This guest blog post comes from Rebecca Gray who writes for Backgroundchecks.org.
As the world is flattened into cyber commerce, banking industry hackers have become progressively more dangerous. Ultimately, cyber criminals have tapped into over half of the world’s top 50 banking websites in the last eight years and are responsible for around $1 billion in losses per year from the banking industry. It is clear, then, that these cyber criminals are seriously threatening the security of multi-national banking infrastructures. In turn, those companies are responding with real security measures to keep their information safe. This has created a market for new companies that enable cyber security services that keep hackers at bay.
Identifying High Risk Internationally
As companies continue to rely on international banking structures through Internet communication, the information available to cyber criminals knows no language or regional bounds. Global system security is paramount, as the information held by the banking industry is highly valuable and attainable, if systems are breached. For this reason, banking institutions are raising the stakes on security. Companies are bidding for the time and expertise of the best minds working on Internet security. The time is now to bring in greater security measures, enhancing firewalls and general cyber defense.
Threat Management Services
Preventing the possibility of cyber attacks requires a full-time comprehension and analysis of threats, along with a qualified response plan. Preparing for potential security breaches means hiring qualified professionals, allowing banks and their clients to supplement the security infrastructure with cutting-edge security practices. The value of such consulting has increased in recent decades, responding to increased threats and rising numbers of incidents. Several smaller Internet security companies have merged with the world’s most respected banking and accounting firms. Simply put, cyber security is booming.
Risk Perspective Reports
The most recent Office of the Comptroller of the Currency’s Semi-Annual Risk Perspective shows alarming accelerated risk of cyber attacks in financial institutions. The problem is this: criminals seek information and their ability to access bank information with profound ease is only getting better.
The results confirm that cyber attacks remain high, proving once again the importance of mandatory security audits. As security infrastructure is monitored, banks get a better understanding of the increasing and concentrated risk facing the banking industry, as a whole. By measuring the risk independently, banking institutions are able to defend themselves against cyber theft and prepare end-to-end solutions with customized plans.
Re-Training Employees on Security
As intensifying cyber threats plague the banking industry, current employees are being retrained in technology security. Understanding cyber issues is key to banking security, so the industry is seeing a greater emphasis on IT jobs and overall awareness of IT skills in job descriptions and expectations. This re-training, sparked by massive breaches internationally in both banking and retail sectors, has brought new training services to the industry. As new threats keep appearing, new employee training programs emerge to confront them.
Adapting to New Challenges
The evolution of cyber issues in the financial sector is happening quickly and banks are trying to keep pace. Insightful minds at the best-protected companies are thinking ahead of the game, investing in and planning strategies for cyber security. With the recent public attention on data breaches, financial structures are calling for fresh perspectives on cyber security – and fast. While many people working for these banks were trained to face hackers, techniques used to steal data change quickly. By the time IT staffers understand prevailing threats, they may already be a step behind attackers. Consistent training and retraining is the only way to stay ahead of emerging vulnerabilities.
Innovators in the Industry
The question is not how to eliminate cyber threats—because controlling outside parties will always be tough—but, instead, how to prepare, and remain resilient in cyber defense. Market-leading companies protect banking infrastructures through enhanced security customizations, each crafted to address new threats.