Question

'Increased the burden on the banks to invest in tightening their data security in order to safeguard and protect the customers’ personal data from any data breach'

Give ways on how to manage this impact?

Answer 1

Banks should tighten up their defence methods for
safeguarding the data of customers and adopt
countermeasures to make the banking system more immune to these attacks. In this section, we are attempting to suggest
some countermeasures that banks should take up to mitigate
the cyber security attacks and enhance the banking security
infrastructure.
- Continuous Risk Assessment
There are no two banks alike. Thus each financial company
has its own risk profile depending on its size, geographical
setup, business operating sector, etc. Each company should
perform a series of steps to put into effect security controls,
identify threats, loopholes, risks and design and implement
security controls that address these risks.
Countermeasures For Key Logging :
Attacks
Financial institutions have become the target of key-loggers,
especially those ones in which advanced security features
such as PIN pads, screen keyboards are not yet used. There
are two methods that can be adopted for withstanding key-
logging attacks:
- Anti-key logger
Anti-key logger is a software application which detects
keystroke logger software present in a system and then deletes or immobilises the hidden keystroke logger software. Any system on which banking or client information is accessed is scanned by Anti-key loggers and banking information, and credit card numbers are protected from identity thieves.

Countermeasures Against Web Browser Attacks:
The web browser is the commonest target of most of the
attackers. For safe online banking, we need a web browser
technology that is able to protect itself against reverse
engineering and debugging by attackers and should be able to block any attempt to access or modify its memory. It should
obstruct COM (Component Object Model) Hooking and
Cross Site Scrippting as well as screen capture to prevent
inputting the image type password. By falsifying host files or
DNS, it should hinder Phishing and Pharming attacks.

USER AWARENESS PROGRAMS:
User is the key of any field and in some cases may be the
weakest link in the chain. A bank can employ the latest
security technologies but all are a waste if the customer does
not know how to use them. Banks should frequently run some
user awareness program for end users to inform them about
the latest security features introduced by bank and how the
customers can use them to secure their accounts.

As the dependency of banks on technology is increasing,
Banks are facing an exponentially increasing privacy and
security risk to their valuable assets. With this the cyber-
crimes related to banks are also increasing stupendously. The
security mechanisms employed by banks are no longer
optimum. Thus banks should tighten up their security
mechanisms and take appropriate countermeasures
particularly the ones suggested in this paper to ensure safety
and privacy to bank’s most valuable assets. Thus i would finally concluded that with advancements in technologyaround the world, banks should not be left behind in terms of security
systems, a sharp eye should be kept on vulnerabilities present
in banking networks and emerging tricks and techniques used
by hackers to bypass banking security and launch attacks
should be continually monitored. A tight security architecture
should be implemented to provide a safe banking environment to users.

Hope it added value,, thank you.