Cyber security is more important than ever as mobile devices now manage and store all kinds of sensitive information. With 1,579 breaches in the U.S. last year, hacking continues to be a real threat. Banks are a popular target for cyber criminals. Earlier this year, Accenture released a report stating that the breach rate for financial institutions has tripled in the last five years.
Companies like Positive Technologies are helping banks fix their vulnerabilities by running penetration tests. They discovered that all of the banks they’ve worked with over a three-year period had security flaws. Attacks range from malware, ransomware, denial of service, spam, phishing, and other schemes that can cause serious damage. Take the Equifax breach last year. It affected 140 million people and cost the credit bureau over $200 million.
Since banks are more likely to be attacked than other businesses, it’s crucial for them to have robust security that adapt with the times. A cyber security system should be effective against new and emerging threats, not just past methods.
Security firms are leveraging artificial intelligence and machine learning in order to fight hacking attempts. For example, machine learning can be used to detect attacks much faster than processes involving humans. It’s believed that AI and machine learning improve over time and become more effective in preventing cyber attacks.
Blockchain and Biometrics
Banks are adding other security features to their systems. Some are requiring biometric passwords to their apps while others are requiring biometric confirmation when users make purchases online. The blockchain can also be key in making it difficult (or even impossible) for cyber criminals to hack financial systems. Cryptography ensures that a person can only edit the parts of the blockchain that they “own” — by possessing the private keys necessary to write to certain files. And the blockchain ensures that everyone’s copy of the distributed ledger is kept in sync, which is key to preventing manipulation of records.
Companies like Hoyos Integrity are creating blockchain-based smartphone systems that bind a user’s identity to their encrypted biometrics on the blockchain. A user can be linked to every transaction. This approach helps to eliminate financial fraud.
Hoyos also utilizes a unique operating system, the same one used on secure Boeing jets to protect people from malware and other malicious attacks. The company’s private blockchain ensures that transactions remain secure with little-to-no trackability. You can join the token presale by visiting here, as well as learn more about Hoyos Integrity here.
Governmental Policies
Organizations and voters are increasingly looking to the government to establish policies that fight cyber crime. Getting involved in your state and national government can help spark change. There are initiatives that seek policies that are intended to help the U.S. government deter and apprehend malicious attacks. Advocates also want policies that outline the consequences for hackers.
Banks need to evolve so that their systems remain secure and robust. The blockchain is one innovation that can dissuade would-be attackers from even trying.
