Banks Taking Cyber Threats More Seriously

As more banks start moving into the digital and mobile
space, cyber threats have become an increasingly bigger issue. And while most
banks have educated themselves on the risks, only some have taken actions to
address or prevent them. Now that online banking is more of norm, other
organizations are starting to take notice of cyber threats and how to prevent
them. For the first time The Office of The
Comptroller of the Currency
(OCC) has acknowledged cyber
threats as a top risk
. In their most recent risk report, the OCC notes that
cyber threats arent just growing they are becoming more sophisticated.

One the most important aspects that this report covers is
the affect of cyber threats on operational risks. Most businesses see their
physical business (brick and mortar stores) as a part or the operation
landscape of the company, but put the online segment in the separate landscape.
In many cases, business conducted in physical stores and business conducted
online are not related and have separate logistics and analysis. But as the
online business-sphere is getting larger and more commonly used, companies are
starting to see the line between online business and operational business
become blurred. This is a huge step in the right direction for not just banks,
but all industries. Companies will start to see a shift in their flow of transactions
and will need to adjust their fraud prevention
accordingly. Because truly integrated fraud prevention does not
cover physical business differently than online business, but incorporates

The intersection and risks between physical business and
online business are soon to be one in the same. Its important to understand
the risks of both and how they could potentially affect one another. Be sure to incorporate a strong fraud
prevention strategy that will prevent fraud on all fronts.

[Contributed by EVS Marketing]

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