Cyber threats in the banking industry
Banking institutions are the main target of cyberattacks. Therefore, cybersecurity in this sector is of the utmost importance. The dynamic development of the banking sector and the related digitization of many activities carry many potential threats. The most common are leakage of personal data, identity theft, and financial fraud. Banks’ resources are computerized and store numerous confidential data, both personal and economic. Losing or making them available to third parties may adversely affect the reputation of the banking institution, which is particularly undesirable and may also result in various types of financial crimes. Banks belong to institutions of public trust. A good name is their most significant value. Therefore, banks are constantly improving their solutions and strengthening their security activities to secure databases and infrastructure effectively, thus preventing cyber threats.
Data phishing is one of the biggest threats in the banking sector. This method is based on the interception of data required to log into the internet banking system. The cybercriminal in possession of this information can then carry out transfer operations without the data owner’s knowledge. Identity theft is also a possible option in this situation, and as a result, the hacker may incur liabilities in the bank for someone else’s personal data.
Infection of a device with malware (malware) is also a dangerous in online banking. A computer can be infected via e-mail messages in which the cybercriminal impersonates a bank branch and at the same time sends a virus attachment or link that redirects the customer to a fake website. The above method is commonly used to install malware on the user device. In this way, the data required for logging in to electronic banking can be disclosed. Hackers may log in to the banking website from another device or even a country, resulting in unpleasant, if not pernicious, consequences for the user. Malicious software may modify the parameters of the operations performed, e.g., by changing bank account numbers when filling in the transfer sending form.
The scale of cybercrime threats in the banking sector is still growing, so you need to be careful and apply all security rules when using online banking services to counteract it.
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