Analysis: These days, banking apps have become integral to financial transactions. As a result banks are finding that ensuring the security of their apps is more critical than ever. Cybercriminals have evolved and so financial providers like banks need to evolve their tools as well. That said, as large corporates, banks have access to substantial resources and are uniquely positioned to invest in advanced technologies and implement robust cybersecurity strategies.
Social engineering tactics, where a criminal poses as a trusted source like a bank to manipulate app users into doing things like revealing confidential information, clicking links or sending money to criminals, pose significant risks. As these threats evolve, especially with the rise of generative AI, banks must continuously update and enhance their security measures to prevent potential breaches.
Generative AI can be a tool to fight fraud. But it also represents a real threat, creating more sophisticated cyber-attacks and meaning banks must stay vigilant and adaptive in their defence strategies. But it's not all bad news. Banks have the money to invest in the latest cybersecurity technologies and there are some key measures they should implement.
The importance of cyber awareness While technology plays a crucial role, the reality is that human error remains a big vulnerability for any organisation. Banks must invest in comprehensive cyber-awareness programmes for both employees and customers. Regular employee training sessions on the latest cyber threats and security practices can help staff recognise and respond to potential attacks.
When it comes to the SMEs and micros, the reality is that often they lack the resources to introduce advanced cybersecurity measures. This can make them potential targets for cybercriminals. Banks, being large corporates that can afford the latest tech, can and should provide support to smaller businesses like these.