Cyber Security in Banking Sector – Top Threats and Importance

“We shouldn’t ask our customers to make a trade-off between privacy and security. We need to offer them the best of both. Ultimately, protecting someone else’s data protects all of us.” – Tim Cook

An important aspect of cybersecurity is the prevention of cyber threats against systems connected to the internet, including their hardware, software, and data. Both organisations and individuals implement this method to prevent unlawful access to their data and other computerised systems.

Many Sectors have surged demand for cyber security services and products in the past few years, among those were Banking sectors. Cyber security becomes much more essential considering how building credibility and trust is indeed the cornerstone of banking. And as digitalisation is becoming more prevalent day by day, banks had to enhance their efforts to adopt technologies (such as digital banking, remote access, improving intranet and more recent hybrid cloud computing) and enable continuous digital transformation to sustain and advance in the banking sector.

Just like every coin comes with two sides, digital advancement has its perks and pitfalls. It is here where cyber security in banking comes into place, to protect all bank data security.

Importance of protecting the bank data security:
To protect customers’ assets –
Whenever a bank faces a cyberattack, it not only affects the bank’s reputation but also its customers’ data. In most cases, when a user loses money due to card fraudulent practices, they can retrieve it from their bank. The problem is that when there is data infringement, it takes a long time to retrieve the funds, which worries the customers. Every bank must implement methods of cyber security in banking which can safeguard their customers’ data.

To make sure banks’ prestige is intact –
Infringements that result in data loss are a major concern for banks. In such a crucial situation where a bank’s or customers’ data is compromised, it becomes increasingly