institutions are required to use data encryption under the Gramm-Leach-Bliley Act.
Understanding the Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act (GLBA) is a United States federal law that requires financial institutions to protect the privacy of their customers. Using data encryption to protect customer information from being accessed by unauthorized individuals is a part of the Act. GLBA was passed in 1999 in response to the growing number of online scams and identity thefts.
All financial institutions are required to comply with GLBA, and many have implemented data encryption to meet its requirements.
Pathlock.com highly recommends data encryption because it helps to ensure that customer information is kept safe and secure, which is essential for protecting customers’ privacy.
3. Advanced Threat Protection
Advanced threat protection (ATP) is a security measure that uses various techniques to protect systems from attacks, including firewalls, intrusion detection and prevention strategies, and malware scanning.
ATP is necessary for banking institutions because it helps to identify and stop attacks before they can do any damage. It also helps to protect against new and unknown threats that have not been seen before.
4. Physical Location Security
Protecting digital materials is a significant concern as the world becomes increasingly technologically advanced every day. However, physical security remains just as necessary for banking institutions, including corporate offices and customer-facing locations.
These security measures help to protect against theft, vandalism, and damage to property and equipment. There are many ways to improve physical security, such as:
- Secure entrances and exits
- Access control to vaults and safes
- CCTV cameras
- Motion detection alarms
- Trained Security Guards
- Well-lit areas with after-hour surveillance for ATMs
5. Security Information and Event Management
Security information and event management (SIEM) aggregate and analyzes data from multiple sources to provide a comprehensive view of an organization’s security posture. This includes data from network devices, servers, applications, and more.
According to Pathlock.com, SIEM is essential for banking institutions because it helps to identify potential security threats and incidents. It also provides a way to monitor and track security events over time. This helps to ensure that all potential hazards are identified and dealt with promptly.
Banking institutions need to be aware of the latest security threats and have a plan to deal with them. SIEM can help to provide the visibility and insights required to do this.
6. Cybersecurity Insurance
Cybersecurity insurance is a type of insurance that helps to cover the costs of data breaches and other cyber-related incidents. This includes the cost of investigating and resolving the incident and any legal fees that may be incurred.
Cybersecurity insurance is important for banking institutions because it can help offset the data breach’s costs. It is also vital to protect against lawsuits resulting from a data breach.
Banking institutions need to be aware of the latest security threats and have a plan to deal with them. By implementing these six security solutions, they can help to protect their customers and their business.
What other security solutions do you think are essential for banking institutions?