Bank and Financial InstitutionsWith all the cyber attacks and massive data breaches reported in the last few years, security is becoming more and more important, especially where money is concerned. That's why banks and financial institutions must be diligent when it comes to security and protecting customers' information. If a breach occurs, it not only violates customers' privacy, it affects the trust that people have in the bank and can severely damage business.

A Layer Approach to Data Security

To get the best protection possible, banks must take a layered approach to online and network security. Traditional system protection is 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 regardless of where it's located. 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—more than just one method of identification—to access data, it adds another layer of protection, again keeping things safe even once the system is hacked.
  • Hardware Security Modules: Hardware security modules (HSMs) are pieces of external hardware that act like 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 system 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 securityplan, 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 and think everything is safe. With hackers attacking major insurance companies, universities, and even the federal government, a multi-layer approach to data and systemsecurity is no longer just suggested, it's necessary.

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