Hence, the reason why cyber security in banking is of utmost importance. You should also be aware that FDIC insurance does not cover any issues resulting from online banking frauds. This is why there’s a greater emphasis to examine the importance of cyber security in banking sector processes. This is a very basic yet crucial part of good cyber security. Thankfully, most banks make security one of their priorities. To increase online banking safety, use secure networks, create strong passwords and choose a bank or credit union that has industry-standard security technology. All data stored on computers within your financial institution and online … In spite of their many advantages, there are some drawbacks to using online banks as well. Disadvantages of Online Banking. Online banking has steadily become a convenient and popular option for many people to manage their finances, and it's easy to see why. In 2018, this threat was present at 54 percent of online banks. In 2015, this was reported about UK bank NatWest: … Without a doubt, one of the most serious potential consequences of an attack is theft of funds. As individuals and companies perform most transactions online, the risk of a data breach increases daily. Without solid cyber security measures in place, your bank’s sensitive data could be at risk. Online banking issues include security. While you might have concerns about customer service or security, most consumers are quite satisfied with their online banking experience. toward security and privacy issues in e-banking 155 Findings based on the opinion of non users of e-banking services 163 IMPLICATIONS AND CONCLUSION 164 SUGGESTIONS TO BANKING INDUSTRY 164 BIBLIOGRAPHY 170 Annexure 183-190 Check -List 83 Questionnaire 184 . Oftentimes, the interest rates on loans and other products from online-exclusive banks are lower compared to those from traditional, brick-and-mortar banks. Online banking security is a top priority. The importance of cyber security However, the overall security level of online banks remains low. Online banking security certainly has risks, and you should be aware that some banks limit your liability as a customer if you are the victim of an online banking fraud.   Many online-only banks pay higher interest rates on savings. But with great power comes great responsibility, right? Here are the five biggest threats to a bank’s cyber security. 1. Unencrypted Data. There are still some risks associated with using online banking, especially for users who use these services on unsecured connections. A description of attack scenarios over a two-year period illustrates several key security issues with Internet banking systems in Norway. The main positive trend in online banking security in 2018 is the reduced percentage of high-severity vulnerabilities. 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