According to a report out of the UK, a recent examination of 278 million lines of code in 1,388 applications worldwide, there were 1.3 million weaknesses that could potentially allow hackers to take advantage of corporate systems.
The financial industry is unfortunately one that is most likely to be vulnerable to hackers, which is certainly eye-opening considering the vast collection of customer data that these organizations hold and continue to grow.
While overall, organizations take the security of web applications seriously, the greatest security flaws in banking websites exist in those that are between 5-10 years old.
Why Do Hackers Target the Financial Industry?
Along with being one of the most vulnerable, the financial sector is also one of the most sought after for hackers, and smaller firms are becoming targets more regularly. Since 2012, the average size of companies that are targeted has decreased by 28%.
Hackers go after the financial industry for a simple reason, and it’s the same reason why banks are targeted for in-person heists. They have money.
What Other Information Security Risks for Banks Exist?
Aside from hackable code on older web applications, there are several bank information security risks that institutions must be mindful of to gain full control of their technology. Below are just some of the risks financial organizations face with their technology:
Unsecured Mobile Banking
Customers love mobile banking, because of its convenience. However, there is nothing convenient about data in these applications falling into the wrong hands. Online banking platforms should always be protected by two-factor authentication and strong password requirements. When a new version of your app is released, require users to update to the newest version. Ensure security protocols like encryption are utilized and users are accessing your site over a secure socket layer (SSL).
Use of Third Party Services
Third-party apps expose information security risks for banks. Financial institutions aren’t always relying on their own internal applications to store customer data. Third-party risk can be appropriately managed by understanding how they manage their risk, and what policies and procedures they have in place to protect your customers data.
Security of New Technology
The internet of things poses new opportunities for cybercriminals in the banking industry. Ensure all network-connected devices including security cameras and smart TVs in your lobby don’t create access points for cyber criminals into your network.
You should always protect account numbers, names, addresses and other sensitive information through encryption. Both data in motion and data at rest should be properly encrypted.
As bring-your-own-device policies allow more and more employees to connect their devices to your network, your malware risk increases. Sensitive data passes through your network each time a device connects, and hidden malware can read or hijack your data. Using tools like advanced firewalls can help restrict this type of traffic.
Protect Your Financial Organization w/ ThrottleNet
ThrottleNet helps give financial organizations an edge with risk management and managed IT solutions designed to ensure regulatory compliance and the safety of your customer data. Contact us today to learn more.