What is Cyber Security in Banking?
Cybersecurity in banking refers to the processes, technologies, and best practices employed to protect financial data, transactions, and IT infrastructure from malicious activities. It involves implementing layered security measures such as firewalls, encryption, multi-factor authentication, and continuous monitoring tools to detect and prevent unauthorized access, data breaches, and service disruptions.
Key Objectives of Cyber Security in Banking
- Confidentiality: Ensuring sensitive information such as account numbers, passwords, and personal data remains private and inaccessible to unauthorized parties.
- Integrity: Maintaining the accuracy and consistency of financial records and transactions, preventing unauthorized alterations or manipulations.
- Availability: Keeping online banking services and internal systems operational and accessible to legitimate users, even in the face of cyberattacks or system failures.
With the rise of digital banking, mobile apps, and online transactions, cybersecurity services have become an integral part of modern banking, demanding a proactive and comprehensive strategy to protect assets and customer trust.