Exploring Commonly Overlooked Security Risks in Banks

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More than 196 million people across the United States are currently taking advantage of digital banking, according to a recent report from the financial sector. That figure accounts for over 75 percent of the nation’s population and is set to grow in the future. Of course, as electronic transactions, online banking, and other activities in this realm reach new heights, security issues are also bound to surface. Millions of bank accounts have been hacked thus far, and more will be in the future. While online security is crucial in the financial sector, physical security in banking is also becoming increasingly essential.

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Security Risks in Banking

Many people are aware that security risks are on the rise. Creating strong passwords for banking and shopping apps and refusing to share those passwords with others are vital measures for staying safe from hackers, but that’s only the tip of the iceberg. Many banks may be inadvertently placing their account holders at risk right now. Certain factors that are frequently overlooked in bank security are the very opportunities hackers are looking for to make their moves.

Outside Threats

Banks and consumers alike often take for granted that their devices and electronic equipment are secure right out of the box. While they know additional security measures must be put into play before use, they fail to realize those items may be sabotaged from the beginning. In some instances, wrongdoers have placed their own entry points in devices during or immediately after manufacturing so they can gain access to users’ information once those computers, cameras, phones, card readers, and other devices are in use.

In cases like these, the threat lies in the supply chain that ultimately brings those devices to the hands of consumers. Banks and the general public must exercise caution when choosing the electronic devices they purchase. Unfortunately, hackers can tamper with devices at any point before they’re purchased and activated. Even technicians who install or set up equipment on behalf of its users may use underhanded measures for their own gain. Numerous security measures are available to counteract those malicious activities.

Out-of-Date Systems and Software

Many companies, including banks, start out with standard versions of software and operating systems but customize them to further meet their unique needs. Those customizations are often ongoing processes. While they offer numerous benefits for the companies putting them into play, they can also lead to weak points. Those weak points are just the opportunities hackers are looking for to gain access to sensitive information. As such, they place businesses and their customers at risk. Additional measures need to be taken to prevent those upgrades and customizations from creating vulnerabilities.

Boosting Security in the Financial Sector

Several security risks have arisen in the financial sector from both physical and online perspectives. Hackers are constantly finding new ways to invade computer systems, intercept online information, and even physically breach banks without having to be there in person. Security measures are available to counteract threats both now and in the future. Keeping banks and their customers safe means staying on top of those risks and being prepared for new ones as they enter the mix.