With the incorporation of digitalization tools in several industries and the shift to storing data digitally, the rate at which cyber breaches used to happen has increased significantly in the past couple of years. In percentage, the cyber infiltration rate has increased more than twofold. It raises serious concerns for all the industries pivoting to digital platforms but especially the sectors dealing with finance and confidential client information.
Often, financial institutions disregard the importance of secure authentication, assuming it will hamper seamless, smooth customer experience. What they do not realize is that security is one of the most significant aspects of customer experience. Security and excellent CX go hand in hand. The feeling of security is arguably the key feature clients look for while doing business online. Keeping this fact in mind, banks should practice the highest level of authentication regime.
Let’s look at some of the ways how financial institutions can ensure the utmost security on their websites and platforms:
- Emphasize Employee Awareness and Training
Holding periodic employee and customer training is one-way fintech companies can prepare themselves against security breaches. Keeping all your employees, including top-level executives informed, is significant to keep the company safe and its clients happy. Keep employees updated on what type of attacks to watch out for and instill in them that everyone holds a stake in the company’s security.
Employees should be well-informed about the signs of common threats present in the market. Employees should review company policies, learn to spot irregularities and report them immediately to be guided further if trouble hits.
- Build a Secure Infrastructure
Keep your technology infrastructure secure, starting with all your devices. It’s good to establish clear policies on using computing resources. As far as possible, use only company equipment for business activities. Make it compulsory for employees to encrypt all their files. In case, you’ve issued devices, make it mandatory for users to password-protect them with two-step verification.
The next step is to focus on your systems, networks, and pieces of software. Control and limit access to these. Wi-Fi devices are especially vulnerable to attacks, so be sure to change their default passwords and change passwords periodically. Consider segmenting your network, so that in case of an unfortunate breach, the damage will be limited.
- Identify Touch Points Along the Customer Journey
Defining the entire customer journey can help you to create a secure cruise for your customer. Identify all the points of contact before, during, and after a transaction and secure them all, as they are potential attack sites.
Practices as simple as implementing the secure sockets layer (SSL) and secure hypertext transfer protocol (HTTPS) to encrypt your website connections can be very effective in preventing potential cyber criminals from breaching your data.
- Educate Customers on the Importance of Authentication
Demonstrate to your clients and customers how serious you are about giving them a hassle-free and seamless experience by disclosing your cybersecurity efforts.
Ensure they know the significance of the steps they need to take while making any transactions online.
Financial institutions should communicate to clients about the need and importance of data-securing initiatives.
In the digital age, where all transactions are increasingly happening online, it is becoming all the more paramount to adhere to stringent security practices. Taking proactive cybersecurity measures to warrant topmost safety is a key ingredient in concocting a coherent experience for your customers.