In the past, the major threat financial institutions faced was when armed criminals entered their offices to rob them of their funds. But things have changed in this digital age because armed robbers aren't the only problem that financial institutions currently face.
With many financial firms moving their workloads to the digital space, cybercriminals have identified a means of exploiting some loopholes. After a successful breach, cyber criminals could make away with millions of dollars stolen from financial firms.
Having realized this problem, financial institutions are making swift decisions to ensure that their browser security is top-notch. Continue reading as we share the meaning of browser security and why financial institutions should improve their browser security.
Browser security is an effort by an individual or organization to prevent any security vulnerabilities from being exploited by cyber attackers.
It consists of all the steps and tools an organization or individual uses to ensure their safety whenever they use the internet. This means that browser security goes beyond setting up plugins to help fight phishing attacks. It also includes how those using the browser navigate around it and how they manage information.
Since more of the banking ecosystem is migrating to the internet, browsers come into the spotlight whenever cyber criminals want to launch cyber attacks. This is why financial organizations must employ those security measures, software, and policies to ensure they don't fall victim to cyber-attacks.
To ensure browser security for modern enterprises, financial institutions can employ solutions such as LayerX. LayerX is a web browser security solution that ensures that a financial institution has a secured workspace within a browser without needing to move to a new one.
Here are some of the strategies used by cybercriminals to ensure they exploit the vulnerability of financial firms' web browsers.
Phishing is the most obvious security attack financial institutions face on their web browsers. Since browsers serve as the workspace of many firms, attackers often use phishing links to try and lure unsuspecting victims into revealing sensitive information.
Assuming an employee working for a financial institution falls for their tricks and clicks on the link, it could result in a major dangerous attack. Because of phishing, many online banks and financial institutions have leaked customers' sensitive data.
In some other scenarios, it can lead to a massive online theft in which the attackers steal millions of dollars.
A financial institution can witness a crippling attack when they allow a corrupted plugin on its browser. Sometimes, cybercriminals create plugins that appear authentic and trick a financial firm's employees into installing them on the company's browser.
Upon installation, these malicious plugins aids in stealing important customers' data and funds for cybercriminals.
Another method cybercriminals use to attack financial firm browsers is SQL injection, which has been a very successful method for many cyber attacks.
Those involved in this attack start by finding a way to corrupt financial organizations' cookies and web forms. When this is successfully done, they now use the corrupted cookies and web forms to inject dangerous codes into the web browser of the financial firm.
Once the malicious codes have been successfully injected, the cybercriminals can now have access to steal sensitive and profitable information.
Cybercriminals work around the clock looking for loopholes that they can exploit to attack the browser of a financial institution. When a financial firm does not update or patch its software, it leaves vulnerabilities that cyber attackers can exploit.
Attacks from this can be very dangerous, giving cybercriminals full access to the company's information, customer data, and funds. Financial firms can also use the solutions of LayerX, as they can help ensure that an organization's browser is protected from any bug vulnerabilities.
There are many benefits a financial firm will gain when they make efforts to protect its browser from being exploited by hackers.
The first benefit financial firms gain from protecting their browser from hackers is that they secure their customers' funds and data. When an organization's browser is not properly secured, cyber attackers can easily gain access and make away with sensitive information and data.
For a financial institution, nothing is more damaging than when a hacker successfully launches a cyber attack against them. It will damage the reputation of such financial firms and lead to customer loss.
However, when a financial institution is known to withstand cyber attacks, it strengthens its credibility and reputation.
Since most banks and financial firms rely on web browsers to carry out many transactions and communication, browser security brings more visibility to their workspace.
It shows employees' actions when using the browser and how they can change certain usage patterns to prevent a successful cyber attack. Visibility on an organization's workspace also ensures that the financial firm removes certain resources which might be vulnerable to a cyber attack.
When a financial institution ensures its browser is secured from cyber criminals, the benefits even extend to third parties.
Browser security ensures that the customers and every other person within the supply chain of the financial institution are not attacked through the organization's website. Even when third parties submit certain information to the financial institution, browser security ensures that hackers don't get access to such information.
Customers can tell if a financial institution is really trying to protect their data and funds from the hands of cybercriminals. Whenever a financial firm takes its browser security seriously, it reflects on how secure its customers' information and funds are.
A financial institution that had not experienced a security breach when other firms were attacked will surely attract customers to themselves. This is because customers prefer to have their funds in a financial institution that can guarantee their safety.
Browser security is a very important topic, especially for financial institutions, as they are very much involved in securing customers' funds. Since many of these institutions' activities happen on the internet, their web browsers must be heavily secured.
With a secure web browser, there are many benefits a financial firm will gain apart from increasing its productivity. Some of the benefits of browser security are that it improves the reputation of the financial firm, helps secure customers' funds, and many other benefits.