The process of developing a Banking Unit that is majorly digitally focused, from the average traditional banking system requires a well established technology system. This process can be complex, requiring significant disruptions to business processes, technology systems and organizational culture. The aspect of this innovation, which is the Banking Unit technology and security, must then be looked into specifically as a result of its importance.
The Banking Unit operates a digitally focused system. The advent of a separate digital banking system, the Banking Unit, can offer a significant change positively in the banking sector. There will be a competitive advantage, an innovative customer experience and a more personalized banking experience for customers. All of these advantages come at a high speed and scale.
Why the new technology in the Banking Unit?
When banks become more digitally focused, they must shift to a more agile culture. This culture is a more collaborative system. In this case, meeting customer’s needs at speed and scale will be the primary focus. This requires support from leaders, as well as a willingness to embrace change resulting from a new technology. Technology investments, cultural transformation, talent acquisition and the alignment with existing operations could be a defiance.
The reality of traditional banking is that many existing bank offices procedures are not optimized for digital channels. Existing technologies are not always designed for the real time flexibility that is needed for a digital transformation. Modernizing or replacing these processes can be quite an expensive undertaking that could take years.
Common types of Banking Unit Fraud
There are different hacking attacks faced by banking systems and applications. Customers can be protected from many of them if the system is well secured. Since the Banking Unit is under the general banking system, most times they are faced with challenges and security issues most banks face. Some of them are explained below.
Phishing
Phishing is in other words called password harvesting fishing, hence the name. It is a social engineering banking fraud and can come in different types. Phishing is when hackers try to impersonate an institution to get access to personal information. Information such as login password, bank card numbers or other confidential information. This way, hackers can quickly take over the customer’s account.
A quick identification of phishing may be difficult, as the hackers take different forms in carrying this out. They may ask you to click on a link that will direct you to a page pretending to be the bank’s website. They may also send an email with an infected link or attachment. If these attachments are opened, a software that encrypts the individuals data will be downloaded and this is dangerous for the user’s data.
Denial of Service
A denial of Service attack, unlike phishing, is usually easy to detect and happens more frequently. The hackers block users’ access to the system or application, and as a result, access to service. In this case, banks are targeted directly, to disrupt their business operations and consequently, their reputation.
To launch this attack, hackers can intentionally overload the website so that it can not operate the way it should. Another variant of the DoS attack is the DDoS. This is when the hacker infects the hardware of the average user and uses it to launch an attack on a particular website.
Banking Unit Security
The process of protecting their operations should include the development of a security policy at the infrastructure and applications level. There should also be a security policy that ensures the operational level, related to processes and Human Resources. As a matter of fact, the security of a Banking Unit needs to include preventive and incident management mechanisms.
Cloud Banking
Cloud computing is a solution that allows for quick adaptation of technology to changing legal processes or business requirements. The cloud fits the current need of Banking Units perfectly. This is simply because the cloud is characterized by speed, openness to innovation and a high level of security.
Designed Safety
Developers of banking applications are to implement better security procedures in their software development process. Regardless of all other aspects, the use of encryption is vital in designing a secure application. There’s a golden rule in cryptography to at says you should never create your own cipher.
Encryption ensures that the communication between web browsers (or applications) and the servers are secure. VPN is another aspect. It provides a more completely secured tunnel that allows devices and applications to safely connect to the networks.
