As individuals and companies perform most transactions online, the risk of a data breach increases daily. This is a very basic yet crucial part of good cyber security. 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 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. Online banking has steadily become a convenient and popular option for many people to manage their finances, and it's easy to see why. Hence, the reason why cyber security in banking is of utmost importance. There are still some risks associated with using online banking, especially for users who use these services on unsecured connections. No one type of bank can be the best at everything. To increase online banking safety, use secure networks, create strong passwords and choose a bank or credit union that has industry-standard security technology. 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. In 2018, this threat was present at 54 percent of online banks. You should also be aware that FDIC insurance does not cover any issues resulting from online banking frauds. … In spite of their many advantages, there are some drawbacks to using online banks as well. The main positive trend in online banking security in 2018 is the reduced percentage of high-severity vulnerabilities. All data stored on computers within your financial institution and online … But with great power comes great responsibility, right? However, the overall security level of online banks remains low. Online banking security is a top priority. Oftentimes, the interest rates on loans and other products from online-exclusive banks are lower compared to those from traditional, brick-and-mortar banks. Thankfully, most banks make security one of their priorities. 1. Online banking issues include security. Here are the five biggest threats to a bank’s cyber security. Without solid cyber security measures in place, your bank’s sensitive data could be at risk. While you might have concerns about customer service or security, most consumers are quite satisfied with their online banking experience. Without a doubt, one of the most serious potential consequences of an attack is theft of funds. A description of attack scenarios over a two-year period illustrates several key security issues with Internet banking systems in Norway. 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