Top 5 tips to practice data security for bankers

Imagine a world where customer data is always safe. Unfortunately, that’s not the world we live in right now. Here’s what financial institutions can do to protect their customers.

Globally, 98% of the top 100 fintech startups are at risk of major cyberattacks. This includes data breaches on web, mobile, phishing, and more. Data security is important for bankers.

Here’s why and what you can do to prepare and combat such attacks.

Why data security is important for banking

When prospects approach you, what’s their number one concern?

“Will my money be in safe hands?”

When you think about it, banking and financial institutions are built based on credibility and trustworthiness. Data breaches make it difficult for us to trust financial institutions. A weak system can make it difficult for your customers to trust you. The risk of data breaches is increasing these days with the rise of digital money which could put your customers in danger.

As bankers, you always need to be on guard. So, it’s vital to ensure cybersecurity measures extend to all devices and infrastructures. You need to protect your customers’ data and privacy. Let’s eradicate your customers’ anxieties and provide them with the safety they deserve.

Which is why financial sectors are now prioritizing cybersecurity.

Here’s how to protect your customers

Communicate with your customers

What do customers value in banks? Trust and credibility, right? To build this trust, you always need to be in constant communication with your customers. If something happens, let them know immediately by using a chatbot. A lot of the time, customers are unaware of what is happening as banks often send a notification via email. Email notifications can get lost in a sea of spam mail, so reach out to them on a platform they use regularly- like WhatsApp or Facebook messenger.

You can also use the chatbot to educate your users. Give tips on a regular basis on how they can protect their data to prevent further threats from happening. When you notify your customer of these instances, it will help them adapt to new habits to protect themselves and their investments.

Consider investing in Artificial Intelligence solutions

The rate of cyberthreats is climbing, but cybersecurity is also on the rise. Consider investing in Artificial Intelligence solutions to prevent cyberthreats and fraud for both back-end and front-end systems.

For example, predictive analytics can be used to detect suspicious activity for the front-end. Usually, when a customer accesses their account, they do so by using their phone or a laptop they use regularly. This type of behavior is “predictable.” But say someone is trying to log in into a customer’s account from a device the customer has never accessed before. This would be noted as atypical behavior, and it raises an alarm. The platform then notifies both you and the customer to take further action before the hacker can even get in.

Another example is how Machine Learning can be used as a tool for fraud detection in the back-end side of things. The combination of Machine Learning and data analytics software recognize incoming fraud cases. Cyberthreats aren’t a part of a platform’s “normal” behavior, so when the threat is incoming, the machine flags it. The firewall then protects our data, and the machine learns from this “mistake” to protect them in the future.

Lots of data, no control

Nowadays, there are a lot of ways for customers to access their accounts. Whether it be digital wallets, mobile applications, websites, etc., there are a lot of these channels. And they are usually moderated by a cloud-based platform. Multiple channels could make your system susceptible to attacks. They give hackers a path to inject their malware into one channel, which can then spread and infiltrate the rest. This is what is known as “cross platform malware infection.” Preventing that depends on your infrastructure. Which is why a lot of people are now looking into private cloud solutions, or on-premise solutions.

“Cloud isn’t the end all. Yes, some things should go to the cloud. But similarly, something should stay in a datacenter that you build and manage.”

- Kevin Jackson, Founder of Sociaall and world-renowned Cloud influencer

If you’d like to know more information about the differences between cloud solutions and on-premise solutions, check out this blog!

Going on-prem

An on-premise solution, like Engati is completely independent of other vendors. This is whatmost government and banking sectors opt for. The data is accessed using a local network, so the chances of a hacker infiltrating is very slim.

With on-premise, it’s your data and it’s in your hands. You have the power to control who mustaccess your data. You have the power to oversee the control each channel has. And you have the power to completely customize your software into your current workflows.

A new age of banking

Nowadays, a lot of customers are opting to interact with chatbots, as opposed to other humans when it comes to sensitive information. In fact, 85% of business interactions will be contactless by 2020, according to Gartner. A chatbot will carry out most of our interactions. And it makes sense. Chatbots offer a degree of confidentiality that no human can. There’s always some risk that identity theft can be carried out by an insider. However, a chatbot can waive this risk. You will be able to program the chatbot to follow all policies and security regulations so that you can ensure the safety of your customers.

Another benefit a chatbot provides is that it can conduct repetitive, transactional interactions. Here’s what Bill Mew, the founder, and CEO of The Crisis Team has to say:

“Cybersecurity skills are in short supply and the burden of basic user support tasks is such a drain on security teams that they are often unable to focus on higher value prevention and detection. Using chatbots to handle repetitive or simple support needs can free up the team enabling CISOs to better allocate their time on more complex or urgent tasks.”

And finally, if a data breach occurs, you may lose a lot of time and money. You need a tool to console your customers while you work hard towards recovering all the lost investments. A chatbot will provide a way to communicate with your customers and to let them know that they are being cared for.

Have the best of both worlds with an Engati on-premise chatbot

A chatbot can provide a way to interact with your customers in a way that is safe and confidential. And when you opt for an on-premise chatbot, you have the power to control your data. And the ability to customize your data flow channels to keep your customers as safe as possible. Explore on-premise with Engati today.

Register with Engati to explore more.

Source of Blog cover image: Freepik

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