By | Jeremy Zielie
Cybercrime is a growing concern formany enterprises across a broad spectrum of industriesand sizes. With so much information available online these days and the increase of remote work, it’s easier than ever for hackers to gain access to financial data. Improving your cybersecurity starts with understanding the ways your customers’ confidential information may be compromised.
Phishing is a common cybercrime tactic that targets an individual via phone, email or text message. Typically, an attacker poses as someone from a legitimate company and tries to obtain sensitive information from the target, such as passwords and credit card numbers. The hacker may also try to get the user to click on a malicious website to infect his or her computer with malware. Prevent account signup fraud by using fraud prevention services that verify and screen user registration details, detect fake identities and block malicious traffic from accessing your platform.
Another way hackers can gain access to financial information is through missing or poor encryption. Data encryption converts data into a form that only certain individuals with access to a password or key can read. It is meant to safeguard digital data that’s stored on computers and transmitted via the Internet. Strong encryption is essential for this data, otherwise confidential information can be transmitted in plaintext, or unencrypted data. Hackers can then gain access to the data while it’s being used, transmitted or stored.
Fortunately, artificial intelligence (AI) can help protect your customers’ personal identifiable information. AI-focused security can identify weaknesses in a cybersecurity system, including issues with applications, users or authentication. Additionally, AI can enable security solutions to run 24 hours a day. This is especially important since cyberattacks happen anywhere and at any time.
The key to keeping financial data safe is by maintaining strong cybersecurity protection, and AI-focused security can help you achieve that. For more ways you can safeguard your patrons’ sensitive information, see the accompanying resource.
Infographic created by Donnelley Financial Solutions, a financial software company
