Are You Taking Your Online Security Seriously Enough?
In an article written by Banking Tech, the Internet Registry SIDN reported that only “6% of online banking websites were using Domain Name System Security Extension.”
Mobile Banking and Financial Information Systems both contain sensitive and confidential information. Big banks and those who develop FIS should take security seriously.
The article focused specifically on the UK Banking market, however this issue is well prevalent in the US market.
Online banking is on the rise and unfortunately banks aren’t able to gain a security advantage over the hackers.
How does security vulnerabilities affect the FIS? Hackers take advantage of security loop holes or vulnerabilities in the system. If banks have poor online banking security, then it would make it easier for a hacker to exploit the Financial Information System.
While hackers have had unfortunate success in stealing consumer’s bank accounts, if hackers can get into the bank’s master data they can do a lot of harmful transactions.
While 100% immunity from hacking is impossible, it is possible for banks to make it very difficult for hackers to exploit their systems and ultimately deter online hacking.
I agree that Banks don’t do enough in the US to enforce Mobile Security. For instance, the “chip”, which has been implemented in the UK for years, has still not been fully implemented in the US. I still see numerous large retail outlets that have their credit card chip reader slots sealed off. I think the banks have a responsibility in driving the importance of this, and should be held accountable.