Solutions to Overcome Top 5 Banking Internal Data Security Threats

Solutions to Overcome Top 5 Banking Internal Data Security Threats

June 3, 2022 | Bitscape Team, Intelligent Security

Do you want to protect all internal confidential banking data from various threats? Security of customers’ sensitive financial information and data is the topmost priority for any bank and financial organization. There are numerous internal data and confidential financial information that require advanced protection from various malpractices from employees and devices that may damage the bank’s financial entities.

For instance, the bank had appointed an employee to monitor the sensitive financial information and provided training on ways to procure institutions from data breaches and malicious attacks and prevent poor security systems. But, in an ideal case, it is found that one careless employee of the bank can harm the professional environment by illegally stealing confidential information of the bank and damaging the reputation of the financial organization by sharing data outside of the company.

Which are the multiple types of banking internal data security threats?

Phishing attacks and threats due to social activities

Banks and their employees are continuously dealing with phishing attacks for stealing financial institutions’ confidential and sensitive information. In phishing attacks, hackers and outsiders will manipulate bank employees through social activities, infiltrate infrastructure like network devices, and spread malware and ransomware. In this threat, hackers will disguise themselves as responsible bank executives and send emails to bank employees to share their login credentials and other organizations’ sensitive data.

There are various digital banking solutions to prevent phishing attacks, is to use antivirus or antimalware software, which will detect suspicious emails and protect the confidential information of the customers. Also, banks must schedule various training sessions that will act as a productive banking IT solution to educate the employees about how hackers will contact them and the methods they can use to react when they receive suspicious emails or financial threats.

Use of unauthorized applications in the workplace

In various situations, bank employees can benefit from third-party applications or software for easy operation due to its simple user interface. However, they use these unauthorized devices, applications, or internet services in the workplace that are hard to monitor and control by the IT department of the banks. 

Besides, all these unauthorized activities create a loophole in the bank’s cybersecurity systems and strategies. Also, there are chances that third-party applications cause data breaches, illegal information access, identity theft issues, and change the entire cybersecurity functions.

Banks should provide their employees with the appropriate, easy-to-use, and user-friendly applications to execute their financial tasks. In addition, numerous threat protection services can help banks prevent employees from uploading sensitive financial data into third-party unauthorized applications.

Regular use of unlicensed devices

Unlicensed devices for data storage, like USB sticks, will create internal data security threats to banks and other financial organizations. Also, specific data protection rules get manipulated when using storage devices like USB drives to transfer information outside the organization.

However, banks will utilize one of the vital threat protection services, like blocking employees from using USB devices and peripheral ports to prevent sensitive financial information loss. Indeed, they can also encrypt the files with highly secure encrypted protocols, acting as an effective digital banking solution that allows trusted devices to access files and connect to the company computers.

Confidential information sharing outside of the bank premises

Banks experience situations when their sensitive financial information gets shared or exchanged with companies outside the bank premises. However, bank employees accidentally click the reply all instead of reply button in an email and share multiple confidential data of the banks like customers’ financial information, bank’s policies, information about the bank’s working strategy, and more outside the bank.

For example, banks should provide the necessary training to their employees to handle the primary human errors of accidentally exchanging internal financial data outside of the bank.

Besides, a financial institution can utilize dedicated IT services for banking, such as data loss protection (DLP) tools. So, it helps banks track sensitive data transferred through email or any other services and is limited and blocked from sharing altogether.

Robbery of bank’s physical devices

There are various situations in which banks or other financial companies provide devices like a computer system or laptop to perform crucial tasks during remote work. Nowadays, due to the flexible working environment by adopting workplace modernization tools, employees can take the company’s devices like laptops during client meetings, work remotely, attend industry events, and more.

During all these activities, there are chances that employees might tamper with or physical theft devices like laptops, and it will put the bank’s security at risk. The perfect digital banking solution to overcome this threat is a robust encryption system that guards the devices against physical theft.

Therefore, the encryption tool will protect data and delete all the bank’s sensitive information from mobile devices, computer systems, and laptops in the event of physical theft of devices.

Data protection and advanced security are vital for the banking and finance sector

Banks and financial institutions face various internal and external data security threats daily. Due to this, they require advanced security tools to protect sensitive and confidential data from malicious attacks and hackers.

For this purpose, there are various security solutions available in the market. But extracting the advanced cybersecurity solution according to your bank’s requirements becomes time-consuming and complex.

Therefore, if you are looking for one of the appropriate threat protection services, you can approach Bitscape. This certified banking technology consulting company provides suitable IT services for banking as per the niche requirements for data security.

CONTACT US