FREMONT, CA: Financial institutions, inclusive of banks, have always been distressed over their security capabilities. Thanks to huge volumes of monetary and customer details, banking institutions are always a major target for hackers. The financial institutions are increasingly investing in cybersecurity. Simultaneously, the role of CIOs is getting acutely significant as they comprehend the technology better than others. Further, the institutions have begun to understand that CIOs have immense potential in terms of the knowledge, which can be crucial for the incorporation of varied digital assets.
Digital technology is catching improvements across the banking sectors. Banks are investing heavily in mobile and web-based services to stay up with their growing audience base. However, the advancements aren't without vulnerabilities. The number of attempts to crash into banking networks has considerably increased. Even the massive financial institutions are under constant threat of being attacked. The 2 main concerns for giant institutions are the sensitive customer data and therefore the institutions’ reputations, which may suffer immensely, even just in case of a partially successful cyberattack. CIOs are well-aware of the varied loopholes within an organization’s system and may assist in improving and safeguarding the vulnerable zones.
CIOs can assist the business leaders with not just a cybersecurity response plan but also prevention decides to stop the attacks even before they become a big threat to the business. Awareness over the emerging and prevailing over cyberattack trends may be a key factor that will aid the CIOs and therefore the IT team with the cyber attack prevention plan. Awareness over the potential threat isn't just necessary for the IT team but also for the opposite teams and departments because the attackers may capitalize even on seemingly harmless negligence or error. CIOs also can lead the IT teams to explore the prevailing security framework for any potential vulnerability.
The obscure line between the digital and the physical worlds are becoming blurred. Thus, knowledge sharing is the need of the hour among the two. CIOs can lead the IT front by being translucent about the cyber suspectibility within the system. The increased openness in terms of vulnerabilities and risk zones can enable the teams handling physical devices to spot any malfunction or patterns that look unusual quickly. Regular updates and preparing against the new technological incorporations also are important. CIOs must also explore new strategies and plans to reinforce the general security of the banking industry.
Cryptocurrency, like bitcoin or ether, is being considered a safer option than the normal banks when it involves security. Some even argue that it’s better to stay money within the sort of cryptocurrency than to break down just in case the bank’s network gets hacked. Though the cryptocurrencies have security issues, they're gaining popularity among the overall audience. It doesn’t come as a surprise that a number of the most important banks are able to explore the depths of the crypto world. Some institutions have gone as far on announce trading cryptocurrencies within the near future.
Increased decentralization has further created opportunities for hackers as there a variety of potential points that will be exploited to access sensitive customer data. The third-party payment sector has also added to the safety concerns of the banking system. Thus, the concerned CIOs representing the banking industry must check the third-party security for cybersecurity vulnerabilities as slight negligence could end in losses in millions.
Apart from third-party vulnerabilities, increased investment in mobile applications and web-services also are high-risk zones. The new platforms require adequate attention in terms of security capabilities, especially because the customers are moving to digital payment methods. Supported a report on the cybersecurity of 30 major banking applications, each app had a minimum of one security flaw, while 25 percent of the apps had a serious security vulnerability. The web-based security systems weren't up to the mark either. With such high stakes and multiple points of vulnerabilities, banks were placed on the highest among the industries susceptible to cyber attacks.
CIOs will have a crucial role to play when it involves investing in security technology. Further, CIOs have a deep understanding of the safety nuances involved in digital technologies. Thus, consideration of varied teams while developing the safety features is going to be crucial to reinforce the general security metrics of the banking system.
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