The internet has enabled individuals from the farthest corners of the world to communicate quickly and effortlessly, bringing access to information at your fingertips. Banks and financial institutions, knowing its importance, introduced online banking to their customers, which has resulted in the massive adoption of online bank services by global users.
However, with increased ease of access, the risk of vulnerabilities also rose exponentially. This is why penetration testing can help you improve online banking security. You can consult security experts to upscale your online banking security. Security agencies can perform penetration tests to check if real hackers can access your financial systems.
Keep reading this article to learn how pen testing can improve your online bank security and safeguard your digital assets.
Top 6 ways pen testing can improve your online bank security
There are various ways to test for loopholes in your bank’s security system. You can perform some basic tests yourself. However, deep and rigorous penetration testing can be conducted with the help of experts. Security agencies have the tools and know-how to deal with modern threats. They can pen-test your bank’s security infrastructure and recommend the necessary steps to enhance protections.
Let’s examine some ways through which pen testing can improve your online bank’s security.
1.     Planning and analysis
Penetration experts usually conduct ethical hacking activities to determine weak spots in your financial systems’ defense. This phase of testing includes defining the scope of tests and your organization’s budget. After setting your goals, you can set low and high areas for vulnerabilities in your bank’s technology.
A high risk is an operating system, configurations, and application codes. A low-risk vulnerability can exist in simple files and low-code bank applications. Planning and analysis by penetration testers allow you to effectively execute the necessary actions to secure the bank’s digital assets. You can hire Penetration testing companies to get help preparing an organized plan for securing your online banking.
2.     Identifying vulnerabilities
Banks and financial institutions are the industries most targeted by hackers. The threat can emanate from external sources or from within. Pen testers enable you to identify various threats that can infect your systems.
Similarly, they can assist you in recognizing insider threats and actions that can make your systems vulnerable. You can get experts’ help to list down every possible threat, intrusion, or action that can incur financial damage to your institution. Additionally, security companies stay updated on every emerging threat that can infect your bank’s online system.
3.     Testing security protocols
When you’ve implemented or finalized a security system, it should be tested for fragility. Cybersecurity experts simulate real-world cyber-attacks on your systems to break into them. They have the tools to test your systems’ protection comprehensively.
They use multiple intrusion techniques, such as malware, virus infections, phishing, social engineering, and password cracking. Upon successful access, the penetration tester maintains a presence to explore more vulnerabilities in the system. These tests enable you to improve or add more security as per the system’s requirements.
4.     Boosting incidence response
After conducting stringent tests, comprehensive reports are generated for further steps. The reports allow security experts and the IT support department to implement necessary protection. If an incidence occurs without report generation, the root cause will be impossible to find.
These reports enable professionals to create automated response mechanisms in case of suspicious activities. This mechanism alerts your organization if a breach has occurred in the financial system. This allows you to lay out steps that you should take when a hack attempt or a breach has occurred.
5.     Ensuring compliance
Any institution or business must fulfill certain security compliances. Governments and international bodies mostly set the compliances and regulations. For your bank to operate, these security compliances must be fulfilled to protect your data online.
Some of the security compliances for banks include digital identity, two-factor authorizations, electronic signatures, honeytoken, and many more. Complying with these regulations ensures safeguarding your customers’ information and protecting your digital assets. You can contact security experts to conduct thorough testing to implement necessary security compliances.
6.     Upgrading software and hardware
Older hardware and outdated software are among the biggest risks to your online banking system. They are easy to penetrate. Pen testers can perform detailed operations to find vulnerabilities in older devices. If you are unable to upgrade the bank’s older hardware, pen testers can help secure the systems through maximum software technology.
While it may sound better to secure your older hardware, upgrading to the latest technology is always recommended. Banks hire penetration testing experts to find weaknesses in their financial systems and patch them accordingly. You can contact penetration testing companies to help you upgrade your financial infrastructure for enhanced security and protection.
Get the best security for your online bank services!
JP Morgan, the largest bank in the USA, invests $15 billion in security technologies annually to protect its assets. Taking your security infrastructure and technology lightly can incur financial damages to your institution. Moreover, this can tarnish both your bank’s and your customer’s reputation. Get the best security for your bank today to build everlasting customer trust!
