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How secure is your bank?

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Last year was not a good year for data breaches. High profile cyber security incidents dominated the headlines and this continued into 2017 as more sectors are falling victim to cyber criminals and their rapidly evolving threats.  

Financial services organisations have long been targets to criminals, mainly due to the potential financial gain, which can be achieved through the access to endless amounts of personal data. As more banks decide to close their doors and move online, they’re under more pressure to protect against new digital vulnerabilities than ever before. Cyber criminals are the single biggest threat to businesses today and the attacks will continue to take different forms and grow in complexity.

At the beginning of this year, Lloyds became the latest bank to suffer from a large cyberattack, which was allegedly caused by a series of DDoS attacks. Fortunately no money or data was lost in the incident, but Lloyds was inundated with fake requests for 48 hours which bought the systems to a halt. The bank declined to comment on the cause of these issues, although the media has linked the breach with a temporary outage the business suffered. Consumers trust banks with their money and data and while these types of attacks are becoming harder to prevent, it is essential banks remain vigilant and monitor unusual traffic.

It has been revealed only one in five banks are highly confident in its ability to detect a data breach. According to the same report, half of financial institutions have inadequate data security systems in place. This revelation is truly worrying, considering the large knock-on effect a successful breach can have on a business. Consumers are more likely to choose a bank with a clean record of attacks. In the event of a breach, if a business has a poor recovery plan in place, it could result in existing customers being cautious to make further investments or worse go elsewhere. There may be noway to truly prevent cyber-attacks but being aware of the key risk areas will certainly help safeguard against the potential for future breaches.

For banks it has become pivotal to protect themselves and customers, but this also rings true across all sectors. Businesses can no longer afford to believe they are immune to online security threats and must accept the dangers are very real. Cyber criminals will continue to exploit vulnerabilities at any given opportunity. It’s therefore vital wake up and create an in-depth plan to protect against cyber crime, otherwise they will always be at risk.

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