Why cyber security is important in banking?

Cyber security is key for Banks to keep customers money safe and secure. Cybersecurity also helps to maintain customer trust and confidence in the banking system. Banks use the latest security measures to protect customers' personal information and financial transactions.

Cybersecurity in Banking is the practice of protecting sensitive information and systems in the banking sector from unauthorized access, disclosure, disruption, modification, or destruction. Cybersecurity measures can help to prevent cyberattacks, such as phishing, sniffing and data breaches.

• Phishing attacks: Tricking victims into giving personal information.
• Sniffing: The act of intercepting and monitoring traffic on a network.
• Data breaches: Exposing customer financial information.

Customers can follow these steps to protect themselves from cyber issues:

• Be mindful while sharing information online: Do not share your personal information like your account number, password, OTP, PIN with strangers online.
• Be wary of fraudulent emails and text messages: Do not click on unknown links or open unverified attachments in emails or text messages.
• Always scan your attachments before opening.
• Use strong passwords and update them regularly: A strong password is at least 8 characters long and includes a mix of uppercase and lowercase letters, numbers, and symbols.
• Keep your software up to date: Software updates often include security patches that can help to protect your system from malware.
• Update antivirus regularly.
• Only use legitimate websites and apps: Enter your personal information on websites and apps that you trust.
• Be aware of the latest cyberattack scams: Stay informed about the latest cyberattack scams so that you can avoid them.
• Avoid using Public Wi-Fi networks to carry out financial transactions.
• If you are a victim of cyber fraud, report it on https://cybercrime.gov.in/ and National Helpline Number 1930.

Author: Bank of Maharashtra
Date of Publish: 25 Sep, 2023