The Importance of Cybersecurity in Banking

The Importance of Cybersecurity in Banking

By Contributing Writer
Anna Hydrzyk
  |  October 19, 2021



Banks are essential to any economy. They help people to save and grow their wealth as well as their businesses. However, in recent decades the banking sector has experienced many challenges. Cyber security is one of the most challenging security threats.

Cyber security is malicious damage or disruption of digital life through the theft of private data. Cyber security threats could occur in instances such as denial of services, breach of data, and computer viruses. So what is the importance of cybersecurity in banking? 

The obvious reason for maintaining cyber security in the banking sector is the protection of customer assets. It is also important to safeguard customer information. But let us look at some of the advantages of cybersecurity in banking in more depth.

Securing Customer's Money 

One of the most significant effects of a breach in cyber security in a bank is the loss of valuable institution and customer data. Not only would this be disruptive for the bank's banking process. It would also expose the institution to derailing legal procedures. 

Moreover, the institution would have to undergo a tedious and time-wasting procedure of canceling cards, looking into payment transactions and banking statements, and closely monitoring operations in case of a data breach. 

Safeguarding the Bank's Reputation

A single breach in cyber security could have devastating effects on a bank's reputation. It could make an institution lose public trust and experience customer insecurity. It, therefore, becomes essential to have a cybersecurity analyst and a robust antivirus to protect a bank from cyber security threats. 

Keeping Customer Data Safe

Once a bank's cyber security is breached, cybercriminals go a step further to use the personal data of innocent bankers for criminal activities. Therefore, banks should encourage their customers to secure their data to prevent cybercriminals from using customer information to commit crimes such as fraud and voice phishing.

Penalization for Non-Compliance

In case of a cybersecurity threat, a bank is liable for non-compliance with cyber security regulations. Reserve banks fine banks for non-comply with cyber-security regulations several million dollars in case cyber security threats occur. Although these measures seem brutal, they ensure that banks adhere to guidelines and customers' data safety against security threats. 

Keeping Data Secure

Digitization has made it possible for people to make business transactions online. More people are using digital online payment platforms to conduct business transactions and to order and pay for goods online using digital banking platforms. 

Because of this, hackers are now actively hacking into applications to steal personal information and use it to steal money or commit fraud. Hence banking institutions need to regularly upgrade their banking information and cyber security measures to protect their customers against hackers. 

How to Secure Banking Information from Cyber Attacks.

One of the ways that banks are protecting themselves against such cyber security threats is the use of antimalware engines. Recently, malware such as Cerberus have adapted a business model in which they offer subscription based services that provide services like keylogger to cyber criminals.

These malware mimic the legitimate login screen for banking apps allowing them to steal credentials and private data. Banks therefore need to secure their banking apps using strong antivirus programs that offer improved services over Window’s in-built protections. Of course, you can use free antivirus for Windows and still get adequate protection. But, not all free antivirus programs can offer you adequate protection. So, you need to get a free Windows antivirus that has strong malware detection, and extra features like voice phishing, VPN and password manager.

Avira Free Security for Windows

This is one of the best and most commonly used free antivirus for windows. Avira free security for windows operates in the cloud, and hence the detection of viruses does not occur in the computer but instead in the cloud. Hence, this antivirus is fast, consumes minimal resources, and is relatively lightweight. 

This free antivirus detects all malware files without slowing down the computer. Paid (News - Alert) programs like Norton and McAfee are just as effective in detecting malware, but they slow down the system so that users cannot run CPU-intensive programs. Avira antivirus is also common because it comes with other excellent and free features such as File shredder, shopping browser extensions that are safe for the user, firewall, password manager, privacy and performance optimizer, game booster, and VPN with a 500 MB monthly limit. 

With Avira's safe shopping browser, extension a user can block phishing sites, unwanted ads, and web trackers. Its performance optimization and privacy tools also effectively clean out junk files, cookies, and any hidden privacy settings that could leak customer personal information. 

Despite these advantages, there are a few limitations of using the Avira Free antimalware engine that you should know. Firstly, Avira's VPN is limited to 500 MB per month. This means that it can only be used to accomplish few tasks and only allows you to connect to one server location. 

Hence, it limits your access to restricted content from various geographical locations around the world. You need to upgrade the antivirus from a free version to other paid versions to overcome these challenges.  

Bottom Line

As technology advances, more and more people and banking institutions are finding it more convenient. For these reasons, the methods used by hackers and other cybercriminals to steal bank information, customer data and conduct fraud activities are also evolving. This is why cybersecurity in banking has become of utmost importance today. One of the most popular ways that banks are protecting the safety of their data is through the use of solid antimalware applications like Avira free antivirus.