Banks and financial institutions have been around for centuries. However, the processes have altered has changed considerably. The basic principles remain the same but the dependency on online transactions has raised concerns with data privacy and security. Banks have always had huge amounts of personal and financial information about their customers. In addition, all of that data has become easily accessible requiring robust cybersecurity measures to protect it. Bank Security Services Calgary deals with the concerns that appear with the growth of financial technology.
Technological advancements have led to many innovations and changes over the past few decades including credit/debit cards, wire transfers, online banking, and mobile payments. For encrypted bank security, banks not only have to upgrade their systems to accommodate these changes but also transform their data processing to ensure continued security. Bank security services help in implementing new technology to protect sensitive information and executing security measures to prevent attacks carried out by cybercriminals. Phishing and malware attempts are very common and banks have a legal responsibility to keep customer data safe and protect it from cyberattacks or unauthorized access.
Bank Security Services Calgary Best Practices for Data Security
Banking rules and regulations are constantly changing according to the requirements imposed by contemporary banking systems. Banks have to follow a 360-degree approach to secure sensitive data ensuring no data breach takes place internally or externally. Bank Security Services Calgary involves securing the internal processes related to vendors, employees, and systems and customer-facing end-of-banking processes altogether.
Here are best practices on how to secure data in the banking industry:
Authentication
This requires that every transaction in the bank takes place after the confirmatory step of verifying the person’s identity initiating the transaction. Authentication applies to customers logging in to mobile banking systems online, visiting the bank in person, or using credit/debit cards at ATMs and POS terminals. Also, it applies to bank employees who have access to customers’ and banks’ data. Many banks have now implemented two-factor and multi-factor authentication with the help of Bank Security Services Calgary to ensure the person’s actual identity. Authentication simply requires an ID and a password or PIN. Moreover, banks are also using biometric authentication techniques to validate customers’ identities. This includes behavioral biometrics when they interact with any banking systems like Interactive Voice Response (IVR). Bank Security Services Calgary plays a crucial part in the bank’s overall information security strategy.
Audit Tracks
Maintaining a history of banking transactions is important for data privacy and security. Audit tracks are always available as a statement or passbook. Also, banking systems maintain an audit trail for every affair that takes place during a customer’s interaction with the systems. Bank Security Guard Company Calgary is crucial for quickly responding to incidents like a security breach or ransomware attack. In addition, the time of the interaction is recorded along with the details of the interaction whether it is a customer using phone banking or online banking. Data is backed up daily and is never eliminated but archived at defined time intervals. Maintaining a response plan for security incidents is also a part of the audit trails.
Safe Infrastructure
A well-protected infrastructure involves the database systems and servers where data is kept as well as the boundaries established to save these. Production data is typically encrypted in any core banking system. Bank Security Services Calgary limits access to production systems with only authorized providers handling critical infrastructure. Moreover, effective access management is key to securing these databases. Important data like customer name, bank account number, and address must be masked if required for testing. Also, vendors who deal with infrastructure are commonly different from those who deal with applications. Bank employees are frequently given special equipment where access to personal emails, social websites, and USB ports is blocked. Thus, bank employees can only access the network over a VPN when using public Wi-Fi.
Encrypted Processes
Bank Security Services Calgary established many processes to ensure security implementation and testing. For instance, Non-disclosure agreements (NDA) for employees and vendors, the Know Your Customer (KYC) updates for customers, and fortifying special zones within the premises and remote data centers. Banks can safeguard customers’ data like names and credit card numbers and mitigate insider threats with Data Loss Prevention (DLP) solutions. These security solutions can also help meet regulatory compliance requirements of data protection regulations such as GDPR and PCI DSS. Thus, security encryptions ensure that a bank’s security meets consensus standards and retains its customers’ information secure. Moreover, processes related to global and local regulations are implemented as well as risk assessments to ensure that these processes are following the requirements.
Constant Communication
Bank Security Services Calgary communicates regularly with consumers on upgrades to systems. They play an important part in the introduction of new authentication procedures. In addition, these secure the periodic account statements that are generated and sent to customers. Customers can also set alerts and limits based on different conditions to ensure that they are well-versed if any unexpected activity takes place regarding their accounts. The set-up is flexible to cater to customers’ convenience while there are multiple channels of communication available for better banking operations.
Strengthening Data Security with Bravo Security
Bravo Security is a leading company offering bank security services Calgary ensuring personal and financial data remain secure. We deploy various security solutions to safeguard customer data. Our processes include DLP solutions like Endpoint Protector. Our security solutions provide comprehensive and tailored ways to meet the unique challenges faced by the banking industry.
Bravo Security helps to prevent regulatory issues, penalties, operational disruptions, and reputational damage that result from data breaches at the endpoint. We continuously monitor and control how information is being used to lessen the risk of insider threats and data loss from negligent, malicious, and compromised users. We particularly use tools for detecting sensitive information in formats that OCR solutions might overlook. Thus, ensuring comprehensive data protection and supporting compliance with financial regulations. Get your quote now.