Security For Financial Institutions : The Security System

870 Words Mar 5th, 2016 4 Pages
Security for Financial Institutions Financial institutions, such as banks, are very susceptible to cybercrimes. Weaknesses throughout the security system leave the banks vulnerable regardless of the strength of the security measures. There are many threats and risks to banking institutions with some of the most common being malware, botnets, and DDoS attacks, as well as phishing and skimming. Inside attacks are also a threat to the security of banks as is customer fraud, also referred to as first-party fraud. Strengthening the security structure of banks and other financial institutions can be done by performing risk assessments and putting security programs in place where they will do the most good. One security threat that has been well publicized is skimming. Skimming refers to physical attacks performed at ATM (automatic teller machines) with the use of a small device inserted in the machine that reads the magnetic strip on the ATM card being used. Once the skimmers have the card number they simply watch what numbers you enter for the PIN and they have access to your card information. Another threat is to mobile banking. More and more customers prefer to do their banking from their smartphones and this poses a problem with security. Most of the security already in place for online banking does not work the same for mobile banking. As mobile banking grows in popularity so will the types of threats. Inside attacks refers to attacks performed from…
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