{"id":7062,"date":"2022-05-10T13:08:56","date_gmt":"2022-05-10T07:38:56","guid":{"rendered":"https:\/\/threatcop.com\/blog\/?p=7062"},"modified":"2024-08-12T15:26:28","modified_gmt":"2024-08-12T09:56:28","slug":"cybersecurity-in-banking","status":"publish","type":"post","link":"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/","title":{"rendered":"Cybersecurity Guide for Banking and Financial Institutions"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"font-weight: 400; color: #000000;\">With the increasing advancement of digital technology, many banks are providing virtual banking services to their customers. Virtualization and digitization has has increased the dependency of people on online banking. The banking applications and devices on the network are prone to cyber attacks. To resolve such occurrences, the implementation of a cybersecurity framework in banking and financial institutions has become prominent to prevent possible occurrences of cyber attacks.<\/span><\/p><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 ez-toc-wrap-center counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #414141;color:#414141\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #414141;color:#414141\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#What_is_meant_by_Cybersecurity_in_the_Banking_Sector\" >What is meant by Cybersecurity in the Banking Sector?<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#Book_a_Free_Demo_Call_with_Our_People_Security_Expert\" >Book a Free Demo Call with Our People Security Expert<\/a><ul class='ez-toc-list-level-4' ><li class='ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#Enter_your_details\" >Enter your details<\/a><\/li><\/ul><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#Importance_of_Cybersecurity_in_the_Banking_Sector\" >Importance of Cybersecurity in the Banking Sector<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#Surge_in_Cyber_Attacks_in_Banking_Industry\" >Surge in Cyber Attacks in Banking Industry<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#Recent_Cyber_Attacks_that_Threatened_Banking_Sector\" >Recent Cyber Attacks that Threatened Banking Sector<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#OCBC_Bank_SMS_Phishing_Scam\" >OCBC Bank SMS Phishing Scam<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#OTP_Bank_Data_Leak\" >OTP Bank Data Leak<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#HCF_Bank_Data_Leak\" >HCF Bank Data Leak<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#Alfa-Bank_Data_Leak\" >Alfa-Bank Data Leak<\/a><\/li><\/ul><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/threatcop.com\/blog\/cybersecurity-in-banking\/#How_to_Mitigate_Cyber_Threats_in_the_Banking_Industry\" >How to Mitigate Cyber Threats in the Banking Industry?<\/a><\/li><\/ul><\/nav><\/div>\n\n<p style=\"text-align: center;\"><span style=\"color: #000000;\"><i><span style=\"font-weight: 400;\">According to a report by <\/span><\/i><\/span><i><b><span style=\"color: #183994;\">Accenture<\/span><\/b><\/i><span style=\"color: #000000;\"><i><span style=\"font-weight: 400;\">, the <\/span><\/i><b><i>cost of cyber attacks per company is highest in the banking sector at $18.3 million annually.<\/i><\/b><\/span><\/p>\n\n<style type=\"text\/css\">\n      @media print, screen and (max-width: 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white !important\">Subscribe to Our Newsletter On Linkedin<\/p>\n<p class=\"blog_para\" style=\"font-size: 16px;font-family: 'Poppins' !important; color: white !important; margin-top: 10px; margin-bottom: 28px;line-height: 25px;\">Sign up to Stay Tuned with the Latest Cyber Security News and Updates<\/p>\n\n<div>\n<div class=\"tnp\" style=\"margin-bottom: 10px;\">\n            <form action=\"https:\/\/threatcop.com\/newsletter-thank-you\" method=\"get\" target=\"_blank\">\n<div class=\"tnp-submit\">\n                  <a class=\"libutton\" href=\"https:\/\/www.linkedin.com\/build-relation\/newsletter-follow?entityUrn=7062043746430783488\" target=\"_blank\" rel=\"noopener\">Subscribe<\/a><\/div>\n<\/form><\/div>\n<\/div>\n<\/div>\n<div class=\"colRight\">\n<div>\n<div class=\"tnp tnp-subscription-minimal \">\n            <img decoding=\"async\" src=\"https:\/\/awareness.threatcop.ai\/marketing\/newsletter-icon.webp\" class=\"img-fluid\"><\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"What_is_meant_by_Cybersecurity_in_the_Banking_Sector\"><\/span><span style=\"color: #000000;\"><b>What is meant by Cybersecurity in the Banking Sector?<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Banking institutions and financial organizations deal with sensitive and private information about people. Trust and credibility are the two most important objectives for people when choosing a particular provider for availing of financial services. The significance of cybersecurity in banking is to prevent the data breach of banks and the leak of customers\u2019 confidential information.&nbsp;<\/span><\/p>\n\n\n\n<!DOCTYPE html>\n<html lang=\"en\">\n\n<head>\n    <meta charset=\"UTF-8\">\n    <meta http-equiv=\"X-UA-Compatible\" content=\"IE=edge\">\n    <meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n    <title>Document<\/title>\n<\/head>\n\n<style>\n    .interestedBtn {\n        width: 80% !important;\n        box-sizing: border-box !important;\n        display: inline-block !important;\n        padding: 11px !important;\n        border: 1px !important;\n        border-color: #ddd !important;\n        margin-top: 10px !important;\n        background-color: #183e8b !important;\n        background-image: none !important;\n        text-shadow: none !important;\n        color: #fff !important;\n        font-size: 14px !important;\n        line-height: 20px !important;\n        border-radius: 5px !important;\n        margin: 0 !important;\n        cursor: pointer !important;\n        box-shadow: 0px 4.66px 22.99px 0px rgba(0, 0, 0, 0.10);;\n    }\n\n\n        .formSec .formSecTwo{\n            padding-top: 15px !important;\n            margin-bottom: 30px !important;\n        }\n\n\n    .tnp-email {\n        width: 80% !important;\n        box-sizing: border-box;\n        padding: 8px 10px;\n        display: inline-block;\n        border: 1px solid #ced4da;\n        background: #fff;\n        color: #000 !important;\n        font-size: 13px;\n        line-height: 20px;\n        border-radius: 2px;\n        padding-right: 30px;\n        margin-bottom: 0px;\n    }\n\n    .formSec {\n        border: 1px solid #ced4da;\n        float: left !important;\n        width: 55% !important;\n    }\n\n    .mainBox {\n       \/* border: 1px solid #183e8b;*\/\n         background: white;\n        max-width: 600px !important;\n        margin: 0 auto !important;\n        padding: 20px !important;\n        font-family: Arial, Helvetica, sans-serif !important;\n    }\n\n    .boxDiv {\n        display: flex !important;\n    }\n\n    .boxConsult {\n        float: left !important;\n        width: 45% !important;\n        padding: 10px !important;\n    }\n\n    .formSecTwo {\n        text-align:center !important;\n        width: 100% !important;\n    }\n\n    .formHeading {\n        font-family: Arial, Helvetica, sans-serif;\n        margin-top: 0px;\n        font-weight: 700;\n        line-height: 25px;\n        font-size: 18px !important;\n        \n       margin-bottom: 60px !important;\n       color: #000!important;\n          margin-top: 5px !important;\n    }\n\n    .fieldHeading {\n        margin: 0 !important;\n        font-size: 13px !important;\n        text-align: left !important;\n        margin: 0px 39px 2px 93px !important;\n        font-weight: 500 !important;\n    }\n\n    .image {\n        max-width:90% !important;\n        height: auto !important;\n    }\n\n     .email-icon {\n            position: absolute;\n            right: 50px;\n             top: 20px;\n            transform: translateY(-50%);\n            pointer-events: none; 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color: #000000;\">The most important application of cybersecurity in the banking sector is to secure the money of customers. If the banks don\u2019t have robust cybersecurity infrastructure, then they might suffer enormous data breaches and cyber-attacks.<\/span><\/p>\n\n\n<div class=\"wp-block-image wp-image-10018 size-full\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"400\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Cyber-Security-for-the-Banking.jpg\" alt=\"Cybersecurity For the Banking\" class=\"wp-image-10018\"\/><figcaption class=\"wp-element-caption\">(Source: Enterprise Edges)<\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Importance_of_Cybersecurity_in_the_Banking_Sector\"><\/span><b>Importance of Cybersecurity in the Banking Sector<\/b><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">The following are a few reasons why cybersecurity in banking is important and why it should matter to you.<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>The wave of digitalization:<\/b><span style=\"font-weight: 400;\"> These days, the government is giving special emphasis to ongoing digitalization. This means an increase in the proportion of the population that uses digital money, such as plastic cards and going cashless. Therefore, it has become important to deploy precautionary measures to ensure cybersecurity to protect your data and maintain privacy.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>Data breaches lead to a breach of trust:<\/b><span style=\"font-weight: 400;\"> Data breaches make it difficult for customers to trust financial institutions with their data. For banks, it is a serious problem since a weak cyber security system can lead to data breaches.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>Financial Loss:<\/b><span style=\"font-weight: 400;\"> When a bank suffers from a cyber-attack, not only the bank but also its customers suffer financial losses. Recovering from this loss can be costly and time-consuming. It will involve canceling cards, checking statements as well as confirming other minute details.<\/span><\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"color: #000000;\"><b>Your data is no longer yours:<\/b><span style=\"font-weight: 400;\"> Once attackers get a hold of your private data; it can be misused in any manner. Your data is sensitive and could reveal a lot of information about what might be leveraged by attackers.<\/span><\/span><\/p>\n\n\n<div class=\"wp-block-image size-full wp-image-7924\">\n<figure class=\"aligncenter\"><img loading=\"lazy\" decoding=\"async\" width=\"1602\" height=\"1018\" src=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100.jpg\" alt=\"Challenges in Banking Sector\" class=\"wp-image-7924\" srcset=\"https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100.jpg 1602w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100-300x191.jpg 300w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100-1024x651.jpg 1024w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100-768x488.jpg 768w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100-1536x976.jpg 1536w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100-80x51.jpg 80w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100-500x318.jpg 500w, https:\/\/threatcop.com\/blog\/wp-content\/uploads\/2022\/05\/Challenge-in-Banking-Sector@2x-100-800x508.jpg 800w\" sizes=\"auto, (max-width: 1602px) 100vw, 1602px\" \/><figcaption class=\"wp-element-caption\"><span style=\"color: #000000;\">(Source: Enter Slice)<\/span><\/figcaption><\/figure>\n<\/div>\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Surge_in_Cyber_Attacks_in_Banking_Industry\"><\/span><span style=\"color: #000000;\"><b>Surge in Cyber Attacks in Banking Industry<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li><span style=\"font-weight: 400; color: #000000;\">Cyberattacks on financial firms have become a flourishing money-making business for cybercriminals. According to <\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/www.infosecurity-magazine.com\/news\/attacks-on-banks-spike-238-during\/\" target=\"_blank\" rel=\"noopener\"><b>Info-security Magazine<\/b><\/a><\/span><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">, <\/span><b>cyber attacks on banks have spiked by a massive 238% from the beginning of February to the end of April 2020.\u00a0<\/b><\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400; color: #000000;\">In 2017, financial firms saw the highest volume of cybersecurity attacks of any industry. This threat landscape is widening as it is getting more sophisticated and diverse. According to an article by <\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/www.finextra.com\/blogposting\/19411\/6-cyber-related-stats-in-financial-services\" target=\"_blank\" rel=\"noopener\"><b>Finextra<\/b><\/a><\/span><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">, the <\/span><b>annual cost of cyberattacks in the banking industry has reached $18.3 million per enterprise.<\/b><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Some of the <\/span><b>most headline-making cyberattacks have been DDoS attacks.<\/b><span style=\"font-weight: 400;\"> These attacks flood customer-facing bank websites with traffic and take them offline. They also attack the Swift-based money transfer systems, among others.\u00a0<\/span><\/span><\/li>\n\n\n\n<li><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">Recently, hackers stole <\/span><b>$81 million from the <\/b><\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/www.wired.com\/2016\/05\/insane-81m-bangladesh-bank-heist-heres-know\/\" target=\"_blank\" rel=\"noopener\"><b>Central Bank<\/b><\/a><\/span><span style=\"color: #000000;\"><b> of Bangladesh.<\/b><span style=\"font-weight: 400;\">\u00a0<\/span><\/span><\/li>\n\n\n\n<li><span style=\"font-weight: 400; color: #000000;\">According to <\/span><span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/cisomag.eccouncil.org\/multiple-banks-and-telecoms-in-hungary-affected-in-a-ddos-attack\/\" target=\"_blank\" rel=\"noopener\"><b>CISO Mag<\/b><\/a><\/span><span style=\"color: #000000;\"><span style=\"font-weight: 400;\">, <\/span><b>a powerful DDoS attack in September 2020 struck Hungarian banks and telecom services.<\/b><span style=\"font-weight: 400;\"> It was the most powerful and biggest cyber-attack that Hungary had ever encountered.<\/span><\/span><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">As fast as organizations are adopting new-age technologies, hackers are constantly finding ways to penetrate and target exploitable security vulnerabilities. Thus, it is evident that cyber-attacks are increasing rapidly with every passing year.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Recent_Cyber_Attacks_that_Threatened_Banking_Sector\"><\/span><span style=\"color: #000000;\"><b>Recent Cyber Attacks that Threatened Banking Sector<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"OCBC_Bank_SMS_Phishing_Scam\"><\/span><span style=\"color: #000000;\"><b>OCBC Bank SMS Phishing Scam<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">A series of <span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/sms-phishing-scam-ocbc-bank\/\"><strong>SMS phishing scams<\/strong><\/a><\/span> targeted at the customers of OCBC Bank resulted in a financial loss of $13.7 million. During this scam, many customers received text messages claiming a potential risk on the customer\u2019s account for which they had to log in and ensure security. The text messages had a link to a phishing website, where customers provided credentials that threat actors used to make transactions.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"OTP_Bank_Data_Leak\"><\/span><span style=\"color: #000000;\"><b>OTP Bank Data Leak<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">A database that was dated back to 2013 consisting of the personal data of approximately 800,000 clients, including names, addresses, phone numbers, approved credit limits, and work notes on a client\u2019s contract, was made publicly available. The database allegedly belonged to OTP Bank. According to the bank, there was no evidence of information leakage recorded in our bank, and the origin of this database remained unknown to the bank.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"HCF_Bank_Data_Leak\"><\/span><span style=\"color: #000000;\"><b>HCF Bank Data Leak<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">A database consisting of the data of the HCF bank customers was available on the internet with the personal information of the bank\u2019s 24,400 customers. The database included customers\u2019 names, phone numbers, passport details, addresses, as well as credit limits.<\/span><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Alfa-Bank_Data_Leak\"><\/span><span style=\"color: #000000;\"><b>Alfa-Bank Data Leak<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">Two databases belonging to Alfa-Bank were found lying on the internet. The first database was dated back to 2014-15 and held the personal data of more than 55,000 customers. The database included customers\u2019 names, contact information, addresses, as well as their place of work. It was speculated that these databases might have leaked during 2014 when the IT staff of the bank was going through mass layoffs.<\/span><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"How_to_Mitigate_Cyber_Threats_in_the_Banking_Industry\"><\/span><span style=\"color: #000000;\"><b>How to Mitigate Cyber Threats in the Banking Industry?<\/b><\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">There are two major aspects to mitigating cyber threats on banking and financial institutions. One aspect is <span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/email-security\/\"><strong>email security<\/strong><\/a><\/span>, and another is employee awareness. These are some key policies and standards that can be employed by any organization to prevent cyber-attacks and ensure their security. In the banking sector, <span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/blog\/security-awareness-training-for-employees\/\"><strong>security awareness for employees<\/strong><\/a><\/span> is extremely important to make them the strongest line of defense.&nbsp;<\/span><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><span style=\"font-weight: 400; color: #000000;\">So, every organization needs to establish the set guidelines and standards regulated by the central banking authority in any country. In addition to that, financial institutions need to conduct <span style=\"color: #183994;\"><a style=\"color: #183994;\" href=\"https:\/\/threatcop.com\/phishing-awareness-and-simulation\"><strong>awareness campaigns<\/strong><\/a><\/span> for their customers and clients to make them aware of possible methods of attack and how to prevent them.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the increasing advancement of digital technology, many banks are providing virtual banking services to their customers. Virtualization and digitization has has increased the dependency of people on online banking. The banking applications and devices on the network are prone to cyber attacks. To resolve such occurrences, the implementation of a cybersecurity framework in banking [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":7067,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[42],"tags":[],"class_list":["post-7062","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cybersecurity-awareness"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Guide on Cybersecurity in Banking and Financial Institutions<\/title>\n<meta name=\"description\" content=\"The significance of cybersecurity in banking is to prevent the data breach of banks and the leak of customers\u2019 confidential information.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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