Mortgage security

How Strong is Your Bank’s Immune System?

You may have wondered at some point why the flu has never been cured. Many think of it as more of an annoyance that poses little or no threat to the infected, so it might seem that finding an antidote would be easy enough. However, the flu is an ever-evolving mutation. It has several strains that are constantly fluctuating.

Virtual Viruses Are An Ever-Evolving Internet Disease

One that recently surfaced, “Backoff,” was initially thought to only be a threat to retailers, but according to an article in American Banker, it poses a danger to banks as well.

This malware virus steals credit card information by breaking into points of sale, much like other viruses out there. However, this one has been used as a direct tool by many hackers and has reportedly broken into 600 retailers’ systems.

The Increasing Digital Cybersecurity Threat

As our world evolves into an ever more digital age, cybersecurity is becoming a mounting concern for banks and other financial institutions. This article from The Title Report says that for many global businesses, protecting their online data is high on their priority list. Some may not understand just how urgent of a concern it is; making these companies an easier target for viruses.

Cyber Ignorance Is Not Bliss for Banks

These cyber threats are always changing, constantly trying to find a way in to “infect” your company. If you are unaware that a new bug is working its way through systems similar to yours, you are likely to get hacked. If you are unaware that someone has the flu, you fail to take precautions and are more likely to contract the flu as well. Taking precautions is often what saves you in the long run.

What precautions does your company have in place to ensure online security?

Backoff is just one type of malware threatening banks; there are likely many more similar to it.

What Is Your Company’s Answer To Promoting Cybersecurity?

It may come as a surprise to some, but the flu can be a deadly virus. The elderly, very young, the obese, pregnant women, or those with serious medical conditions are those most at risk.

These cyber viruses can be life altering as well. While they may come as a surprise, they don’t have to. Ensuring that your financial institution has a healthy “immune system” could be the difference between the life and death of your company.

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