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Writing A Proper Essay On Cyber-Security in Banking Sector

The document discusses cybersecurity issues in the banking sector and proposes 6 measures to improve security. It notes that cyber attacks on banks are increasing and can destabilize economies. The 6 proposed measures are: taking security threats seriously; conducting thorough data analysis to identify vulnerabilities; verifying all third-party vendors; securing mobile banking operations; hiring more IT specialists at smaller banks; and sharing information about threats faster with full details. Improving these areas could significantly reduce cyber attack risks for the banking industry.

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413 views3 pages

Writing A Proper Essay On Cyber-Security in Banking Sector

The document discusses cybersecurity issues in the banking sector and proposes 6 measures to improve security. It notes that cyber attacks on banks are increasing and can destabilize economies. The 6 proposed measures are: taking security threats seriously; conducting thorough data analysis to identify vulnerabilities; verifying all third-party vendors; securing mobile banking operations; hiring more IT specialists at smaller banks; and sharing information about threats faster with full details. Improving these areas could significantly reduce cyber attack risks for the banking industry.

Uploaded by

tapan halder
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Writing a Proper Essay on Cyber-Security in Banking

Sector
technotification.com/2019/02/essay-on-cyber-security-in-banking.html

January 31, 2022

The banking industry is very important for all people who deal with money. Banking
systems throughout the globe regulate the monetary stability in a concrete country. Great
unions regulate huge regions. Once a bank crashes, a country may live through a default,
which means economic catastrophe. As the result, it involves other spheres and
destabilizes normal life in general. One of the reasons that lead to problems is poor
cybersecurity. This article concentrates on 6 good ways that help to improve cybersecurity
in the banking sector.

“Nowadays, cyber-attacks have increased for many a time. This is a huge threat to every
citizen of the Earth because privacy is violated. The threat becomes even more
troublesome and dangerous when it involves cyber-attacks on banks. The number of
successfully accomplished attacks on banks increases from year to year. They potentially
lead to multiple problems for the country and its citizens. Accordingly, something should
be done to ensure security. There are effective measures, which can help to prevent and
stop cyber-attacks on banks and this article will explain why they are so helpful.

Cybercriminals get directly into the pockets of citizens. This becomes possible due to
multiple attacks of hackers on banks. The banking sector is of huge importance for the
stability of people’s well-being. A hacker attack, which ruins the banking industry, leads to
a dangerous destabilization of the economy of the country. Accordingly, it triggers lots of
factors that affect other spheres of human activity. Such danger negatively affects
business, education, culture, and so on. Attacks from hackers in the banking sector must
be prevented and stopped. There are six measures, which can help to overcome this
threatening situation.

1. The threat should be taken seriously.


Some banks strongly believe that they will never be robbed thanks to dependable
safeguards and firewalls. They think that they are simply invisible. This makes them less
cautious and actually irresponsible. They understand that their protective measures are
weak when it’s too late. A solution is to fully realize all threats and accept the possibility of
being attacked. Afterward, banks should implement new equipment to prevent dangers.
No matter how good the equipment is, it should be constantly improved to stop new
attempts, which become better each time.

2. Good analysis is required.


Banking protection systems compile data on various issues. This gives an opportunity to
enhance every point to ensure safety, as well as other branches. One may simply say “Here
is a problem and I have information about how to fix and improve it”. Unfortunately, tons

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of information isn’t analyzed properly. Regulators commonly don’t collect security data.
As the result, there is no possibility to define the potential threats. It’s needed to change
this function and gather all possible data. Thus, it will become much easier to foresee
possible cyber assault.

3. All third-parties vendors must be verified.


They commonly give data on technology services. Nonetheless, the practice shows that
they may open this data to other people, which sufficiently increases the risks. Other
people may turn it to their advantage and steal money. Currently, this is a critical issue
because there is no permission to verify third parties. The government should realize the
risks and allow checking distributors of information in order to secure their own safety.
Thus, the safety of banks will be enhanced as well.

4. Secure mobile operations.


Today, people actively use their cell phones for greater speed and comfort. It goes beyond
all doubts that mobile banking is among them. Banks support this kind of access. People
don’t have to stand in long queues while their turn comes. Banks thrive as well because
they can make much more operations, which results in their prosperity at a great tempo.
In the meanwhile, they don’t give enough heed to the security of mobile banking. It also
requires modern equipment and advanced safeguards. Otherwise, clients become
vulnerable to hacker attacks. Besides, banks are under a threat too.

5. Regulators should hire more IT specialists.


Currently, small and medium-sized banks aren’t protected properly. Commonly, they are
considered to be units that are at low risk of attacks. IT specialists only make general
analyses. This is a fatal mistake. Such banks are attacked on a constant basis. This
inevitably leads to problems with bigger institutions. They become weaker. Banks should
involve more experts to dig deeper into the slightest details.

6. The information on threats is supposed to be shared faster and with all


the details.

People share information about potential hazards, but this process is way too slow and
lacks details, which are crucial on such occasions. Once there appears suspicion, banks or
clients don’t always have an immediate possibility to report the case. Sometimes, banks
simply hide this data because they are afraid that their reputation will be shaken off. It’s
much better to allow clients to share this vital information. This helps to prevent
thousands of attacks annually.

The matter of banking security is important and it should be ensured in all possible ways
and at any cost. There are at least six available variants. Unfortunately, some of them are
disallowed. For example, banks hide or don’t compile data on cyber threats or the
government doesn’t allow verifying third parties. Once these issues are solved, the danger
of cyber-attacks will be significantly decreased”.

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References:

1. Anand, Priya. “6 ways the banking industry could improve on cybersecurity”.


Marketwatch.com, https://www.marketwatch.com/story/6-ways-the-banking-
industry-could-improve-on-cybersecurity-2015-07-02. 2015, 2 July.
2. “How the Banking Industry is Fighting Cyber Crime”. Careersincybersecurity.com,
https://careersincybersecurity.com/banking-industry-fighting-cyber-crime/. 2019
3. Barnes, Samantha “HOW WILL BANKS ADDRESS GAPS IN CYBERSECURITY?”
Internationalbanker.com, https://internationalbanker.com/technology/2017-will-
banks-address-gaps-cybersecurity/. 2017, March 2.

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