Digitization and online payment mechanisms are rapidly increasing in banking or financial sectors as well as they promote such a culture to reduce clerical activities, ease of doing work moreover to focus on new business and profit management.
The banking sector is the most favorite place of cyber attackers due to the huge monetary benefits. The online environment of the financial sector is covered with high-end and double-layer security policies, even though end users’ platforms are mostly logged with mobile and personal systems, which are vulnerable to cyber threats.
TOP CYBER THREAT FACING BANKS
DoS or DDoS attack: Denial of service or distributed denial of service attack uses a computer or machine to send requests continuously to the targeted website to flood a server. DoS lead to slow down the website response and block legitimate users from accessing online banking-related services.
It is a tactic to distract the attention of the security team. During this time cybercriminals execute other types of attacks like gaining access, opening the fake account, spoofing identities, phishing, or even some malware attacks too.
Social Engineering: Social Engineering is a non-technical method of attack for gathering sensitive information which is mostly carried out in society. Ignorance and lack of attention of customers can easily exploit by an attacker to steal confidential things like OTP, card details, account details through calling or phishing mail. This is still happening even a proper and continuous education to the customers by the government and financial authorities.
Data manipulations: There is a misunderstanding between people regarding the cyber attack in the banking sector is that only data theft takes place. In some cases, instead of stealing data, they make some malicious changes in data, which is difficult to sort out, but makes a huge loss to the company and its trustworthiness.
Insecure third-party services: For providing better service to the customers, many banks and financial services sign up with third-party vendors. If those vendors are not ready to deploy adequate cyber security measurement, the end-users and bank should abide.
This is mainly happening due to the inverse relation between usability and security. If one prominent other gets compromised. So maintaining a balance between them are very important.
Planning a better cyber-protected environment in the financial sector is the solution to all these threats. We therefore need to raise people who are qualified and experienced in the field. STEPS Kochi, the best cyber training in Kerala with trained instructors conducting the training phase.
In this Complete Cyber Security Lesson from STEPS Kochi- you will learn all about Cyber Security. You will know the importance of cyber security, what it means to be cyber security, and the different types of cyber attacks experienced by each individual.
This education also incorporates the concept of Ethical Hacking. Let’s start with this Cyber Security Training! Start learning the most sought-after modern skills from the best cyber security training in Kochi.