Financial institutions warned to be serious about cyber security

The National Business

FINANCIAL institutions and banks in the country must be serious about addressing cyber security threats, an expert says.
Ramesh Chinnaraj, a senior research paper contributor, said some companies were serious about cyber threats and the recent hacking incidents on major financial institutions and companies had heightened and has raised a lot of awareness. The cybercrimes taking place these days not only affect bank customers but also impacts the banks themselves,” he said. This is especially true when the banks try to recover their data.
Banks will have to spend a lot of money in recovering the information or data. Taking strong cyber-security measures is necessary for the banks because data breaches effect customer privacy and makes it difficult to trust the institution in the future, damaging its brand reputation.
When you have implemented strong cyber security in digital banking, it will ensure that the sensitive data is secure.
“If it is revealed, there are several issues likely to occur such as fraud.
“It may cause financial losses and mental stress on customers,” Chinnaraj said. He said there were challenges identified that the financial and banking industry needed to respond to improve digital user experience, improving digital onboarding and improving response to new technologies.
The ways to improve digital banking for customers includes:

  • CREATE a multi-channel experience;
  • PROVIDE digital onboarding;
  • ENHANCING mobile selling;
  • USE insights to meet needs;
  • REMOVING internal silos;
  • DELIVER customer support;
  •  INCREASE customer value;
  • COMBINE AI; and,
  • FUTURE-PROOFING the organisation.