Encyclopedia

Cybersecurity

Entersekt | Encyclopedia | Cybersecurity
What is cybersecurity?

Cybersecurity refers to the process of defending applications, devices, systems and networks from digital attacks. The rise in internet and online services usage provides more opportunities for hackers or cybercriminals to attack these resources, damage businesses and steal funds.

Individuals and businesses need solutions to protect them from cybersecurity attacks like computer viruses, ransomware attacks and, more specifically for banking customers, fraud vectors like account takeover fraud, instant payments fraud, identity theft and social engineering attacks. Financial institutions are the most at risk when it comes to cyberattacks, and need the strongest security in place, accompanied by the most stringent regulatory requirements.

How does cybersecurity work?

A strong cybersecurity approach should include all people, processes, technology and data, for the organization and customers. To successfully block cyberattacks, an organization’s threat management system must be updated regularly to keep ahead of the latest cyberattack trends.

The main components of a cybersecurity system could include network security, application security, operational security, information security, endpoint security and cloud security.

Why is cybersecurity important?

As more systems and services become digital, such as cloud solutions, more workers work from home and there is greater device connectivity, cybersecurity risks increase.

In banking, fraudsters exploit any cybersecurity gaps in new banking technology and services, like instant payments, real-time payments, and open banking. Without effective cybersecurity solutions in place, like Context Aware™ Authentication, banks and their customers risk becoming victims of fraud attacks and having their funds stolen.

The impact of cybersecurity and AI

Hackers are taking advantage of artificial intelligence (AI) tools to create more convincing social engineering attacks, scale their attacks and enable less skilled fraudsters to use fraud-as-a-service tools to up their game.

However, AI is also used to enhance cybersecurity tools. In banking, AI and machine learning (ML) tools help financial institutions analyze real-time transaction and risk data to protect their customers from cyber threats.

Additional resources


Keywords:

Cyber security | Cybercrime | Context Aware™ Authentication
C