Growing cybersecurity and banking trends, using AI chatbots | The Cyber Review

May 22, 2021
Written by Farah


Given the rapid changes in technology, digital and cybersecurity is also changing quickly and becoming more crucial than ever. Since a great deal of data and information is being stored on the cloud now, cybersecurity professionals need to ensure they have the skills in-demand.

Here are in-demand cybersecurity skills to look out for:

1. Application development security

Application development security is analyzing vulnerabilities in the app, developing and adding security features to protect it from hackers.

2.Cloud security

Cloud security refers to the measures, policies, and rules implemented to protect the data in the cloud from hackers. As companies move data, devices, business operations to the cloud, the need for cloud security is especially important.

3. Risk management

Risk management is the act of analyzing the potential risk, protecting and minimizing the adverse effect of risk on an organization. It is a risk plan that a company creates and manages along the way.

4. Threat intelligence

Cyber threat intelligence refers to the information or data that an organization uses to understand the threats that it faces. The data gives the company information to make predictions, take precautions and steps about the future of the business.

Making use of artificial intelligence chatbots

By using artificial intelligence, chatbots have become an important part of customer service and experience.

Although there are concerns with using chatbots, many organizations have already started using it or are starting to look at the technology. Chatbots do not replace all human interactions. The process can start with the bot, but the call can go to a human agent.

The idea of having chatbots is to collaborate with humans actually working with the organization and create an overall better experience for customers. Set goals, understand and test out the process to ensure the chatbot is successful.

5 Growing Trends to Watch in Banking Cybersecurity

80% of financial institutions have reported a rise in cyberattacks over the past 12 months. Here are 5 trends that may contribute to the rise in cyber crimes in banking:

1. Growth of fraud and identity theft

Connected systems makes it easier to steal card and banking details thus leading to fraud and identity theft.

2. Online spending

Since the pandemic, the number of people shopping online has increased and banks should be checking up on transactions. Banks should give employees training on reviewing and identifying suspicious transactions.

3. Increased complexity in banking infrastructure

Hackers know that the more complex the network, the less visibility employees will have, and hackers can pull through with more sophisticated attacks.

4. Securing remote work post COVID-19

Banks need to focus their attention on incident response techniques and employee education to prevent more risks from arising.

5. Transformation to digital banking

Securing the expansion of digital banking means being aware of a wide and ever-changing range of security and privacy concerns, including:

  • Digital identify theft and fraud
  • Sophisticated phishing scams
  • Malware and ransomware
  • Credential leaks
  • Privilege escalation
  • Compliance regulations