As we know that the world is going digital in every aspect, and the banking industry and its operations are also there. Digitization has reached such a large scale in banking space that prevention of online databases has emerged as the top priority for banks. The answer is cyber security, it is a planned process through which cyber security experts can prevent hardware, software and data from cyber attacks. In simple words, cyber security helps prevent any unauthorized access to the database or server, whose ambition is to obtain important and secret information about the respective banks or an organization for that matter.
1. Notice of recent attack cases
• Recently, there has been news from the Netherlands that their top three banks have been targeted by the attackers in an effort to block Internet banking services and websites.
• Some other institutions that were killed for the same reason were Dutch Revenue Service and National Digital Signature System, but at least, in this case, the damage was done for both organizations.
• Another organization got a hit named ABN Amro, which is the third largest lender of the Eurozone nation. During this week, attacks and 7 attacks in the previous week had to face.
• Rabobank, which is a third part of the country for the lender, saw some flaws in its internet banking services because the systems were not working properly. In these cases, surely we have a very strong and definite reason why banks need cyber security.
2. Why banks are vulnerable to cyber attacks
The main reason for this can be the fact that banks are financial institutions that lend money by receiving it through their client's bank accounts all over the world. Banks are financial institutions that can be easily seen around the world, this broadly they collect a vast pool of currency and important information about almost everyone in this world.
That's why it makes a huge pool of information that can be stolen and may be of huge financial interest to hackers..
Also, as we know, the world is taking digital and digital bank transactions as a new way of payment across the world, so it gives more to hackers Bank account information in which they try to rob.
We can do something for some other reason why banks are weak in cycles of 3 points
• Decrease of equipment
Since we are entering a new digital era, the tools and methods used by the attacker are very sophisticated over the past. In order to combat the same bank, nowadays, traditional and old methods and pieces of equipment can not be trusted to prevent any kind of data leak.
• Unskilled manpower
Getting the latest machinery or equipment with the latest technology will not work in isolation, because we also need manpower. Not only is there any kind of manpower enough, but the need of the hour is to hire people who have specialized skills so that they can understand and operate machines with new technology and from cyber attacks to a particular organization Can protect.
• Lack of knowledge among employees about this subject.
In the new era, most employees and customers are unaware of new things like cyber security. This leads to the creation of the environment, neither the employees nor the customers are interested in knowing how their special presence will protect them from their online presence and their data from cyber attackers. Awareness can give importance to these things which will be beneficial for the organization as well as the customers.
3. The intent of the assailants
• Economic benefits
Generally, most of the cyber attacks are meant to get some money or profit. The purpose of the attackers is to get important information about debit or credit card or anything with which they can change the type of currency stolen from the bank's account.
• For promotion or social purpose
Secondly the main reason is that those who want to show their presence to the world, they do these cyber attacks to get recognition, obviously they do not show their full identity, but they do it by creating a website like Anonymous.
Another reason may be that if any customer of the bank is having trouble in the past on any issue, then it can also take steps, so that the reputation of the bank can basically be harmed, as well as goodwill Can be reduced.
Another scope is that sometimes competitors try to minimize their business using such hacking and try to compromise the security of our business, which is in an unhealthy competition and in any industry, Can be in the banking industry as well.
4. Impact of such attacks (losses made by organizations in recent years)
As we know, if a cybercriminal is able to successfully hack any bank's database then it is only a matter of minutes, and it can steal millions of dollars of currency using the important banking information mentioned above.
In such cases, the loss easily goes to millions of dollars, because banks have a large currency which is kept with them.
A few years ago, on February 4, 2011, a developing country's banking industry, Bangladesh, lost $ 101 million from the country's bank account, which is prestigious in the world's prestigious New York Federal Reserve. It was also the biggest cyber crime attack for the country's post-strike, many questions were raised on the cyber security of banks, but then it did not benefit because the money had already been stolen, it was that the second Warned banks to
Recently, Chile's second largest bank has recently lost $ 10 million in cyberattacks. It was later discovered that the attackers installed a virus that affected thousands of workstations, computer systems 9000 and left the system in such a situation where they were not able to reboot.
The bank had to tighten all its operations in almost 400 branches across the country, it took 14 days to recover the system from damage.
5. How banking organizations can stop cyber attacks
Banks can stop themselves from cyber attacks in the following ways
• Well defined and strict IT policy
Cyber security comes under the IT department of an organization. The policy should be clearly defined about the same issue that in case of emergency, the amount of negligible time is taken.
• continuous monitoring.
After defining a clear cut policy, the guidelines are being followed or if any tampering has still been left in the cyber security aspect then proper and continuous eyes should be kept.
You can also see this ted tank about information security / -
Everything, we can conclude that cyber security has emerged as a fundamental requirement for each financial institution.
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