Top 5 cyber security tips every financial institution should know

cyber security tips every financial institution should know
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Financial institutions have become more influential in the way we carry out daily transactions than they did a couple of years ago were they were mostly known for banking and withdraw of cash. The current growing threat resulting from fraudulent wire transfers from the business sector should not be ignored as successful cyber-attacks have led to losses on the side of both the customers and operating financial institutions (Banks). These are the top 5 cyber security tips every financial institution should so as to achieve some level of security.

Nothing can eliminate all of the risks, however, an informed and vigilant user is a key defense.

Hire a security expert to test your network

Just like how we hire security guards also popularity known as Askaris to guard our homes so that we can have un interrupted sleep, hiring a skilled security expert (Information Security) is your number one defense strategy as he will make sure you are having un interrupted network up-time.

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Security experts carry out network scanning and identify the possible vulnerabilities which may be used by online thieves to swindle large amounts of money from the banks and give recommendations on how to patch up those system loop holes for better security.


Install a security software suite

This is your best line of defense by installing a security software suite that includes antivirus, anti-spyware, malware and adware detection, from a reputable vendor and keeping the software up-to-date through an automatic update feature. Configure it to perform recurring, automated complete system scans on a routine basis. This will help to protect a computer against known viruses, malware, and adware, but remember many viruses, malware, and adware programs are undetectable by antivirus software.

Routinely install all new software and hardware patches

Every day all the software companies such as Microsoft, Adobe, among others release new software upgrades which usually contain important security upgrades and updates by using the automatic update feature when available you will ensure that all your software are up-to-date. Ensure that all your software, including your operating system and application software such as Enterprise software, Microsoft Office, Adobe Flash, Apple QuickTime, Adobe Acrobat, etc, are updated as well it should be noted that not only should you update the operating system but all the software on your system.


Use a dedicated computer for all online transactions

You wouldn’t wish a script kiddie learning how to hack gain control of your corporate network. This guy would easily become the next Bill Gates in just a few minutes as he is now the new Banking Officer and therefore can carry out transactions on behalf of the bank. By dedicating one computer to deal with all the online transactions, you are limiting the amount of damage as a result of cyber-attack and prevent the system from going to any site/address that does not have a documented business need.


Educate users on good cyber security practices

Education is the best gift one can have as it gives you the potential to go fishing for a life time. By training users how to avoid having viruses installed on a computer and new virus trends such as how viruses are acquired, from which websites are you vulnerable to acquire viruses,

What happens when you visit those sites with adult content while carrying out online transactions, users should use strong passwords such as “whats my name @!” This should help in reducing cyber related risks which are faced by financial institutions.

We hope this article has been of great help to financial institutions look out for our next tips to the bank customers.


About the Author
Name:  Victor Tinka
About: Exploring Computer Vulnerabilities is my passion but I always find my hands dirty with code. The only “IT guy” in the family which makes me feel like the family head *:) happy