Banks and investment firms are entrusted with massive amounts of valuable customer data, ranging from personal details to critical access to financial resources. These types of institutions should prioritize having top-of-the-line ID security for this reason. Often, if their internal teams aren’t sufficient to keep a secure access environment, they turn to professional tools or consulting for their businesses.
The terrible truth is that many underestimate the importance of having ID security; businesses often pour all their security funding into antivirus software and tougher firewalls. And while all of this is important, having one last barrier can mean the difference between having customer data stolen or not. That barrier should be access management, which can be tool assisted such as those offered by Tools4Ever,
Causes of Security Breaches
Security breaches are almost always internal, caused by an employee error. Whether this is caused by an employee losing their credentials, accidentally sharing them with a third party, or having their credentials stolen from a phishing scam, most security breaches are preventable.
By having an additional HelloID or Tools4Ever security program in place, a financial institution can prevent bad actors from using any stolen employee login credentials from actually using them. This will also allow the institution enough time to change the credentials, thus rendering the stolen information useless.
Preventing Security Breaches
Training is the primary way to avoid security breaches. As mentioned earlier, nearly all security breaches are caused by mistakes made by employees. By teaching employees good online security and safety habits, a financial institution can rest easy knowing that their employees are far less likely to fall for scams or make security breaching errors.
Another way to prevent security is by disallowing sensitive information to be sent via email. Many common email programs, such as Gmail, come equipped with security measures for corporate email accounts. Now, employees can be warned if they’re emailing someone outside of their organization. This can alert employees who may not have noticed that they’re communicating with an email used for phishing.
And of course, having additional ID programming in place to confirm the identity of each employee before sensitive information is accessed is a key component. Relying on just one form of only security can be incredibly dangerous for institutions that handle such sensitive information.
Overall, having some type of ID program or software in place can be crucial in maintaining the security of your financial institution. It may seem like an unnecessary step at first, but with so many security breaches happening every year, including institutions like hospitals and credit agencies, it quickly becomes clear just how necessary it is. Paying out on class-action lawsuits for negligence is never fun.
In addition to proper training, additional security software can be the difference between having your customers’ precious information – and even financial assets – be compromised or not.