News

How to protect sensitive banking information

The threat of malware lurks within every corner of cyberspace. Business leaders need to be as vigilant as ever to prevent their companies from becoming the next poster child for data security negligence. Nowhere is this more pressing than in the financial services industry. Banks, credit unions and any other organization that handles sensitive financial information for clients will be squarely in the crosshairs of cybercriminals. Although every industry is at risk for data breach, banking firms continue to garner particular interest from the cybercriminal community. The wealth of lucrative information contained within this sector is too enticing for data thieves to turn their attention elsewhere for very long. That's why it's imperative that decision-makers do everything in their power to shore up safeguards and plug any holes in their defenses.

Several banks within the United States were the victims of a string of coordinated breaches perpetrated by hackers. The New York Times reported that the attackers broke into the networks of multiple financial service providers and made off with gigabytes of sensitive data such as checking account information. Although cybersecurity experts continue to investigate this event, they have yet to come to a conclusion regarding the hackers' motives. There have been instances in the past of criminal syndicates or possibly even government factions targeting financial institutions as a way to undercut a rival nation's economy. Still, profit remains the primary driving force for banking data breaches.

"The American banking sector has been a frequent target for hackers in recent years, with the vast majority of attacks motivated by financial theft," the Times explained.

Get proactive about data security
All's not lost in the war on cybercrime, however. Companies that adhere to data security best practices stand a much better chance of disrupting a breach attempt and scuttling hackers' efforts to steal sensitive information. BetaNews contributor Mark Wilson reported on a recent cybersecurity study, finding that a large number of vulnerabilities continue to plague businesses. According to the threat assessment, as many as 90 percent of cyberattacks occur as a result of hackers exploiting those oversights. Some of the most widely used business applications contain vulnerabilities that need to be addressed without delay. However, many organizational leaders fail to make the proper adjustments. For a major bank, a simple software defect could lead to a massive breach of sensitive financial information.

Looking at the current threat landscape, it's clear that banks need to mend any holes in their network security and make it as safe as possible to trade financial data. Patching vulnerabilities and beefing up network defenses is a good start, but these organizations must go further to ensure the highest level of protection possible. SSL certificates provided by a reputable certificate authority are absolutely essential for any business that wants to get serious about cybersecurity. These tools encrypt data when it's in transit, preventing hackers from capitalizing on man-in-the-middle attacks and stealing valuable customer data. With the sheer number of financial transactions that are completed on a bank's network, SSL technology is a must-have solution. The best SSL certificates on the market will provide the protection needed to prevent network invasions from becoming full-blown data breaches.

Encrypt financial data while it's on the move with SSL certificates today.

corporate office

Thawte
The Gateway
Century Lane
Century City, 7441
Cape Town
South Africa

Postal Address:
P O Box 15986
Panorama 7500
Cape Town
South Africa

Call: +353 1 793 9141
Fax: +27 21 819 2950

Buy now! Try now!