The main risk banks and other financial organizations used to confront was armed robbers breaking into their buildings. Yet, in today’s digital era, bank robberies aren’t the only threat that financial institutions face.
As more and more banking operations move online, fraudsters have found a way to take advantage of the resulting vulnerabilities. When hackers break into banks, they could potentially make off with millions.
Having become aware of the issue, banks are moving quickly to improve the security of their browsers. The article that follows will explain what we mean by “browser security” and why it is so important for banks to prioritize browser security.
A brief explanation of browser Security.
A browser’s security measures are those taken by an individual or group to stop cybercriminals from exploiting the browser’s flaws.
It includes everything an organization or person does or has to use to stay secure online. This means that protecting against phishing attempts requires more than just installing plugins in your browser. It also incorporates the browser’s user’s navigational and information-management practices.
As more of the financial sector moves online, browsers become a target whenever hackers attempt to conduct cyber attacks. This is why banks and other financial institutions must use such security hardware, software, and procedures to protect themselves against cybercriminals.
Financial companies can use products like LayerX to protect their clients’ browsing sessions. LayerX is a browser-based security solution that prevents financial institutions from having to switch to a new browser to provide their employees with a safe working environment.
Financial Institutions as Targets of Several Browser-Based Attacks
Here are some methods used by cybercriminals to guarantee that they take advantage of the security holes in the web browsers used by financial institutions:
Scamming via Electronic Mail (Phishing)
As far as web browser security attacks go, phishing is by far the most noticeable threat to banks. Since browsers are the workplace for many companies, phishing URLs are frequently used to trick unwary users into divulging important information.
Should a bank worker be fooled and follow the link, a devastating cyberattack is possible. Many online banks and financial organizations have been hacked and exposed to consumer information due to phishing.
In other cases, it can lead to a major cybercrime where millions of dollars are stolen.
Incompatible or hacked browser plugins
Financial institutions are particularly vulnerable to debilitating attacks because of the nature of their business. To gain access to a financial institution, fraudsters may forge plugins that look legitimate and then convince staff to download and install them.
These malicious plugins, once installed, enable fraudsters in stealing sensitive client information and financial resources.
Using SQL Injection
SQL injection is another common tactic used by cybercriminals to breach the browsers of financial institutions.
This attack begins with the perpetrators attempting to compromise the cookies and web forms used by financial institutions. After this is accomplished, the cybercriminals exploit the compromised cookies and web forms to insert harmful codes into the financial institution’s web browser.
With a successful injection of malicious code, fraudsters have access to valuable, sensitive data.
Flaws in the Program:
A financial institution’s browser is constantly under attack from cybercriminals who are hunting for new vulnerabilities. The failure of a financial institution to update or patch its software presents openings that can be exploited by hackers.
This is a potentially catastrophic attack vector because it gives thieves unfettered access to a company’s network, data, and finances. LayerX’s products can help safeguard a company’s browser from exploits, making them useful for banks and other financial institutions.
The Crucial Role of Browser Security in Banks
When a financial institution takes precautions to keep hackers out of its browser, it reaps many benefits.
Safeguard Financial Information and Client Details
First and foremost, browser security helps financial institutions protect their client’s money and personal information from hackers. Insecure browsers leave businesses vulnerable to cybercriminals who can steal valuable data and information.
Nothing is more catastrophic for a bank than a successful hacker cyber attack. That will hurt the image of such banks and cause them to lose customers.
Nonetheless, a bank’s reputation and reliability are bolstered when it is widely known that it can withstand cyber attacks.
Access to Information About Organizational Facilities
Most financial institutions and banks rely heavily on online browsers for their day-to-day operations; therefore, browser security provides further workplace transparency.
What employees do in the browser and how they might alter their habits to thwart cybercriminals is laid bare. Keeping an eye on the office space also helps make sure that any potentially vulnerable resources are taken out of the financial institution’s network.
External Security Measures
Any company that uses a bank’s secure browser will reap the rewards of that bank’s efforts to protect its customers from hackers.
When a bank has implemented browser security, they can rest assured that their clients and any other parties involved in the supply chain will be safe from online attacks. Browser security ensures that no unauthorized parties, including third parties, can access sensitive information submitted to the financial institution.
Better Reliability and Standing in the Community
If a bank is serious about keeping its customers’ information and finances safe from hackers, it will show. When a bank or other financial institution prioritizes the safety of its customers’ financial data and funds, it sends a strong message to potential clients and investors.
A financial institution that managed to avoid being hacked at a time when many others were hit hard by the public perception that they were vulnerable. Customers are more at ease leaving their money with a bank that can ensure its security.
Financial companies play a crucial role in protecting their clients’ money, making browser security an essential concern. Because of the sensitive nature of the data that passes through these institutions’ browsers, further precautions must be taken to protect it.
Not only will a financial institution’s productivity rise, but there is a slew of other advantages to using a safe online browser. Browser security has several advantages, including protecting customers’ financial data and the company’s reputation.