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. To increase online banking safety, use secure networks, create strong passwords and choose a bank or credit union that has industry-standard security technology. Unencrypted Data. Online banking issues include security. This is a very basic yet crucial part of good cyber security. Online banking security is a top priority. Many online-only banks pay higher interest rates on savings. In spite of their many advantages, there are some drawbacks to using online banks as well. Without solid cyber security measures in place, your bank’s sensitive data could be at risk. Here are the five biggest threats to a bank’s cyber security. However, the overall security level of online banks remains low. Thankfully, most banks make security one of their priorities. Disadvantages of Online Banking. 1. In 2015, this was reported about UK bank NatWest: But with great power comes great responsibility, right? Online banking has steadily become a convenient and popular option for many people to manage their finances, and it's easy to see why. 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 Oftentimes, the interest rates on loans and other products from online-exclusive banks are lower compared to those from traditional, brick-and-mortar banks. 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. This is why there’s a greater emphasis to examine the importance of cyber security in banking sector processes. All data stored on computers within your financial institution and online … A description of attack scenarios over a two-year period illustrates several key security issues with Internet banking systems in Norway. Without a doubt, one of the most serious potential consequences of an attack is theft of funds. No one type of bank can be the best at everything. Hence, the reason why cyber security in banking is of utmost importance. 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 . There are still some risks associated with using online banking, especially for users who use these services on unsecured connections. As individuals and companies perform most transactions online, the risk of a data breach increases daily. 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