Computer security, the problem of online banking and the protection of users

Banking services have become increasingly dematerialized in recent years.

The notion of online banking is no longer something extravagant and virtually everyone has ever used an online banking service even once. While this makes financial transactions more fluid and simple, the question of security remains a difficult issue to solve. Indeed, like any other online service, the interest in hackers is quite convincing. They do not hesitate to attack these digital services, if they are sure that it will bring them something significant in terms of profit. And it's going well.

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Banks are now focused on outsourcing and the cloud. The goal is simply to be able to attract new customers and run their service through the right tools at the moment. "To promote their products while reaching out to their customers and to attract new customers, banks are prioritizing services that focus on outsourcing and the cloud. They are exposed to a variety of problems that open loopholes and create vulnerabilities that hackers are looking for. the European Central Bank notes. According to the latter, financial companies will invest millions of euros each year in digital services.

The challenges that institutions will face financial matters will be twofold economic and safe. From an economic point of view, different plans should be considered financial and political institutions towards debt sustainability. The economic model of banks will encourage more and more competition. What could lead to either an explosion in the banking sector in terms of economic growth, i.e. a recession due to the many uncalculated losses. From a security point of view, it should be noted clearly that the risks posed by this development in the banking sector, changes in the which is likely to continue for a long time to come, are enormous. They would then have to expect a increase in computer attacks on online banks or any other structure that uses digital services for financial purposes.

In this context, the European Central Bank recommends that all banks located in the Eurozone work together to put in place a security policy aimed at protecting not only the data of their users and customers. Because cyber risk is indeed a reality. The computer attacks on financial institutions in the United States, which were very significant in fact, including the Capital One attack that resulted in the data leakage of hundreds of millions of customers, and the adventures of Canadian financial institutions, are examples that continue to challenge the fragility of the systems used by banks. "Banks need to be aware of the risks and apply good data management and security governance," said an ECB official. "They are exposed to cybercrime and operational IT deficiencies," the ECB adds. It is for this reason that it has decided to carry out a series of inspections on sites belonging to the various financial institutions.

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