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Banks need to shore cybersecurity practices
Although every industry remains vulnerable to cybercriminals, perhaps no other sector has been as routinely targeted as the financial services. Banks, credit unions and other organizations that handle this highly sensitive information remain under siege by data thieves looking to get rich at the expense of account holders. Despite the perpetual fear of a costly and harmful breach, many companies within this field continue to adhere to poor cybersecurity practices, placing their clients in the line of fire.
Consultant Brian Hamburger recently told The Wall Street Journal that he often sees members of financial institutions falling back on lazy security procedures such as using a simplistic and easy-to-ascertain password on sensitive accounts. The news outlet noted that poor approaches to data security can put financial service providers at risk of not only compromising their customers' funds, but of violating data security regulations. This industry is one of the most heavily regulated in regard to cybersecurity, with some organizations paying fines totaling hundreds of thousands of dollars.
FFIEC releases road map to cybersecurity victory
Due to the ever-present threat that cybercrime poses to financial service firms, the U.S. government recently announced plans to bolster data security in this sector. The Federal Financial Institutions Examination Council conducted a webinar aimed at raising awareness regarding data breaches and outlining its plans for shoring up preventive measures. Later this year, industry members will be subject to vulnerability and risk-mitigation assessments carried out by the FFIEC. The agency stressed that it would offer assistance to smaller organizations that lack the cybersecurity assets needed to sufficiently safeguard customer account information.
For any member of the financial service industry - large or small - it would be wise to employ high-quality protective measures with or without federal assistance. This is particularly important for organizations that conduct financial transactions over the Internet. Cybercriminals can intercept in-transit data packets and steal their contents. For businesses that routinely send sensitive information such as financial account data, they may be vulnerable to a significant breach. By employing SSL encryption, however, these organizations can stymie attempts to obtain and utilize these records. Many organizations encrypt their stored data, but it's just as vital that in-transit information be similarly protected against unauthorized access. SSL encryption may stand in the way of a major breach and ensuing regulatory penalties.
Protect financial account transmissions today with an SSL certificate.
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