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Cyber Security is significant for every profit and non-profit making financial institutions. Banks carry vital information about their clients, and the attackers very well know this fact. So, it becomes imperative for banks and financial institutions to have robust Cyber Security in place.
Earlier it was physical thefts; then, it appeared frauds through computers, and today it is not only cyber frauds but also direct hacks into servers to get hold of personally identifiable information (PII) of customers.
As people and companies across the world perform most of their banking or financial transactions through diverse online channels, the risk of a data breach is increasing continuously. This scenario is why there is a more substantial prominence to inspect the consequence of information protection and secure transaction processes, which makes it important for financial institutions to have Cyber Security.
The reasons behind the importance of Cyber Security in banks
The key idea behind Cyber Security measures for banks is to safeguard customer assets and their transactions. As both B2C customers and organizations go cashless, financial activities are done via physical credit scanners and online checkout pages. In both scenarios, PII can be readdressed to other settings and utilized for malicious actions.
Not only does this affect B2B clients and customers. It even considerably hurt the bank while they crack to pull through the data. When the details are taken hostage, the bank or a financial institute requires paying out a significant amount to release the data and information. In turn, they lose the faith of their customers, other financial institutions, and related stakeholders.
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