The financial industry is constantly subjected to a myriad of threats and vulnerabilities. Gone are the days when criminals use to plan for months together in order to execute a bank robbery. Today, banks have stringent security measures that will not let anyone break in easily and walk out with millions of cash easily. But for the criminals, the focus is not on currency anymore. Hackers and cyber criminals plan their crimes from the comfort of their home with just a computer and a keyboard. Consumers have moved to online banking and are doing transactions with digitized form of currencies. Stealing sensitive data such as credit card information, birth date, password, and username offers hackers access to a great deal of information with which they can cause irreparable damage to the banks and the consumers.
One of the key takeaways from the past data theft incidents that happened in J.P. Morgan Chase & Co and Anthem is that cybercrimes are increasing rapidly and these crimes can happen in a matter of seconds before anyone could react. The fact that it has happened to two large companies in the US that invested billions in cyber security has urged other financial institutions evaluate their existing security measures. The disturbing fact is that some of these crimes are an inside job which was executed by employees who had sensitive information about the organization and operational activities. On account of these cyber threats and fraud risks, financial institutions are more focused on investing in cutting-edge technologies to fortify their organizations against cyber crimes.
Read More: Cyber Security and Internet of Things
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