To be a bank nowadays means to be digital. Being digital enables banks to increase engagement with customers, especially customers in younger ages who perform many of their transactions on a device. Reaching these customers across the web, email, social media, and mobile applications can open new revenue opportunities.
However, this also exposes banks to new digital risks. Any online interaction with customers risks in cybercriminals. When attacks are launched on social media network, email server, or similar domain that can’t be controlled by banks, different protection strategies are needed.
A. Cyberattack threats, what should banks do?
Financial service institutions, including banks, face a number of cyberattacks approximately four times bigger compared to other companies. When banks embrace digitalization, this trend will intensify as higher cybersecurity risk coming. It is obvious that banks need a practical and comprehensive strategy to save the organization and customers. One solution for this is implementing ISO 27000 and OWASP.
The following are some things that banks should do regarding cyberattack threats:
1. Balancing detection and prevention
It’s not always possible to predict and prevent cyberattacks. Continuous investment in cyberattack detection should be done by banks, in line with the defense to fight it. There should be IT spending allocation as part of the solution in order to prevent data loss or improve data monitoring.
2. Internal efforts
The Association of Corporate Counsel has done a survey and reported 1 in 3 data breaches may be caused by the behavior of the employees. The result of this survey is a great reminder of the need to strengthen internal controls by making sure employees can distinguish between safe and unsafe actions. Some restrictions may also be necessary, such as restricting the use of official email for personal activities.
3. Build affiliation
Digitalization is a way for social and economic progress. Whenever possible, banks should work with governments as well as industry, academy, fintech startups and others in sharing their experience and knowledge to engage current and emerging problems across the security ecosystem.
B. What to consider when evaluating the solution for digital risk protection?
The financial institution such as banks must employ tools to detect and respond to cyberattacks threats. Before the bank customers become the victim, the threat must be discovered and removed.
To make this task easier and much more efficient to carry out, there is some consideration when evaluating a solution for digital risk protection:
- The solution must have the ability to accurately map, monitor, and mitigate the digital risk across channels.
- The solution must be able to disable cyberattacks threats as close to real time as possible.
- The solution must leverage technology that allows finding cyberattacks as soon as they are launched. When attacks are interrupted at the launching stage, digital protection can reduce the successful attacks done by cybercrime and make them look for other easier targets.
Effective digital protection strategy can neutralize the threat and banks can proceed with their digital transformations and minimize the opening doors for more fraud.
WGS is one of the leading SI companies in Indonesia, specializing in software solutions and application delivery & managed services. It enables enterprises to ride the wave of the digital era with tech-enabled innovation & business process automation. Contact WGS for more information about how to protect your enterprise from phishing and other digital risks.
In case you are doubtful regarding what your company’s need to prevent cyberattacks, WGSHub platform provides consultation as we have professional advisors and solutions to solve your problems.