Cyber Security And The Banking Industry - 1029 Words

Eric Frain Term Paper Financial Markets/ Institutions Cyber security in the Banking Industry In this day and age where technology has become more common, there has been problems developing over cyber security. According to Cybersecurity Report 2016, â€Å"Cybercrime has jumped to the second most reported economic crime PWC’s Global Economic Crime Survey and financial institutions are the prime target† (p.1). Financial institutions need answers to how the hackers find the weaknesses in their systems and they need to fast. Another survey also shows that, Macknight says, â€Å"According to The Depository Trust Clearing Corporation’s latest Systemic Risk Barometer Survey, cyber risk remained the number one concern globally among financial service professionals, with 70% of all respondents citing it as a top five risk. So as you can see, there is a developing trend going on and any one of use is vulnerable to having our identity stolen or money taken from one of our accounts that should have been protected. One thing that keeps coming to mind when I think a bout this topic is mobile banking and how many people now a days pay their bills online or go through an App to help them out. Macknight states, â€Å"Banks are constantly worried about whether their online customers are secure, using out-dated software or vulnerable to fraud†. The customer is coincidently the weakest link. Using out-dated software can be an easy indicator that you are at risk and should probably ask a tech or someoneShow MoreRelatedThe Impact Of Technology On The Financial System1478 Words   |  6 Pagesdevelopments worldwide, however, coupled with the increased dependence on technology is the complexity and sophistication of cyber security threats that has resulted in the rise in cybercrime not just in a technologically driven country like Australia but worldwide. 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