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Secure Mobile Connectivity Reduces Cybercrimes at Banks, Businesses

Sep 27, 2018

Secure Mobile Connectivity Reduces Cybercrimes at Banks, Businesses

If you take a survey of prime examples of businesses that require high online security to protect their customer data, you will probably find that a large proportion of the answers will be financial institutions in general, and banks in particular.  Almost every person entrusts a bank or financial institution of some description with their finances, necessitating almost impossible levels of security to keep the financial information of millions of people safe. Plenty of literary storylines and Hollywood films have focused on the idea of breaching the seemingly impenetrable walls of financial institutions. But in today's digital world, "security" is a much more far-reaching term.

It wasn't long ago that the sole purpose of financial institutions was to protect physical items - hard copies of valuable documents, physical cash by way of notes and coins, and valuables such as precious metals and jewelry. But the world is a very different place today, and cloud-based storage has necessitated a focus on a new type of security - cyber security. Not only do cloud-based solutions open up a new world of exciting capabilities, they also create opportunities for technologically advanced data thieves where none previously existed.

Understanding Cybercrime.

Based on the sheer number of news reports regarding various data security breaches at financial institutions and other highly visible corporations (including recent FaceBook data breach affecting over 50 million people - reported on Sept. 28, 2018 but had occurred 3 days earlier on Sept. 25th), it is fair to say that instances of cybercrime are becoming all too common today. Not only do these dangerous data breaches have far-reaching security implications with regards to the financial safety of everyday people, they also put people at very real risk of identity theft by exposing confidential personal information in the process. True, huge social media sites like FaceBook and Twitter have some personal data on individuals but nowhere close to the details the banks do - It includes social security numbers, bank balances, credit ratings, and more.

The 2014 JPMorgan Chase cyber-attack caused the exposure of 7 million small businesses and more than 76 million households to identity theft following the release of highly sensitive personal information. A total of 10 major banks and financial institutions including Fidelity Investments, HSBC Holdings, and Citigroup were targeted in the attack, the impact of which effectively woke the world up to the dangers of keeping financial and personal information in online storage. The cyber-attacks left the banks to pick up the pieces of their shattered reputations while working hard to ease the minds of their terrified customers. Indeed, it is difficult to deny just how enormous cyber security is, when considering such high-profile cyber-attacks as that in 2014.

Security Risks and Technology.

Go back 10 years and imagine a conversation about the impact of technology on our world and the everyday lives of people. Back then, we would have used concrete examples to make our point. Today, technology has branched out into almost every facet of everyday life, making the need for examples unnecessary. Integrated into the vast majority of industries, technology has become inextricably linked with the majority of activities humans perform on a day-to-day basis. When it comes to banking and financial transactions, mobile banking has become the norm, and data is most exclusively stored online.

Despite bringing a level of convenience and ease to the lives of everyday people, the advancement of technology has also caused an inherent risk for everyone, particularly bank customers. The transfer of data between potentially at-risk or unsecured networks causes data vulnerability, leaving information open for the taking by cyber criminals. And as mobile and online banking becomes the norm, cyber criminals are finding increasingly more opportunities to strike, with mobile networks often experiencing split-second disruptions from becoming overtaxed.

Cybercrime is little more than a weakness in the security of a network. Financial institutions and banks require networks that offer no less than a guarantee of security when transferring information and funds. Research continues to prove the risks of the use of Wi-Fi, with generic connections exposing the majority of devices and operating systems to high levels of vulnerability. This includes big names such as Apple, Android, Windows, Linux, and Linksys.

The Necessity for Reliable Cellular Connections.

What, then, can financial institutions do to protect the valuable, sensitive information of their customers in the cyber security age? In reality, the only foolproof way for banks to provide acceptable levels of security to their clients is to use reliable, strong, guaranteed cellular signals. Existing networks must be backed up with no less than a powerhouse cellular signal to ensure the financial institution has the ability to transfer confidential personal information and funds by digital means without exposing themselves to the risks known to be associated with broadband Wi-Fi. In order to provide banking services at the required level of security, these measures are no less than essential. However, banks have historically been reluctant to boost their cellular signals due to concerns about disrupting operations. How can this difficulty be overcome?

Carrier-Agnostic Cellular Signal Boosters.

Top quality cellular signal boosters offer banks a unique solution to the problem of providing a reliable, secure network for customers and employees alike without exposing themselves to a complicated or invasive installation process. Cell phone signal boosters work by locking into existing cellular signals, amplifying the connection throughout the physical facility. Such signal boosters provide a reliable connection that is faster, more cost-effective, and ideally suited for the transfer of financial information than other alternatives. In short, cellular signal boosters are a physical shield against cybercrime.

Putting your trust in an unreliable signal or Wi-Fi puts your business and your customers at unacceptable risk. Carrier-agnostic cellular signal boosters provide the high level of network security that you and your clients require, while offering fast transactions through the use of increased bandwidth, improved reception, and high-quality voice signals. To find out more about how cellular boosters can provide your financial institution with the solutions it needs in the digital age, contact us today.

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  • I don’t think many financial institutions have followed the advice here because there seems to be more cybercrime than ever. Are financial institutions unaware of the services available like a secure cellular connection? Are cybercrooks just one step ahead? I know that online banking and transactions are a part of life but why can’t these places provide the right security? It’s not just financial institutions. Look at that oil company that just got hacked.

    Mandel Belair on
  • Sometimes I long for the good old days when all you had to worry about at the ATM was watching out for crooks. Looking at the recent cyber attacks on banks, it seems like crooks can rob us blind from the comfort of their own homes. IT security in banking always seems two steps behind cybercrooks so I hope that securing mobile data with the technology mentioned here reduces the effects of cyber attacks on financial institutions. Online banking is convenient, but not when you log in and see your account has been cleared out.

    Octavio Henderson on
  • This blog is very timely. Cybercrime is a huge issue in the banking industry and I think people are justifiably concerned about how safe their money is when it goes through cyberspace. Given the recent cyber attacks on financial institutions, people have little confidence in the security of their personal data and their cash. I didn’t know that cell phone boosters play a role in cybersecurity. It makes sense the way that it’s explained. At the same time, I’m not sure how much safer it makes me feel as cybercrime seems to be an epidemic.

    Stuart Munson on

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