Here are the five biggest threats to a bank’s cyber security. You should also be aware that FDIC insurance does not cover any issues resulting from online banking frauds. As individuals and companies perform most transactions online, the risk of a data breach increases daily. Online banking has steadily become a convenient and popular option for many people to manage their finances, and it's easy to see why. While you might have concerns about customer service or security, most consumers are quite satisfied with their online banking experience. Yes, it’s easier than ever for us to access our banking information, but it’s also easier than ever for hackers to gain access to that information. Disadvantages of Online Banking. The main positive trend in online banking security in 2018 is the reduced percentage of high-severity vulnerabilities. But with great power comes great responsibility, right? Here are some of the downsides of working with an online bank: Technology issues; Security issues; Inefficient at complex transactions; No relationship with personal banker Without solid cyber security measures in place, your bank’s sensitive data could be at risk. 1. In 2018, this threat was present at 54 percent of online banks. Without a doubt, one of the most serious potential consequences of an attack is theft of funds. In spite of their many advantages, there are some drawbacks to using online banks as well. Unencrypted Data. No one type of bank can be the best at everything. Hence, the reason why cyber security in banking is of utmost importance. Online banking security certainly has risks, and you should be aware that some banks limit your liability as a customer if you are the victim of an online banking fraud. toward security and privacy issues in e-banking 155 Findings based on the opinion of non users of e-banking services 163 IMPLICATIONS AND CONCLUSION 164 SUGGESTIONS TO BANKING INDUSTRY 164 BIBLIOGRAPHY 170 Annexure 183-190 Check -List 83 Questionnaire 184 . All data stored on computers within your financial institution and online … This is a very basic yet crucial part of good cyber security. Oftentimes, the interest rates on loans and other products from online-exclusive banks are lower compared to those from traditional, brick-and-mortar banks. This is why there’s a greater emphasis to examine the importance of cyber security in banking sector processes. … Thankfully, most banks make security one of their priorities. 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