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Cybersecurity in Banking Sector: Explained Cyber Threats & Financial Firms

Cybersecurity in Banking Sector

Cybersecurity in the banking sector is crucial to protect against cyber threats and financial fraud. It involves safeguarding computer systems, networks, and data from unauthorized access, malware, phishing, and more. Implementing cybersecurity measures like employee training, multi-factor authentication, firewalls, and encryption helps protect customer information, secure transactions, and maintain trust in the banking industry. Building a career in banking cybersecurity requires education, experience, certifications, and staying updated with the latest trends.Ā 

Read the blog till the end to know how to enter the cybersecurity in banking sector.

What is CyberSecurity?

What is Cybersecurity?

Cybersecurity is the practice of protecting computer systems, networks and data from unauthorized access, theft or damage. It involves putting measures in place to prevent cyber threats so that information remains confidential, intact and available.

What is the need for CyberSecurity?

Nowadays when much of our info is stored digitally it has become essential for us to use cybersecurity. Hackers, malware creators, phishing attempts and ransomware can create a huge risk for people as well as organizations or whole countries if they aren’t protected against these digital risks.

What is the importance of cybersecurity in Banking?

Challenges Relating to Cybersecurity in Digital Banking

The banking industry is responsible for handling a massive number of confidential financial details, making it an obvious prime target for cybercriminals. Without appropriate cybersecurity strategies in place, banks can be vulnerable to data breaches, financial fraud and damage to their reputation. Setting up proper cybersecurity measures within banking helps protect customer info, secure online transactions and keep the reliability and trustworthiness of our economic system intact.

What are the cybersecurity threats?

What are the cybersecurity threats?

Cyber threats that have been directed towards the banking sector are many different kinds which also change quite often.
One of the biggest challenges for banks is how to deal with potential threats they may face. A few of the cybersecurity threats are as follows-

  • Malware

Malicious software, including viruses, worms, Trojans, and ransomware.

  • Phishing

Deceptive emails or messages that trick users into revealing sensitive information.

  • Social Engineering

Manipulating individuals to divulge confidential information.

  • Distributed Denial of Service (DDoS) Attacks

Overwhelming a target system with traffic to make it unavailable.

  • Man-in-the-Middle (MitM) Attacks

Intercepting and altering communication between two parties.

  • Password Attacks

Cracking, guessing, or stealing passwords to gain unauthorized access.

  • Insider Threats

Malicious actions or data breaches from within an organization.

  • Zero-Day Exploits

Attacks targeting vulnerabilities that are not yet known to the software vendor.

  • SQL Injection

Injecting malicious SQL queries to manipulate a database.

  • Cross-Site Scripting (XSS)

Injecting malicious scripts into web applications.

  • Cryptojacking

Illegally using someone’s computer to mine cryptocurrency.

  • Drive-By Downloads

Automatically downloading malicious software when visiting a compromised website.

  • IoT Vulnerabilities

Exploiting security weaknesses in Internet of Things devices.

  • Ransomware

Encrypting files and demanding a ransom for decryption.

  • Data Breaches

Unauthorized access to sensitive data, often for theft or exposure.

  • Credential Stuffing

Using stolen credentials from one site on other platforms.

  • Brute Force Attacks

Repeatedly trying various combinations to guess passwords.

  • Eavesdropping

Intercepting and monitoring network traffic.

  • Keyloggers

Recording keystrokes to capture sensitive information.

  • Malvertising

Spreading malware through online advertising.

  • Watering Hole Attacks

Compromising websites frequently visited by a target group.

  • Fileless Malware

Malware that operates in memory, leaving fewer traces on a system.

  • Drive-By Pharming

Changing DNS settings on a router to redirect users to malicious sites.

  • Typosquatting

Registering domain names similar to popular websites to deceive users.

  • Session Hijacking

Taking over an established user’s session to gain unauthorized access.

  • Credential Theft

Stealing login credentials through various means.

  • Supply Chain Attacks

Targeting vulnerabilities in third-party software or hardware.

  • Botnets

Networks of compromised devices used for malicious purposes.

  • Worms

Self-replicating malware that spreads across networks.

  • EternalBlue Exploits

Leveraging a Windows vulnerability to spread malware, as seen in the WannaCry attack.

Note:Ā Know the Types of Cybercrime by clicking on this Link.

How to face the threats to the banking industry?: Cybersecurity Solutions

A few methods to face and resolve the cyber threats to the banking industry are as follows-

  • Employee Training

Educate employees about cybersecurity best practices, such as identifying phishing attempts and maintaining strong passwords.

  • Multi-Factor Authentication (MFA)

Implement MFA for both customers and employees to add an extra layer of security.

  • Firewalls

Use robust firewalls to protect against unauthorized access and intrusion attempts.

  • Intrusion Detection Systems (IDS) and Intrusion Prevention Systems (IPS)

Deploy IDS and IPS to monitor network traffic and detect and prevent suspicious activities.

  • Regular Updates and Patch Management

Keep all software, including operating systems and applications, up to date to address known vulnerabilities.

  • Data Encryption

Encrypt sensitive data both in transit and at rest to protect it from unauthorized access.

  • Network Segmentation

Divide the network into segments to limit lateral movement by attackers in case of a breach.

  • Endpoint Security

Employ antivirus and anti-malware solutions on all endpoints (computers, mobile devices) to detect and prevent malware infections.

  • Incident Response Plan

Develop and regularly update an incident response plan to efficiently address security breaches when they occur.

  • Security Information and Event Management (SIEM)

Use SIEM tools to monitor and analyze security events across the network in real time.

  • Regular Security Audits and Penetration Testing

Conduct periodic security audits and penetration tests to identify vulnerabilities and weaknesses.

  • Vendor Risk Management

Assess and monitor the cybersecurity practices of third-party vendors who have access to your systems or data.

  • Behavioral Analytics

Employ behavioural analysis tools to detect anomalous behaviour patterns that could indicate a security threat.

  • Threat Intelligence

Stay updated on the latest cybersecurity threats and trends by subscribing to threat intelligence feeds.

  • Regulatory Compliance

Ensure compliance with industry-specific regulations and standards (e.g., PCI DSS, GDPR) to avoid legal and financial penalties.

How to build a career in cybersecurity in Banking?

Launching a career path into banking cybersecurity requires lots of education, skills building, and experience – it’s not impossible though if you put time into developing each element properly!
Some actionable steps to take into account include-

  1. Getting a relevant degree in cybersecurity, computer science, or an associated field.

  2. Getting hands-on experience through internships or rookie positions in cybersecurity.

  3. Achieving industry-recognized certifications such as Certified Information Systems Security Professional (CISSP) or Certified Ethical Hacker (CEH).

  4. Enhancing strong analytical and problem-solving talents.

  5. Keeping up with the recent trends and technologies in cybersecurity by continuous learning.Ā 

What are the top cybersecurity courses available in IT?

The top available cyber security courses in IT are as follows-

  • CEH (v12)

CEHĀ is a certification that teaches ethical hacking skills. It equips professionals with knowledge to identify and counteract vulnerabilities and threats, enabling them to think like hackers and protect systems and networks from cyberattacks.

The exam details for theĀ CEH (v12) courseĀ are as follows-

Exam Name

Certified Ethical Hacker (312-50)

Exam Cost

USD 550

Exam Format

Multiple Choice

Total Questions

125 Questions

Passing Score

60% to 85%

Exam Duration

4 Hours

Languages

English

Testing Center

Pearson Vue

  • CISSP Training

CISSPĀ is a globally recognized certification for information security professionals. It covers a wide range of security topics, including access control, cryptography, and risk management, and validates expertise in designing, implementing, and managing security programs.

The exam details for theĀ CISSP trainingĀ course are as follows-

Exam Name

ISC2 Certified Information Systems Security Professional

Exam CodeĀ 

CISSP

Exam Cost

USD 749

Exam Duration

4 hours

Number of Questions

125-175

Exam Format

Multiple choice and advanced innovative questions

Passing MarksĀ 

700/1000 points

Exam LanguageĀ 

English

Testing CenterĀ 

(ISC)^2 authorized PPC, PVTC Select Pearson VUE tests

  • CompTIA PenTest+

CompTIA PenTest+ certifies skills in penetration testing and vulnerability assessment. It focuses on hands-on techniques for identifying and addressing security vulnerabilities, making it suitable for professionals who want to specialize in offensive security.

The exam details for theĀ CompTIA PenTest+Ā course are as follows-

Exam Code

PT0-002

Number of Questions

Maximum of 85 questions

Exam Cost

USD 392

Type of Questions

Performance-based and multiple choice

Length of Test

165 minutes

Passing ScoreĀ 

750 (on a scale of 100-900)

Languages

English, Japanese, Portuguese and Thai

Testing Provider

Pearson VUE

  • CompTIA Security+

CompTIA Security+ is an entry-level certification covering essential security concepts and practices. It validates knowledge of network security, cryptography, and threat detection, making it a good choice for beginners and those pursuing IT security careers.

The exam details for theĀ CompTIA Security+Ā course are as follows-

Exam Code

SY0-601

Number of Questions

Maximum of 90 questions

Type of Questions

MCQs and performance-based

Length of Test

90 minutes

Passing Score

750

Exam Cost

USD 392

Testing Provider

Pearson VUE

Languages

English, Japanese, Vietnamese, Thai, Portuguese

  • CompTIA CySA+

CompTIA CySA+ is a mid-level certification emphasizing threat detection and analysis. It equips professionals with skills to monitor, analyze, and respond to security incidents effectively, making it valuable for security analysts and related roles.

The exam details for theĀ CompTIA CySA+Ā course are as follows-

Exam Name

CompTIA CySA+

Exam Code

CS0-003

Exam Cost

USD 392

Exam Format

MCQs and performance-based questions

Total Questions

85 questions

Passing Score

750/900

Exam Duration

165 minutes

Languages

English, Japanese, Portuguese, and Spanish

Testing Center

Pearson VUE

Where to learn the top cybersecurity skills?

To learn the top cybersecurity skills in IT, you can choose Network Kings. Being one of the best ed-tech platforms you will get to enjoy the following perks-

  • Learn directly from expert engineers

  • 24*7 lab access

  • Pre-recorded sessions

  • Live doubt-clearance sessions

  • Completion certificate

  • Flexible learning hours

  • And much more.

NOTE: Get in detailed information on Top Cybersecurity Skills to become a Cybersecurity Expert by clicking on this link.

What are the salary aspects for a banking cybersecurity expert?

The salary aspects for a banking cybersecurity expert are as follows-

  1. United States: USD 90,000 to USD 180,000 per year

  2. United Kingdom: GBP 45,000 to GBP 120,000 per year

  3. Canada: CAD 80,000 to CAD 150,000 per year

  4. Australia: AUD 80,000 and AUD 150,000 per year

  5. Germany: EUR 60,000 to EUR 120,000 per year

  6. France: EUR 45,000 to EUR 100,000 per year

  7. Singapore: SGD 60,000 and SGD 150,000 per year

  8. India: INR 600,000 to INR 2,500,000per year

  9. China: CNY 150,000 to CNY 400,000 per year

  10. Japan: JPY 5,000,000 to JPY 12,000,000 per year

  11. Brazil: BRL 80,000 to BRL 200,000 per year

  12. South Africa: ZAR 300,000 to ZAR 800,000 per year

  13. UAE (Dubai): AED 180,000 and AED 400,000 per year

  14. Saudi Arabia: SAR 120,000 to SAR 300,000 per year

  15. Russia: RUB 1,000,000 to RUB 2,500,000 per year

Wrapping Up!

Cybersecurity is an essential part when it comes to protecting banks against cyber attacks. When one wants to pursue a career in banking security they need to implement robust protection measures along with keeping updated about industry trends so that they build the necessary skill set required by them.

As technology keeps advancing day by day it is increasingly becoming crucial for not only financial organizations but also individuals who are involved directly or indirectly in making sure that all safety & integrity-related aspects regarding the Banking Industry remain intact no matter what comes what may.

Happy Learning!

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