Bank cyber security is a constantly evolving field. As more money moves through bank computers, bank cyber security becomes more important. Cyber criminals are getting sophisticated at the rate of the computer speed, which makes it harder for banks to protect their data. Staying ahead of the cyber criminals requires the bank to do their part in securing their computer systems from outside attacks. The bank must be aware of what is happening in cyberspace as it happens. They need to know what is happening on their network to help provide security for their customers’ data.
Banks are under no obligation to provide any security to their customers’ information. They can choose not to or only to provide certain levels of security for their customers. Banks are responsible to monitor all transactions, stop, detect, and prevent fraud. Banks must maintain detailed documentation of compliance with state, federal, and international laws, policies, standards and regulations. Every bank that operates online has a website and often information on how to enhance your bank cyber security is available via e-mail or printed materials.
In today’s world, bank cyber security must be comprehensive and constant. There is no specific time frame for achieving this level of protection. A bank cyber security program should be developed when the bank gets noticed by intruders and have identified their vulnerability points. When a bank cyber security program has been developed and implemented, it is tested and periodically updated to find new ways of increasing protection. This will help to ensure that banks can continuously defend against external threats to prevent unauthorized access to their information.
Bank Cyber Security
It is very important for banks to implement and use an appropriate bank cyber security policy and procedure to ensure that they are in compliance with the various federal banking laws. Some of these laws prohibit activities such as: knowingly transmitting or causing to be transmitted at high risk data, or information that is undercooked or unclassified. It is also illegal to knowingly disclose, deny or fail to disclose (or make a reasonable attempt to disclose and correct) information or data that would identify a confidential customer. In addition, any action based on information that would identify a current or potential client could be subject to fines.
Many banks have taken advantage of advances in technology to create their own in-house hacking teams, often numbering in the hundreds. The bank cyber security manager may choose to hire an outside firm to perform this task, but the bank typically retains the right to terminate the employment of any employee performing work that is deemed risky. Often times, these employees (and maybe even some outsiders who work on contracts) to engage in the risky activities for personal gain rather than help the bank to secure its information. If an employee performs work that is considered risky, it is likely the bank will not fire them for it because it makes them appear to be lax in treating their financial information.
To avoid becoming the next bank cyber security story, a bank must have in place measures to mitigate the threat from external attacks and internally. A well thought out strategic plan can be the best defense against a concerted attack. When choosing a bank to do business with, take the time to ask the questions necessary to determine if they are well positioned to protect you from hackers. You don’t want to hand your money over to someone that doesn’t feel confident in their abilities to protect your financial information.