Banks must work to improve cybersecurity defense to prevent fraud

Financial institutions have a number of cyberattack strategies they must deal with.

Published Tue, Mar 17 2015 7:24 PM CDT   |   Updated Tue, Nov 3 2020 12:09 PM CST

Improving cybersecurity is a major effort by government agencies and the private sector, with security incidents still occurring at a frightening rate. Financial institutions have focused more on keeping attackers out of their networks, while trying to defend against a large number of attacks.

Banks must work to improve cybersecurity defense to prevent fraud | TweakTown.com

Most bank-related fraud tends to occur because of the use of false or anonymous identities. However, there is more focus on trying to keep malware from being installed, and to prevent distributed denial of service (DDoS) attacks from being so successful.

"It is no longer acceptable to simply apologize for a security breach and send a letter out to affected customers," said Dorean Kass, VP at Neustar. "Customers expect businesses, especially banks, to identify fraud and maintain cybersecurity, all while ensuring a convenient experience for its clients."

It's one thing to spend more to improve network security, but security experts warn that banks must be sure they are spending money and improving the right solutions.

NEWS SOURCE:prweb.com

An experienced tech journalist and marketing specialist, Michael joins TweakTown looking to cover everything from consumer electronics to enterprise cloud technology. A former Staff Writer at DailyTech, Michael is now the West Coast News Editor and will contribute news stories on a daily basis. In addition to contributing here, Michael also runs his own tech blog, AlamedaTech.com, while he looks to remain busy in the tech world.

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