According to CheckPoint’s 2021 Mobile Security Report, virtually every business in the world experienced a malware attack in the past year.

The digitization of processes in entities and daily society has facilitated and automated many tasks, optimizing the time spent on each. 

This has caused cyberattacks and the risk of suffering them to increase, with SMEs being one of the most likely groups since, in 2021, more than 100 attempts were detected every minute to exploit the vulnerability of SMEs, as collected in the Global Risks Report 2022 of the World Economic Forum.

In this sense, password protection plays a crucial role in ensuring greater security of credentials in the browser, which changes some practices that are carried out regularly. From Baufest, they review four tips to protect passwords against malware attacks, focusing on how to act in case of credential theft.

Type of passwords: It is recommended to create passwords that are easy to remember and impossible to guess, in which numbers and characters are mixed with quotes from books, parts of songs… or any other aspect that makes it difficult.

Password storage: Saving passwords is one of the most insecure techniques since not only can they be discovered by anyone who has access to the computer, but they are also usually, in many browsers, written in the form of a list without any encryption of these. 

It is best to store it in a password manager, which can be accessed at the right time and only by the user.

Autocomplete function in the browser. Although it is helpful to use storage tools that guarantee security, you should avoid the autocomplete function in the browser. 

The main reason is that browsers protect users’ most sensitive information in an insecure manner, making it very vulnerable to phishing attacks and fraudulent pages.

Quick change before the theft: When detecting a credential theft, it is essential to act quickly, changing it and reporting the fraud whenever possible.

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The reality is that there are many dangers that we live with daily, and from which, it is essential to protect ourselves to avoid putting our data at risk.

Visit only Secure Websites

Many web pages do not have security measures or are malicious. For this reason, it is essential to take extreme precautions when sharing personal data on the internet. The simplest thing is to know how to distinguish between reliable websites and those that are not. 

The best technique is to check if it follows the https security protocol: if the URL includes an -s at the end, it is a secure web page adapted to protection standards. Likewise, another sign is that it has a green padlock at the beginning of the link.

Always Update Your Device

It is common to think that updating software and applications is unimportant. However, this habit of ignoring updates can be a considerable risk since the provider’s offers’ different protection patches are not implemented to solve previously detected security errors. 

In other words, having the latest software update will optimize the security level, and it is an effective strategy when it comes to keeping data and files safe from potential security breaches, cyber-attacks, etc.

Don’t Use the same Username and Passwords

More and more benefits, programs, or applications can be used through the internet, and remembering the different usernames and passwords can become complicated. For this reason, the same access credentials are often used to simplify and avoid forgetfulness and problems. 

This is a huge mistake because if a cybercriminal manages to access one of these applications, sneaking into the rest will be very easy to take control of any of the services that a user has. 

Therefore, the main thing is to use different names and passwords and not to use passwords that can easily guess (birthday, pet’s name, etc.).

Download Applications Only From Verified Platforms

Download applications only from official markets: games, social networks, online banking… there are more and more mobile applications available for download, which means that users tend to install many of these programs on their mobile devices. 

It is essential to make sure that it is official whenever you download one of these apps and read the different conditions of use. Some of them can become abusive, and, in many cases, you lose control over data and information.

Protect Devices By Using Security Softwares

A cybercriminal can gain access to a smartphone, tablet or computer in many ways, thus stealing a valuable amount of information. 

In this situation, it is essential today to protect yourself against cyber-attacks and, for this reason, it is necessary to have security software that protects devices and information.

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Protecting NPI (non-public information) and financial transactions is a huge advantage for banks and credit unions. They aim to address ransomware, account takeovers, mobile banking exploitation, and separate cybercrime.

What is a Cyber Attack?

A cyber-attack is the intentional exploitation of computer systems, technology-dependent businesses, and networks. Hackers (cybercriminals) utilize malicious code and software to change computer code, logic, or data, appearing in disruptive results that can yield data and start cyber-crimes such as financial information, healthcare record, and identity theft.

The banking and financial services division faces nearly three times more cyber-attacks than any different enterprise. More and more, financial services companies are working under a permanent state of attack, leaving IT and security teams tested in their capacity to manage, disseminate and perform malicious functions. 

Additionally, the banks also hold data from millions of users. So, pushing banks to offer many avenues for profit within corruption, theft, and cheating for cybercriminals.

Challenges in the Online Banking Sector

Online banking has many advantages. Two of the most important are quickness and comfort. People who engage in online banking can enter their accounts, view their statements, make purchases, pay bills, and extra, all from their homes or outside. 

It is because of these advantages that approximately 51 percent of U.S. adults engage in online banking.

The banking industry is experiencing a fundamental shift, inspired by new trials from FinTechs, changing business models, mounting arrangement and agreement requirements, and disruptive technologies.

The Information Security Officer (ISO) is a vital strategic IT and business performance with high clarity, efficiency, and associated accountability.

The Information Security Officer is expected to communicate with the IT steering committee, a committee of directors, auditors, examiners, and others to implement periodic state updates on the institution’s information security program. 

Major Cybersecurity Threats

The technology that created this division can determine additional tests in the banking industry, but the transition from legacy systems to innovative solutions hasn’t forever been simple.

• Unencrypted Data
• Unprotected Third Party Services
• Unsecured Mobile banking
• Threat Landscape
• False Positives
• Hacking 
• Ruthless Adversaries

Cybersecurity is a continuous challenge for financial institutions, particularly miniature banks and credit unions with insufficient resources. 

Because of the ever-expanding expectations for the position, institutions often grapple with engaging and hiring people with the broad expertise required to fulfill the ISO’s. 

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