Four Banking and Financial Data Security Tips

You are here:

Home
Computer Security
Four Banking and Financial Data Security Tips

August 31, 2015Computer Security, SecurityBy mdltechadmin

Banks have always been a target for crime. With that much money and personal data financial institutions hold, thieves and other criminals are always searching for ways to break past security. In the digital world where cash is not the currency but numbers on a screen, hackers have become the new bank robbers. Hackers are looking for weak spots in your virtual security and, unfortunately for most institutions, there are a lot of them. Here are some basic data security tips to keep consumers’ data and dollars safeguarded.

Image Credit: 401(K) 2013 / Foter / CC BY

Prevent Internal Breaches

Sadly, internal breaches are a common data security risk. Employees need to undergo thorough background checks and perform regular evaluations to ensure data is being used responsibly. Supervision and communication needs to be constant to ensure employees are behaving correctly.

Spread Awareness to Consumers

Consumers are another common cause of data breaches. It is important to require stringent login and authentication procedures before consumers can access data. This can be annoying to consumers, but in the long run it will protect against fraud. You should also maintain an open line of communication with consumers and alert them of any current fraud scams going on as well as data security concerns. Educate the consumer on what they need to do to keep their information safe.

Cover Consumers’ Bases

Even if the consumer, or another institution where a consumer used his or her bank card, was the cause of a data breach, it is the bank’s job to keep their data protected. It may not seem fair, but when financial calamity strikes, a bank is the first place a consumer goes to. Train and give employees the ability to shut down a line to consumer’s data as soon as a red flag pops up. Ensure that you have the proper firewalls setup for virtual banking options along with data encryption to protect online portals.

Utilize Technology

Implementing the latest security technology is an important step in safeguarding data. Many financial institutions operate on outdated technology or do not fix security patches on a regular basis. Hackers know this and leverage those weak spots to gain access. Some of the technology options you have available to your institution include: