Rambow: The Cybersecurity Storm: Is Our Money Safe in Banks?

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OPINION

Cybersecurity is probably not your family’s typical dinner table conversation.

However, in a constantly evolving world that is becoming increasingly reliant on artificial intelligence (AI) and technology, maybe it should be.

As we become more entangled with technology, threats to our finances, banking information, and private data are increasing in consistency and validity.

Over the past few months, the financial sector has seen a significant increase in cybersecurity breaches.

From ransomware attacks that have caused credit unions to fail to intricate phishing scams that deceive consumers, the digital age has brought about new vulnerabilities that put consumers and financial institutions at risk.

This has raised concerns about the safety of our money in what traditionally have been trusted institutions.

For instance, a recent ransomware attack targeted a technology provider for credit unions, highlighting the fact that no institution, regardless of its size or the strength of its cybersecurity measures, is immune to the sophisticated tactics used by modern cybercriminals.

According to Chase, 87% of Americans are using online banking apps at least once a month. The convenience of digital banking is now closely linked to higher risks of cyberattacks – this implicates all Americans, not just those at the top.

Protecting your assets in today’s digital age requires constant awareness and an understanding of the cyber threats landscape.

Important steps like opting for paperless statements, using secure payment methods and portals, and regularly monitoring account activity are essential in safeguarding your financial data.

However, as cybercriminals continue to evolve, we need to step up our defenses.

Implementing multi-factor authentication (MFA), using password managers, and being skeptical of suspicious texts or emails claiming to be from financial institutions are critical measures in fortifying our digital security.

The responsibility for ensuring cybersecurity does not just fall on consumers alone.

Financial institutions should take the lead in promoting transparency and proactive communication by educating their customers about potential cyber threats and the best practices for digital hygiene.

The recent increase in bank hacks is a reminder that we must all work together to protect ourselves against the ever-evolving threat of cybercrime.

Technology is here to stay — that means cybercrime is also here to stay.

As our world becomes more interconnected through technology, we must ensure that we are vigilantly protecting our data from cyber criminals.

While we can’t control the processes by which financial institutions safeguard our finances, we can take proactive measures to ensure any potential threats are stopped before they happen.

Banks, regulatory bodies, and customers must exercise caution as they navigate through this — new era of cybersecurity challenges.

Joseph Rambow is the founder and CEO of Neptune Technologies and a Managing Partner for Pelican Wealth Advisors, where he has become an industry expert in wealth management and artificial intelligence.