By Banking CIO Outlook | Friday, August 09, 2019
The banking industry is naturally a lucrative target for cyber attackers, so it becomes imperative for banks to invest in cybersecurity.
FREEMONT, CA: With the increasing incidence of digital frauds and malware attacks in financial transactions, banks are now queuing up for cyber drills to check their preparedness to tackle security hazards. As they trade and control vast amounts of money and store customers’ personal information, a data breach could be disastrous for them. Given the number of personal and financial information banks store, it’s not surprising that they face a battle of retaining customer trust and loyalty. Banks are investing a great deal of time and money in cybersecurity and, every time a consumer carries out a transaction, technology monitors it and flags up any suspicious activities by comparing it with regular behavior patterns. This makes things more challenging for fraudsters. But attackers are increasingly seeking new ways…
