“It is not the data that is being exploited, it’s the people that are being exploited.” ~Edward Snowden
Online security – something that we are a part of daily even without knowing, all the websites we visit, all the shopping apps, and even our social media platforms have our data connected to their servers which they try to protect with 100% secrecy. Online data security is a part of computer security, whose objective is to establish rules and measures that save user data from unauthorized internet attacks. Businesses from all over industries are required to protect their user data and their business data, but out of all the industries financial industries are highly targeted by the online attacks.
Money is the major reason for all the crimes which is why the industry is targeted. Recent studies show that the financial industry was a target of about 25% of the malware in Q1 2019. It is important for the industry to protect the data as the industry is majorly targeted, a lot of customers trust the industry and give their information, and most importantly downtime is costly for the industry.
Recently the industry has been targeted via the E- commerce websites where the customer gets a onetime password for the goods delivered, but these days the hackers go as delivery agents take those passwords from the customers in order to clone their phones and get sensitive information like the bank details. They later use those details and steal money from the customers.
New this year, the federal trade commission has implemented GLBA safeguard rules which require all the financial sector companies and professionals to have a data security policy in place. This also extended beyond the company’s direct reach to third party operations, which means the company will also be responsible for their third-party vendor’s policies. The best way to protect user’s data is to enforce strong passwords on their credentials, implement role-based access to the data files, train the company’s staff to recognize the data security threats, and always keep a backup of the data.
Other than the safeguard rules enforced by the federal trade, the users are also responsible for keeping their data safe. The users can keep their data safe in many ways like:
- Install an antivirus and keep it updated – this will help the users to keep their data safe and free from virus as it prepares the files and the data to fight against the virus
- Use unique passwords for every login – the hackers might try to log in to user’s different bank accounts with same id and passwords, the single best way to prevent this is by using a strong and unique password
- Get a VPN and use it – say if the user connects to a free WIFI where the chances of hackers trying to get information about your files are high, then turning on the VPN will help you to keep your data safe and even the owner of the free WIFI can not snoop around your files
- Use multi-factor authentication – this is pain but it surely keeps the user’s files and data secure, this is a second layer of security that you need to go through of while logging in to your files
- Use passcodes when it’s optional – instead of using patterns or simply just a swipe lock the users must prefer using a passcode or a biometric authentication whenever it optional
- Pay using your phone – instead of paying using a credit card the users should pay using their phones as it is much safer and more secure than paying through credit card, there’s an authentication layer that one will have to face using their phones which proves a secure environment
- Use different email addresses for different kinds of account – the users must use different email addresses for all accounts as the hacker might try to login the same email address in all the accounts once they crack your password
- Don’t fall prey to click Bait or Phishing scam – the users should be totally aware of what links they’re opening and what emails they’re opening, they should not open any thing that comes from an untrusted source as it might lead to hacking of phones and important data base