Source: National Cyber Security – Produced By Gregory Evans
While mobile banking is no doubt convenient for customers – and banks – there’s a significant downside to the fact that more and more financial institutions are using the technology: an increased risk that your personal information will fall in the hands of a cyber criminal. A new report [PDF] from the U.S. Office of the Comptroller of the Currency suggests that banks’ strategies to implement mobile technology often leaves their infrastructure open to cyber attacks, the Chicago Tribune reports. According to the OCC’s semiannual risk perspective report released on Tuesday, banks are increasingly embracing the use of technology such as cloud computing and mobile banking to stave off the competition. While the ease of mobile banking and other advances can not only save customers time but save banks money, the OCC found that these systems can “increase exposure to technological and operational risk.” “Banks and their employees, customers and third-party service providers continue to be vulnerable to cyberattacks that can compromise data or systems or allow criminals to illegally obtain personally identifiable information,” the report states. The report also found that many banks lacks sufficient response plans if they find themselves on the wrong side of a cyber attack. “There are […]
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