Important Digital Security Needs for the Banking Industry

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Banks and other financial institutions require a great deal of security to protect the funds entrusted to them. Financial institutions would only consider cutting corners on their physical security. And yet, many overlook essential aspects of their digital data security, which is just as crucial as any onsite security measures you may employ. Keep reading to learn the basic digital security needs you need to utilize in the banking industry.

Important Digital Security Needs for the Banking Industry

Multifactor Authentication

Whether it’s employees accessing your onsite computers or customers accessing their banking information remotely, you should set up all your digital systems to require multifactor authentication. Several combinations can be used, but the important thing is that the user’s identity is verified at least two times before providing access to sensitive financial information.

This can include a password followed by a PIN, fingerprint, or facial recognition. Requiring two forms of authentication before allowing access to your bank’s computers or your customers’ financials will protect you and your customers from falling victim to hackers and cyber thieves.

Tiered Access

Unfortunately, not all theft in a financial institution comes from an outside source. Sometimes, a bank’s employee may start skimming small amounts from various places without your institution noticing. This can sometimes be prevented by setting up tiered access to different information and actions. For example, you may allow tellers to make deposits for clients and view customers’ account balances but require a supervisor’s approval to withdraw or transfer to bank accounts held under a different name. The more open access you provide to accounts and information, the more likely you will experience a security breach.

Constant Encryption

Last but not least, you can’t overstate the importance of constant encryption of financial data. Whether the information is at rest on your onsite server or transmitted via email or your banking institution’s application, it should be constantly encrypted. This way, if data is intercepted, it’s not usable by whoever received that information. If a breach occurs, proper encryption can make the difference between having your customer’s financial information stolen and duplicated and simply having to shore up your security measures once the breach is detected.

If you are looking for data security and IT solutions for the banking industry in Orlando, FL, contact a managed service provider or MSP who works with financial institutions.

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