4 Reasons Why Your Bank Needs Cyber Security

Today, banks and financial institutions are not only at risk from physical robberies. With the rise of digital platforms, hundreds and thousands of transactions are now conducted through digital channels, putting them at risk of cybercriminals.

Cyber security is crucial for banks as their very existence depends on trust and credibility. But what are the concrete reasons why banks need this security?

1. Prevent financial losses

Cyber-attacks can cause the loss of your customers’ funds, which can directly affect customers’ trust in your bank. Recovering from such an attack can be a stressful and time-consuming process for both you and your customers.

It is therefore crucial for banks to have a cyber risk management plan in place. UKITES by PBC is ready to design such a plan for you, and if you contact us immediately, you can receive a free 4-hour consultation.

2. Protect your customers’ data

By the time your customers identify any signs of fraud, it may already be too late. Their data may have already been hacked and sold by cyber attackers for further malicious use.

This can lead to court proceedings that can cost your institution not only financial losses, but also damage to its reputation and wasted time.

3. Protect your reputation

According to research by Security Magazine, 80% of surveyed customers stated that if their data was compromised, they would not use the services of that business again, and 85% would share their negative experience with others.

A negative reputation can lead to significant loss of customers, which in turn results in financial losses for the institution.

 4. Avoid penalties

Legal regulations protect customer rights and data, and banks face heavy penalties in case of violation. Recovering from such damage can be a difficult and consequential process for the institution.

How to prevent these attacks?

To protect the image of your institution and the data of your customers, and to save you from any potential penalties, UKITES by PBC offers the best cyber security solutions for you. Our cyber security services enable your organization to take control of its cyber security. Contact us today at 038 600 200 for more information.