Financial Management Systems

Internet banking

Internet Banking Has Many Benefits, Including The Utmost Convenience for The Consumer and Reduced Costs for The Bank.

Internet Banking

Despite these benefits, online channels create many risks and vulnerabilities. From storing copious amounts of customer data to supporting large volumes of daily transactions, a cyber attack on financial applications poses devastating damage.

How Hackers Breach Financial Application Systems
Cyber attacks targeted at banks are performed by highly skilled and organized hackers,

and one of the most common ways they infiltrate financial applications is through malware.

This malware is often sent via email to bank employees, and if these links or attachments are opened due to human error, the entire system becomes compromised. Due to this hacking method, bank employee computers are one of the most significant targets for cyber attacks and hackers.

and one of the most common ways they infiltrate financial applications is through malware.
Internet banking

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Financial Sector

In addition to insider threats, the financial sector also faces risks associated with:

Web Application & DDoS attacks

New & Emerging Technologies

Inadequate Security

Third Party Risks

Cyber Attacks
and Breaches

Managed Security Measures to Prevent Cyber Attacks and Breaches

Internet banking

Employee Training

Employees organization-wide need extensive training on proper security protocols, cybersecurity best practices, and methods for determining malicious, spam, and infected emails. Additionally, access should only be given to the most trustworthy employees.

Regular Risk Assessments

As more technologies become available, they bring with them new risks. To ensure complete security across your financial applications, performing regular risk assessments is essential to managing vulnerabilities and limiting risks.

Implement Application Firewalls

Highly functional Web Application Firewall (WAF) solutions can protect your financial applications from web attacks, DDoS, and site scraping. WAFs function as a fraud solution by stopping account takeovers before they turn into fraudulent activity.

Enforce Password Policies

Passwords are an obvious security solution, but many organizations and consumers fail to follow password best practices. For complete security, implement strong passwords that are changed frequently, and utilize security questions and two-factor authentication.

Update Applications and Devices

All applications, devices, and systems should be updated as soon as an update is released. As technology changes and advances, more vulnerabilities pop up, and updates deliver solutions to new known vulnerabilities and weaknesses.

Internet banking