As Cyber-attacks and data breaches have become more commonplace in the digital environment, security has become more and more important, especially when there's money involved. That's why banks and financial institutions must be diligent when it comes to protecting customer information. Breaches in that industry not only represent a violation of customer privacy but can also impact the trust that people have in the bank and can severely damage business.A Layered Approach to Data Security
To get the best protection possible, banks must take a layered approach to online and network security. Traditional systems of protection are no longer good enough, and a protective framework must be added to the data itself to protect it in the event of a security breach.
- Encryption: By using encryption, banks and other financial institutions can remain in control of data protection no matter where it is. Encrypted information is safe in transit, on the network, and even in the cloud. In cases where system security fails, encrypted data is still safe from prying eyes.
- Multi-Factor Authentication: When banks require multi-factor authentication to access data, it adds another layer of protection, again keeping things safe even if the system is hacked.
- Hardware Security Modules: Hardware security modules (HSMs) are pieces of external hardware that act as a safe for electronic information. These modules manage, process, and store digital keys in a secure, tamper-resistant device.
- Security Assessment: Banks and financial institutions should work with data risk security advisors to evaluate their security systems and data risk. These assessments point out weak areas that are most likely to be hacked.
- Limited Data Access: It doesn't matter how many system policies and security measures are in place when there's a human element involved. Instead of taking the risk and letting every employee access confidential and private data, only give access to those who need it.
- Best Practices: Educate bank employees on best practices pertaining to data protection. When they know the institution's security plan, execution is more streamlined if a breach occurs.
In today's world, banks have to think big when it comes to security. It is no longer enough to secure the system. With hackers attacking major insurance companies, universities, and even the federal government, a multi-layered approach to data and system security is no longer just suggested, it's necessary.
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