Are banks taking security seriously enough?

In today’s world, there are many hackers trying to produce malware and steal from large companies and corporations.  With that said, the banking industry is one of the main targets for hackers because of the large amount of money they can make if successful.  While banks are currently being attacked over the web, a recent report by the Internet Registry SIDN discovered that only 6% of online banking websites were using Domain Name System Security Extensions, which is significantly behind other industries.  In addition to this, another study found that only five out of eleven leading high street banks had adopted a two-step authentication to protect customers when they logged into their accounts, despite having the technology to do so.  Banks are constantly releasing statements stating that security is their top priority, but experts feel they are not doing enough, as 755 million pounds were stolen in 2015 alone–a jump of 26% from the previous year.  This number accounts for all types of financial fraud including online attacks with malware and data hacks, deception scams, and impersonation fraud.  The number of people using online banking has escalated tremendously, but the cybersecurity has not followed suit.  For many people, password verifications, authentication processes, and alerts are a major nuisance, but without these forms of online security protocol, peoples’ bank accounts and information are easily available for hackers.  The main problem, however, lies with the fact that even multi-layer security protocols can be hacked by the best hackers.

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