Banks engage in constant vigilance to grow and scale that also involves offering better products and services while lowering risk and eliminating security threats.
FREMONT, CA: Digital disruption has made its presence marked in retail banking. Amid these changing banking behaviors, widespread hacks, and new competition, here is how banks can rebuild trust in the digital era.
• Paying Attention to Security
With cyber threats growing around the globe, financial institutions may be tempted to immediately adopt the latest and greatest technology without ensuring the necessary precautions that are foundational to any successful security strategy. The newest security advancements are indeed vital tools for addressing cyber risks, but they will not help if organizations fail to address fundamental security practices, including password protection.
• Conducting Professional Cybersecurity Assessment
It is necessary to identify where risks and vulnerabilities lie before strengthening security. Proactive risk assessments allow banks to determine the likelihood of attacks against the existing infrastructure and data assets. This insight can be used to prioritize security investments based on potential business impact and protecting what is most valuable to the organization
• Approaching Security with the Customer in Mind
To build trust among customers, banks must communicate with their customers about the measures they are taking to protect personal information, and educate customers to bolster security. Reinforcing security messages at physical branches, and websites is one service banks can provide for their customers in this light.
• Adopting a Zero-Trust Security Model
Experts recommend embracing a zero-trust approach based on network segmentation, data obfuscation, security analytics, and automation.
• Collaborating with the Financial Community
A network of business relationships exists within the financial community. It benefits every member of that community to work together on matters common to all. Cooperating and with governmental and security organizations to share information, set standards, and address challenges, banks can present a united and secure front to hackers.
By making consumers the main focus of their strategies, banks can stay ahead of the new competitors and provide an experience that attracts customers.
See Also: Cyber Security Review Magazine