Page 26 - Banking Finance November 2020

COVER STORY

CYBER SECURITY,

ITS IMPORTANCE

IN BANKING AND

PRECAUTIONS

C yber Security has become a major requirement Security Policies so that it can be a guiding light for the

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

26 | 2020 | NOVEMBER | BANKING FINANCE