Like many industries, the banking sector is a popular target for cyber crimes. Find out how phishing awareness and cybersecurity training for banks can help prevent them.
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With banks, large amounts of money are always at stake. A single data breach could lead to the loss of millions of dollars, and this will in turn cause a significant disruption in the country’s economy.
According to a study by IBM X-Force done in 2021, 70% of cyber attacks on financial institutes targeted banks. Also, a report by the Boston Consulting Group (BCG) showed that financial institutions are 300 times more likely to be targeted by cyber criminals than other organisations.
Additionally, the dangers of cyber attacks on banks became very clear in 2019 when one of the four main banks in Australia, the National Australia Bank, suffered a data breach that lead to 10,000 personal account details being exposed.
With transactions becoming cashless and bank activities going digital,
the threat of cyber attacks on banks is bigger than ever.
Here are a few ways banks can build cyber resilience:
Organisation-wide cybersecurity policy
Banks should establish in-depth policies that define how sensitive information and assets should be handled, and set standards for what will be considered secure behaviour.
Data encryption
With strong, secure data encryption algorithms, banks will be able to protect sensitive data, like a customer’s personal information in the event of a cyber attack.
Multi-Factor Authentication (MFA)
By implementing MFA, login requirements will require more than one form of authentication, such as a fingerprint scan, making the login process more secure.
Disaster recovery plan
With a comprehensive disaster recovery plan, banks will be able to reinforce themselves after a cyber attack, reducing downtime and avoiding data loss.
Like in many organisations, a bank’s employees may be the weakest link in cybersecurity.
If your bank staff doesn’t have adequate cybersecurity training, they may be likely to fall victim to cyber attacks. This is why cybersecurity training for banks is important now more than ever.
This is where we come in.
We specialise in cybersecurity and phishing awareness training for employees that will teach them to easily detect and avoid potential cyber attacks, saving your bank from potential data and financial losses. With phishing awareness training for banks, you can fortify your cybersecurity infrastructure at every level of your organisation.
An automated training platform that we will manage for you.
At-a-glance analytics that let you track your staff’s training progress.
Comprehensive course materials created by cybersecurity experts.
Your training-related data will be stored here on Australian soil.
Cyber threats don’t have to be complicated to steal your personal information, sometimes all it takes is a click. Download our free guide, to the right, that’ll help you understand how scammers use clickbait.
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