ABA-Digital Banking Reshapes Cybersecurity.

ENPNewswire-October 13, 2021--ABA-Digital Banking Reshapes Cybersecurity

(C)2021 ENPublishing - http://www.enpublishing.co.uk

Release date- 12102021 - Amid increasingly sophisticated cyber threats, banks turn to managed network service providers.

For banks and other financial institutions, safeguarding customers' personal data rank atop the list of priorities, so the battle against cybercriminals never ends. Due in part to the pandemic, however, that fight is rapidly intensifying as the battlefield continues to expand.

Thomas Sweeney, Executive Director of the Strategic Client Group for Comcast Business, said the digitization of financial services has led to the disappearance of the old 'network perimeter,' with customers conducting financial transactions using their smartphones, tablets, laptops and desktop computers. Each of those customer endpoints represents an opportunity for hackers to breach a bank's network and compromise its operations, he said.

At the same time, COVID-19 has forced many bank employees to work from home for extended periods, widening the network perimeter even farther. The old network edge may have consisted of a bank's headquarters, branches and data center, amounting to a more limited number of endpoints to defend, Sweeney said. The new network edge is more malleable, with employees able to use virtual private networks to access banking systems from their home or the local coffee shop.

'Employees and customers are now conducting business from a variety of devices and locations, so the network edge becomes a lot more fluid than in the past,' Sweeney says. 'That expanded perimeter is more difficult to control because of factors that didn't exist in the prior model, meaning banks need to take different security measures.'

Cyberattacks on the Rise

For every big headline-making cyberattack, there are countless similar attacks noticed only by businesses and their customers. Last year alone, the FBI's Internet Crime Complaint Center received 2,474 complaints identified as ransomware, with adjusted losses exceeding $29.1 million, an increase of 225 percent over the prior year, according to the agency.

Ransomware attacks on businesses happen every 11 seconds on average, with global damages projected to reach $20 billion this year, according to the cybersecurity firm Cybereason. In the third quarter of 2020 alone, there were more than 3.3 million network attacks, a 90 percent increase over the previous quarter, according...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT