The dematerialization of services at banks is characterized by the strong growth of digitization. Hackers then have more leeway and the risk of a cyber attack is now high. Game Status.
Banks are moving to the cloud
To promote their products while getting closer to their customers and attracting new customers, banks are prioritizing services that turn to outsource and the cloud. They are exposed to various problems that open loopholes and create vulnerabilities that hackers are looking for. This is the result of the European Central Bank, according to which banks invest billions of euros in IT every year.
One of the challenges for banks
This year banks are facing some major challenges, including IT security. The aim is not to lose millions of euros in a few hours. These challenges are:
Economic, financial, and political issues
related to debt sustainability.
The resilience of the banks' business the model with a very low key interest rate from the ECB leads to very intense
banking competition.
Very
high risk of cyberattacks that banks in Europe are exposed to.
According to the European Central Bank, these three topics will shape the activities of banks operating in the eurozone. This situation will continue for three years in a row.
IT security need
Banks operating in the eurozone must be careful to develop an effective IT security strategy to reassure customers. Using the cloud is essential. This must go hand in hand with appropriate measures to avoid the mishap experienced by the American company Capital One. Much of its activity has been hosted on the Amazon Web Services Cloud, which is known for its reliability. However, incidents have occurred that create loopholes. They have been identified by the hackers monitoring the smallest flaws in the cloud. The data of 106 million customers was therefore hacked. Migrating banking services to the cloud can open doors for hackers. It's inevitable, but we have to take the necessary precautions, ”said a cybersecurity software maker. "Banks need to be aware of the risks and apply responsible management and data security," said an official from the ECB. Using good software like Altospam or AUD email reduces the risks.
ECB & U.S inspections
In a report, the ECB names cyber-attack threats that are increasing due to the digitization of financial services. Today, customers mainly conduct their transactions online using their smartphones. This practice is encouraged by the banks. However, this leads to certain weaknesses in the tax authorities. "They committed themselves to cybercrime and operational IT dearths it took them to a perfect storm," said the European Bank.
The European Central Bank is planning on-site inspections. The aim is to identify the defects. This is to encourage banks to use good computer security practices. The ECB found that the vast majority of security concerns generally stem from a failure in the application of risk detection rules.
