The Cybersecurity of Banking and Finance

I’ve discussed the importance of cybersecurity in healthcare due to the extremely sensitive personal data and the loss of trust if hacked. If healthcare data and a patient’s trust is as sensitive as research shows, then it’s no surprise that the banking and financial industry is in serious need for anticipatory cybersecurity and digital data protection.

Banking Evolution

Up until the early eighties, transactions at financial institutions were handwritten, calculated long-hand, and done without the aid of a computer or calculator. Fast forward many years and not only can we make deposits and automate our bills to be paid online, but many employees of financial institutions are starting to work remotely as well.

Additionally, cash out technology is replacing physical cash and check exchange. PayPal, Venmo, Zelle Pay, Apple Pay and many more make the exchange of money a social network of sorts with minimal or no fees, depositing straight into your bank account digitally without the bank’s physical presence or involvement.

A Breach of Banking Security

Whether you drive to a bank to withdraw cash or log into your Venmo account and deposit cash digitally, banking is a personal and serious subject. Keep in mind, a financial institution has every last…