IMPORTANT OF CYBER SECURITY IN BANK

Cyber Security is not only restricted to it organisations, it is important for every single business.For banks  it holds important values.The main objective of Cyber security in banking is to safeguard the users assets. As individuals go cashless, further actions or transactions are done online. Individuals use their digital money like debit cards and credit cards for transactions that require to be safeguarded under Cyber security.It is very important for banks to take protective security procedures to safeguard their data against cyber attacks.

Why cyber security is essential for bank, some reasons are given below.

 LOSS TO CUSTOMERS

When a bank  cyber attack if not only effects the banks status but also causes loss to its customers assets. When a user loss money due to card  fraud it can be retrieved from the bank like data infrigement. It takes time to retrieve the funds, which is very worrying for customers.

BANKS REPUTATION

Data infrigement is a crucial problem for banks as it leads to losing user data. If the customers data  bank is breached, then it becames hard for customers to confidence in the bank.

DIGITIZATION

From ordering products to making meeting and sending money, we trust on various digital platforms. This makes it highly important for banks to advance their banking functions utilised by customers,hackers can  easily assess banking applications if proper cyber security methods are not applied. 

RISKS FROM MOBILE APPS

With the rise of digitization, mobile applications have become a rage. To ease customer service, banks also have come up with their mobile apps. Banking technology faces a cyber security threat every time a customer opens the app.

    Cyber Security in banking is something that cannot be negotiated with. For digitalisation in the financial industry,it has became more inclined to hackers. There needs to be foolproof cyber security for users and bankers.