Page 37 - Banking Finance March 2021

ARTICLE

CYBER SECURITY,

ITS IMPORTANCE

IN BANKING AND

PRECAUTIONS

C yber Security has become a major requirement for well as financial loss to customers as well as to the bank

all the individuals and organisations that are doing
which may lead to loss of reputation to such organisations
any of the activity related to IT (Information
and their integrity may also become doubtful.
Technology), as there is a major threat from various
sources involved in cyber crime. Cyber Security provides the In earlier times, most of us were doing transactions through
protection from any damage to software, hardware, banking sector by going physically. But with the increase of
network or electronic data from such external sources. digitisation and time constraints organisations being
technology driven, customers especially those of new
The extensive usage of internet and digitisation in most of generation are doing their transactions on one or another
the organisations including banks has also increased the digital platform as per their ease of use and availability.
Cyber risks to the people engaged or linked to these Earlier for doing digital transactions, a person used to go to
organisations especially to those using digital platform. That's cyber café. But later on, those who were able to afford were
why most of the organisations are having their own Cyber doing the same on their laptops. But now most of the
Security Policies so that it can be a guiding light for the transactions are being done on mobile. But due to lack of
employees working in those organisations because if those awareness or carelessness, very less persons are taking
measures are not adhered, it may result in loss of data as security in their mobiles. They are not using antivirus for their
mobiles so that they can save their mobile and hence the
About the author data and personal information stored in it from unauthorized
access as well as from downloading of any harmful content.
Tushar Maheshwari
Manager (Faculty) Cyber Security threats include many types of Social
Union Bank of India Staff Training
College, Bengaluru Engineering threats. The mostly used threats are
described below in brief:

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