A bank’s security system contains all the pertinent information about its clients. Hence, its database should protect their interest and keep confidential matters private.
After all, you wouldn’t want anyone to know passwords and personal information, as they can use it to infiltrate other accounts. However, some banks’ IT security does not hold much against data breach.
Hollywood-Scale Data Breach
Unknown hackers allegedly installed malware into the database of Bangladesh Bank in an attempt to steal over $1 billion from its account in the US. According to Reuters, the hackers stole the data from the Society of Worldwide Interbank Financial Telecommunication (SWIFT), a Belgium-based security system popular among banks worldwide.
Meanwhile, the heist has prompted banks and businesses to check their accounts for signs of a data breach, and to seek stronger protection from malware and other hacking codes. In other countries such as the US, multiple firewalls have been set up to prevent hacking incidents, while the computers and machines are in a locked room.
Although SWIFT uses sophisticated technology, there seems to be a loophole – Bangladesh’s central bank may be employing fewer precautions and could have been vulnerable to a cyberattack.
SWIFT, however, remains elusive about the matter, save for emphasizing that the thieves infiltrated the banks connected to SWIFT, and not the security system itself, the India Times reported.
Should You Trust Your Bank’s Security System?
It is important for your bank to have a legit and uncompromised security system. This can be settled in IT consulting, where you could assess how secured your bank is from cyber threats.
Your bank’s security system should have a number of preventive measures to keep financial data free from getting hacked.
First, check if the security system has Internet gateway and boundary firewalls to establish defenses against malware attacks. The firewalls will block any malicious content or pop-ups that would try to ask for security codes or passwords. They should also have malware detection capabilities to deter phishing.
In cases of vulnerabilities, asses if they employ patch management and whitelisting to prevent attacks from software bugs, as these bugs are responsible for the unauthenticated installation of programs. Moreover, some of these programs are difficult to remove.
Evaluate password policies and user access controls. One of the most common causes of a data breach is a poor password because people would resort to simple combinations to make it easier to remember. Any hacker can use personal information readily available in social media to guess passwords of accounts holders and employees. Computer privacy and security specialist Bruce Schneier says that valid credential stealing is more productive and less risky that exploiting zero-day vulnerability.
Last but not the least, asses if they have an awareness and training program in place for their employees. This should not just involve IT personnel, but everyone in their staff regardless of department. This way, everyone can monitor suspicious activity and foresee hacking even before it has happened.
While you cannot ensure 100% security and protection for your bank, there are protocols you can check in cases of data breach.