Cybersecurity is the blend of people, policies, processes, and technologies employed by an enterprise to protect its cyber assets. Cybersecurity is augmented to levels that business leaders define, balancing the resources required with usability/manageability and the amount of risk counterbalance.
Possession the customer’s data secure, Gartner predicts that global cyber security spending will top $150 billion in 2021. Disdain the required steps, loss of data can lead to many sleepless nights for a customer. Hence, cybersecurity is of utmost essential in banking to prevent cybersecurity threats that could make their customers susceptible.
Banks have a obligation to protect their customers’ financial data. If your cybersecurity is derisory, clients can lose valuable time and personal information in addition to their savings. Customers may grow insecure or apprehensive, and you can lose the trust the public has in you to keep their money and information harmless.
In the current banking landscape, security is a major problem that the industry faces. One of the risks is cybersecurity. These security breaches then lead to frauds and other such malpractices. The number of cases of bank frauds are rising every year.
Regulatory compliance has become one of the most significant banking industry challenges as a direct result of the dramatic increase in regulatory fees relative to earnings and credit losses since the 2008 financial crisis.
In addition to 2FA, some banks offer encrypted security tokens. These small, handheld devices generate one-time passcodes you can use to log into your account. Because they’re physical devices owned by your bank and kept safe by you, there isn’t a way for a hacker to gain access without physically handling one.
Athwart the first half of the year 2020, financial firms and financial services institutions claimed a 238% increase in cyber-attacks. In September 2020, the US Department of Treasury’s Financial Crimes Enforcement Network reported that over a billion dollars showed up as stolen from institutions each month.
In 2020, at a total of 1001 cases of data breaches in the United States came in. Over 155.8 million individuals were affected by data exposures – that is, accidental revelation of sensitive information due to less-than-adequate information security. In 2020, it’s said that a major cyberattacks leading to a series of data breaches happened including multiple parts of the United States government.
Unlike the European Union GDPR (Global Data Protection Regulation), the US has no single federal law that regulates information security, cybersecurity, and privacy throughout the country. For Example: CCPA (California Consumer Protection Act), Internet of Things (IoT) Cybersecurity Improvement Act, State and Local Cybersecurity Improvement Act etc,. CFAA (The Computer Fraud and Abuse Act) is the cybersecurity law which protects federal computers, bank computers, and computers connected to the Internet.
President Biden signed an Executive Order on refining the Nation’s Cybersecurity, beckoning enlarged regulatory lapse of cybersecurity. USA is worried on the latest Cybersecurity Threat. Cybercriminals are stealing either personal data and threaten to public it unless paid huge money OR they break the banking cyber security and takeaway the money.
Biden Government gives more importance on Protecting America’s national security and endorsing the wealth of the American people. NSA (the national security agency) is always on the expedition for new cyber security talent, as digital communications and motion are central to its role. The agency monitors a far-fetched volume of information, much of which is communicated in a digital manner. President Biden has made cybersecurity, a critical element of the Department of homeland security. A cybersecurity strategy 2021 has been in place to defend any future threats and risks.
Question arises, are these sufficient to protect, detect and recover the improvement of USA’s cybersecurity? Will Composed cyber resilience defend against risks and protects business functions to minimize cyber-attacks? A country which highly cybersecurity protected, heavily invested on cybersecurity and a strategy in place is feeling unsecure about future.
Author: Bighneswar Swain
Head North America Data on Cloud-CDO Practice – A Leading IT Company
and Trustee, Shree Jagannath Chetna & Chintana Worldwide.