Choosing an Enterprise eBanking Security Solution

Monday, June 06, 2011

Robert Siciliano

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In Gemalto’s eBanking Security Guide, a question is asked: “Banking is changing, are you?”

Banking is a changing business. Since the early 1980’s banking has been going digital and moving online. During the last 10 years, we’ve seen a major shift in the services offered and the behavior of customers.

Gemalto’s Senior Vice President of online banking, Hakan Nordfjell, says, “Secure and convenient eBanking is a key factor in the future of banking.”

The convenience of online banking is what makes it so vulnerable to security threats. And in order to prevent fraud, online banking security must be convenient.

Recent technological advances have been vast and rapid. But after 15 years, online banking remains relatively immature, and this immaturity is reflected in a sometimes-inadequate security posture.

You’re ebank is part of your business strategy, ebanking has security issues, therefore security should be a part of your business strategy too.

The security solution you choose should not merely function: it should contribute to realizing that strategy. You might want to offer other online security services remotely associated with people being able to identify themselves. Address change notifications, contract signing and more.

Experience shows that a reliable security solution opens up new business opportunities.

Today we worry about malware, spyware, root kits, phishing, social engineering, and a multitude of scams resulting in account takeover, new account fraud, and identity theft.

It’s been less than a decade since the widespread use of broadband Internet took online commerce mainstream, and losses resulting from cyber fraud have already topped a trillion dollars.

Enterprises under siege by criminal hackers need qualified professionals to help plan and develop online banking solutions and to ensure that client information is secure.

These professionals know that most security problems are easily solved, but solutions often sacrifice a certain degree of user friendliness. Securing a system as thoroughly as possible would place unreasonable expectations on customers, demanding that they jump through too many hoops to make a purchase.

The ideal system design finds a happy medium, and incorporates functionality, appearance, and scalability.

When launching any security solution, explain to your customers why the change is necessary, and strive to make changes appealing for users. Be sure that your customer support is adequately prepared. Provide clear information and, if possible, allow customers to select which device to use.

When choosing a security solution for your business, consider a resource that offers more than standalone security technology. A real solution takes future needs and potential threats into account, and, crucially, offers a positive user experience.

Visit www.ebankingsecurity.net to learn how to enhance the security of your online banking system.

Robert Siciliano, personal security expert contributor to Just Ask Gemalto. Disclosures

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