The ongoing COVID-19 pandemic has led to a marked increase in cyberattacks on financial institutions. As traditional methods of banking are replaced with digital ones due to social distancing measures, many of the institutions processes have become vulnerable. In order to combat this increased security risk, experts are calling for financial institutions to strengthen their cyber defense systems.

A strong cyber defense system should include multiple levels of security to protect customer information. This means institutions should be utilizing encryption, authentication, and two-factor authentication. In addition to this, financial institutions should be regularly asset mapping, monitoring potential threats, and implementing multiple layers of training for their employees. These measures can provide safeguards for customer data and fight off malicious attacks.

Experts are also highlighting the importance of collaboration between financial institutions, customers, and third-party vendors. By integrating proactive threat sharing systems, businesses can strengthen their defense against cyberattacks by quickly identifying and blocking attack attempts during the early stages of an attack. Customers also need to be conscientious of their own security measures, such as not using the same passwords for multiple accounts or engaging in ‘suspicious’ online activities.

The heightened risk of cyberattacks during the COVID-19 pandemic is concerning, but by taking the right steps, financial institutions can mitigate these risks. Businesses should invest in robust security measures to protect customer data, collaborate with their customers and third-party vendors, and pay attention to customer behavior and warning signs. By taking these simple steps, financial institutions can safeguard customer information and limit their vulnerability to cyberattacks.

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