In several industries, data is much more necessary for the protection. Approximately 5% of total data breaches are related to the banking and financial institutions because Banks and financial institutes have much sensitive volume of data. As we are dependent on cloud storage settings, we should be more concerned about the data security.
There are following ways to handle the data breaches in banking and credit rating agencies -
- There should be multi-factor authentication facilities in the banks and credit rating agencies. Generally, banks have MFA facility to their employee accounts but not maintain the same facility for the customer accounts.
- There are a lot of changes in the banking industry which have allowed the customers to use EMV chips instead of credit cards and striping cards. There are many people still there which are not able to reach out for the EMV cards. It is not so difficult for hackers for their data breach.
- If the data is not encrypted, then it is also at the risk. Companies don’t use the cryptography protocols and SSH mechanism are easily targetable by hackers. So proper encryption algorithms are needed to be adopted.
There is no fix security weaknesses in the IT and network infrastructure of the banking institutions. With the digital innovation of new technologies, platforms, and devices, there are more threads in cybersecurity occurred automatically. Companies are needed to have attention in this direction.
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