Breakthrough in online payments has significantly reduced complexities as a host of payment networks allow us to conveniently transfer payments– anywhere and anytime.
But one big concern lurks: securing transaction has now become a big challenge as criminals now use advanced tools, technical know-how, and social engineering to con us online.
Indeed, every time we log to online payment networks or banking apps, there is a good chance that we might be compromising on personal security. We never know whether the databases of those payment gateways are secure from hackers as we share highly sensitive information online.
The $81 million cyber-heist at the Central Bank of Bangladesh earlier this year followed by a spate of attempted heists involving some other banks from the Philippines, Ecuador, and Vietnam—is a testimony to how our digital security remains extremely vulnerable.
In all these cases, cyber-security experts say, banks failed to secure their IT systems. Failure to patch vulnerability—which was to make sure a secure access to the SWIFT system– provided cybercriminals ‘low-hanging fruits’, according to Justin Clarke-Salt, a cyber security expert as he spoke to the Financial Times over the issue. And the only way financial institutions can reinforce cyber security is through adopting data security solutions like Identity and Access Control Management, Privileged Access Management (PAM) / Privileged Identity Management (PIM), Secure Configuration Management, Database Activity Management– in the IT ecosystem.
Likewise, a myriad number of banking apps found in cyberspace are increasingly exposed to frauds. Hackers are now duplicating apps and place them in unauthorized stores to fool the online community and thus gather their identifications. So, the next time you download apps be mindful of from where you are downloading.
ARCON provides state-of-the-art technology aimed at mitigating information systems related risks. The company’s Privileged Access Management (PAM) / Privileged Identity Management (PIM) solution enables blocking unauthorized access to ‘privileged access’, while its Secure Configuration Management solution helps to comply with Governance, Risks, and Compliance (GRC) requirements .
Need a solution for safeguarding critical IT assets? Please contact us