Opinion: Cybersecurity, an essential pillar in the Financial Sector
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Financial data and the assets of bank customers are a target for criminals, and nowadays, with the advancement of technology, cyberattacks are becoming increasingly sophisticated. In such situations, these crimes affect not only the customer, whose data and assets are stolen, but also the banks themselves, which may suffer losses related to infrastructure, data, finances, and reputation.
The dangers associated with cybersecurity are vast and complex. Among the most common problems in these circumstances are phishing attacks, which aim to deceive users into revealing confidential information; malware such as Trojans, which exploit system vulnerabilities to infiltrate/break into computers without the owners' consent; ransomware, where important data is "kidnapped"/seized and only returned in exchange for a ransom; and, finally, counterfeiting, where criminals create websites identical to those of banking institutions, thereby gaining access to users' login information.
To tackle these increasingly complex challenges, institutions must adopt a multifaceted approach by implementing advanced firewalls – which help monitor and control network traffic – and intrusion detection and prevention systems, which detect and block suspicious activities in real time. But that’s not all! In response to technological advancements in recent years, AI-based security solutions should also be considered.
The use of AI enables the analysis of large volumes of data and the identification of anomalous behavior patterns, making the response to potential threats faster and more efficient. Cloud computing also plays a crucial role, offering scalability and flexibility, in addition to enabling the centralization of operations and the implementation of robust security measures.
However, beyond infrastructure, we must also focus on application protection! The use of technologies such as data encryption, multi-factor authentication, and identity and access management is essential.
At this point, you might be wondering: What does all of this mean? Let's break it down: encryption ensures that data is protected both in transit and at rest, making it inaccessible to attackers. Multi-factor authentication adds an extra layer of security by requiring multiple forms of verification before granting access to critical systems. Identity and access management, in turn, ensures that only authorized users can access sensitive resources, reducing the risk of security breaches.
In these cases, AI can also be used for continuous monitoring of user behavior, detecting suspicious activities, and responding quickly to potential threats. Moreover, the implementation of strict update and patching policies is essential to address known vulnerabilities and ensure operating systems are safeguarded against emerging threats.
Alongside these two security aspects (infrastructure and applications), effective threat management is critical. This includes training employees to assess risks and prevent the damage caused by them.
Finally, it is necessary to protect critical systems. In this regard, long-distance network connections help prevent attacks on large-scale systems. Additionally, it is important to maintain the strict security standards set by the industry for users to follow when taking cybersecurity measures to protect their devices.
In essence, cybersecurity in the financial industry, particularly in banking institutions, is key to ensuring survival in a financial world that is rapidly advancing and becoming more technological. Institutions that prioritize and invest significantly in data protection, while also fulfilling their legal obligations, are also building a solid foundation for long-lasting, trust-based relationships with their customers.
News: SAPO TEK
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