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Identifying the Biggest Threat to Banking

Identifying the Biggest Threat to BankingFinancial Institution Directors have many risk management considerations to make when it comes to protecting their business and the finances of their clients. This starts with identifying what their biggest threats are. According to the Federal Trade Commission, 10 million identity theft incidents occur every year, leaving the victims at risk of losing money and sensitive information.

Large data breaches have topped headlines nationwide, however 30% of all cyber-attacks are targeted at small businesses, including financial institutions. One cybercrime in particular that is causing problems amongst many banking facilities is corporate account takeover. This cybercrime method involves thieves using malware, often by sending emails appareling to be from a trustworthy source, to obtain customers’ login credential for corporate online banking account.

Once an individual unknowingly installs the virus, the thieves can then monitor, access and transfer funds from accounts. By the time the victim realizes what has happened the money is gone, leaving the banker with a significant loss and potentially looking for someone to hold accountable, typically the bank or financial institution.

In addition to ensuring they are protected with the right Cyber Liability Policy, your clients should do everything they can to make sure their computers and networks are secure. At PL Risk, we understand the unique cyber risks your clients in various professions face. For more information about our Privacy & Network Security policies in addition to our other products and services, please contact us today at 855.403.5982.

 

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