Financial institutions intensify efforts to protect against cyber threats

TLDR:

• Financial institutions, especially banks, face a high risk of cyberattacks.
• They are taking proactive measures to protect their data and customers.

Financial institutions, particularly banks, are working tirelessly to safeguard themselves against cyber attacks. Given the high likelihood of cyber criminals targeting financial firms, institutions like Diamond Credit Union and Customers Bank are investing heavily in cybersecurity measures. These include hiring experts, implementing advanced technologies like AI and machine learning, conducting regular security audits, and providing ongoing training to employees. Employee education and vigilance are key components of their defense strategy.

Vivin Varghese, Chief Information Security Officer at Customers Bank, highlights the importance of technologies like AI in detecting anomalies and securing transactions. Meanwhile, Katrina Boyer from the Pennsylvania Department of Banking and Securities focuses on educating the public about banking-related cybersecurity issues. She advises customers to be cautious of suspicious emails, create strong passwords, check bank accounts regularly, and utilize multi-factor authentication.

Overall, financial institutions are prioritizing cybersecurity and working hand in hand with customers to ensure the safety of their accounts and assets. By staying informed and implementing best practices, both institutions and customers can reduce the risk of falling victim to cyber threats.