Preventing Cybercrime at your Financial Institution
In the eyes of the general public, banks and financial institutions are viewed as paramount examples of security. Banks are entrusted by millions of people to safeguard their financial lifelines; the impossibility of breaching this level of security has been the inspiration for countless film and literary storylines. But in the digital age, “security” is becoming a much broader term.
Previously, financial institutions were charged with protecting your physical monies and hard copies of personal information. Now, cloud-based storage has opened up the world of banking –– both to exciting security capabilities and to enticing opportunities for creative and technologically-savvy thieves. Welcome to the age of cybersecurity.
The Dangers of Cybercrime
Unless you’ve been totally off the grid, you know that security breaches at financial corporations have been all too frequent in the past few years. These breaches are incredibly dangerous and have security implications that surpass customer’s financial safety; money is certainly at risk, but so is incredibly private personal information, the exposure of which can lead to horrific cases of identity theft.
In 2014, a cyber attack on JPMorgan Chase left the personal information of over 76 million households and 7 million small businesses vulnerable, targeting over 83 million accounts. The cyber thieves also targeted nine other major financial institutions and banks including Citigroup, HSBC Holdings, and Fidelity Investments. The impact of the breach woke up the world to the dangers of storing our personal and financial information online, and the banks were left to pick up the pieces while attempting to ease a frightened consumer base. When we look at stories like these, it’s hard to ignore the enormity of the issue.
Technology and security risks
Ten years ago when talking about the impact of technology on our world, we needed concrete examples to illustrate our point. Now, this is unnecessary. Tech is everywhere, and it’s an integral part of our daily lives, seamlessly integrated into most industries. The banking industry is no exception here. Data is now stored almost entirely online, and mobile banking is the norm.
As previously discussed, these new realities are laced with an inherent risk for bank customers. Transferring information across potentially unsecured networks leaves information and data vulnerable to criminal opportunists. And as more of us do our banking on our phones and other mobile devices, these already inconsistent networks can become overtaxed, causing fleeting disruptions –– the perfect time for cybercrime to strike.
Instances of cybercrime show us weaknesses in network security. Banks and financial corporations need networks that guarantee security both when transferring funds and information, but research continues to point to the risks of using Wi-Fi alone. Weaknesses in generic Wi-Fi connections can expose most operating systems and corresponding devices –– including but not limited to Android, Linux, Apple, Windows, and Linksys –– to cyber vulnerability.
The need for reliable cellular connections
So in the age of cybersecurity, what can banks do to protect customer information?
The only way for these financial institutions to truly provide security to their customers is by using a strong and reliable cellular signal. Backing up an existing network with a powerhouse cellular signal will ensure your bank’s ability to properly transfer money and sensitive personal information digitally without the risks associated with using Wi-Fi. These measures are essential to providing the required security and service experience bank customers demand in 2018. But how can financial firms boost cellular signal without disrupting operations?
WilsonPro Carrier-Agnostic Cellular Signal Boosters
WilsonPro cellular signal boosters offer a unique solution to banks looking to secure reliable network for all employees and customers without a complicated or intrusive installation process. WilsonPro boosters lock onto existing cellular signal to amplify the connection in your facility. Our cellular signal boosters provide a more cost-effective, faster, and more reliable connection for financial and information transactions, and a built-in shield against cybercrime.
By relying on traditional Wi-Fi or settling for an unreliable cellular signal, you put your customers information –– and your own business –– at huge risk. WilsonPro’s carrier-agnostic cellular signal boosters improve reception, increases bandwidth for faster transactions, better quality voice and provides the security for network communications you and your customers need. Contact WilsonPro today to find out how we can serve your bank or financial institution in this demanding digital age.