Overcoming the Cybersecurity Challenges COVID-19 Poses for Banks

Overcoming the Cybersecurity Challenges COVID-19 Poses for Banks-Banner

Overcoming the Cybersecurity Challenges COVID-19 Poses for Banks

During the COVID-19 pandemic, banks face a unique set of challenges. A large volume of employees are working remotely, many branches have changed to drive-through only, and loan specialists around the country are scrambling to help business clients get the financial aid they desperately need. Compared to these problems, cybersecurity in the time of COVID-19 might become an afterthought, and that’s exactly what cybercriminals are hoping for.

Here are a few cybersecurity threats to watch out for and tips to help your bank mitigate risk:

 

Internal Threats

Of the cybersecurity threats your bank faces, especially during the COVID-19 pandemic, the most serious issues will stem from within your own organization.

Employee Error

Some financial institutions might be concerned about employees taking advantage of sensitive data while working remotely, but the reality is that the vast majority of employees will not intentionally harm your organization. According to a 2019 Kaspersky Lab report, 90% of data breaches are caused by human error. Is your bank empowering those working remotely with the knowledge they need to avoid accidentally compromising sensitive data?

Make sure you’re communicating with employees regularly to update them about new cybersecurity threats and best practices to avoid them.

Insecure Networks

When your employees are working from home, you have far less control over the information they’re accessing. This is especially true if employees are using personal computers and not company-issued laptops. To keep information secure, remind employees to use their bank-issued VPN and only connect to private Wi-Fi networks. According to Ron Buchanan, the chief information security officer at Atlantic Union Bankshares Corp., the biggest threat comes from throwing employees into remote work without ensuring that work can be done safely. “There are plenty of companies out there that aren’t used to working remotely and are in a rush to enable remote access services and doing that without the knowledge and proper protections,” Buchanan warns.

 

External Threats

Empowering your employees with the knowledge and tools they need to work from home securely will mitigate the largest cybersecurity risk your bank faces. However, in times of confusion and panic, cybercriminals will always try to take advantage. Americans have already lost $13.4 million to COVID-19-related fraud. Stay vigilant and avoid the following attempts to defraud your bank:

Compromised Video Conferences

In the age of COVID-19, meetings don’t take place in conference rooms and offices. They take place online. Organizations around the world have turned to services like Zoom, Skype and Blue Jeans to stay in touch, and while these services are convenient, they’re not always the most secure. The reason so many people use video conferencing software is the same reason it places your bank at risk: it’s easy to access. In an act most frequently called “Zoombombing,” uninvited attendees break into your meeting and either disrupt it or silently eavesdrop on confidential conversations.

Thankfully, with just a few precautions, your team’s video calls can be made much more secure. In your chosen video conferencing software, be sure to enable passwords and encryption settings. You should also advise all employees to stay alert. If someone joins a call that they don’t recognize or can’t identify, they should assume the call has been compromised and end the connection.

Phishing Attempts

Have you noticed an uptick in the volume of scam emails, calls, and texts that you’re receiving since the beginning of the COVID-19 pandemic? If so, you’re not alone. Digital scammers are seizing the moment and using the disruption caused by COVID-19 to steal money and information. With cybercriminals, there are no rules. They’ll impersonate government officials, IRS representatives, and even your own bank. This problem is two-fold—your employees need to be wary, but you also need to warn your customers.

Click here to watch a short video with tips to spot a phishing attempt.

 

Final Thoughts

With cyber-threats, awareness is the key to prevention, so make sure you’re staying informed on the latest cybersecurity threats and keep in touch with your employees and customers. As we face COVID-19 together, know that BASYS is a resource for your bank. Visit and bookmark our COVID-19 Bank Resources page for more helpful content, and reach out to us with questions, concerns, or for more information on how we can help your bank overcome the hurdles presented by this pandemic.

 


BASYS Processing as a business partner

If your processor isn’t delivering top-notch customer service and strategies to help grow your program, please call BASYS Processing at (800) 386-0711.  Let’s talk about creating a true business partnership that will help you meet and exceed your goals.

BASYS Processing features:

–  90% + Customer Retention Rate
–  Live operator when your merchant customers need support – no automated voice systems
–  Dedicated relationship manager for questions and concerns
–  Proactive contact with every merchant to walk through the annual PCI process
–  In-house PCI Team to assist with questions and concerns
–  Founded by a family who previously owned a bank
–  Track record of successful bank partnerships
–  Thorough Market Analysis followed by mutual plans and goals to grow your portfolio
– High-quality service mentality, similar to your bank
–  Vested interest in protecting your bank’s hard-earned reputation
–  In-depth initial bank training
–  On-going bank training via weekly call and boot-camp programs
–  Open line of communication between BASYS, you, and your customers
–  Quick response time for your questions and concerns; you are a priority

 

About BASYS Processing

BASYS Processing provides credit card and debit card processing services, and solutions that include terminals, virtual terminals, e-commerce, mobile, and point-of-sale, customized to fit any need.  Banksassociations, and software partners depend on us to strengthen their reputations and relationships with their customers by providing remarkable service paired with ultimate flexibility and pricing. Merchants depend on us to make accepting credit cards and debit cards convenient, safe & affordable. BASYS was founded in 2002 on one philosophy: to take care of our merchants, partners, and employees so they never want to leave. We are dedicated to working one-on-one with our customers to design the perfect solution. BASYS is Personalized Payment Processing.

Learn more at basyspro.com, and connect with us online at:

www.linkedin.com/company/basys-processing-inc-

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