Banks engage in constant vigilance to grow and scale that also involves offering better products and services while lowering risk and eliminating security threats.
FREMONT, CA: Digital disruption has made its presence marked in retail banking. Amid these changing banking behaviors, widespread hacks, and new competition, here is how banks can rebuild trust in the digital era.
• Paying Attention to Security
With cyber threats growing around the globe, financial institutions may be tempted to immediately adopt the latest and greatest technology without ensuring the necessary precautions that are foundational to any successful security strategy. The newest security advancements are indeed vital tools for addressing cyber risks, but they will not help if organizations fail to address fundamental security practices, including password protection.
• Conducting Professional Cybersecurity Assessment
It is necessary to identify where risks and vulnerabilities lie before strengthening security. Proactive risk assessments allow banks to determine the likelihood of attacks against the existing infrastructure and data assets. This insight can be used to prioritize security investments based on potential business impact and protecting what is most valuable to the organization
• Approaching Security with the Customer in Mind
To build trust among customers, banks must communicate with their customers about the measures they are taking to protect personal information, and educate customers to bolster security. Reinforcing security messages at physical branches, and websites is one service banks can provide for their customers in this light.
• Adopting a Zero-Trust Security Model
Experts recommend embracing a zero-trust approach based on network segmentation, data obfuscation, security analytics, and automation.
Banks to Reinforce…