Cyber Security is a prime concern for banks due to the regulations that can result in penalization for exposing Customer Information, even if accidentally.
Coronavirus pandemic hasn’t only impacted the health of people but it has marked negative impressions in cyber warfare. News Agency Reuters’s latest report clearly states that the first global bank to avoid Zoom Video Communications Inc is Standard Chartered Plc.
Bill Winters, Chief Executive Officer advised managers last week not to use Zoom. Also, cautioned to avoid virtual gatherings platform-Alphabet Inc’s Google Hangouts. Industry experts also state that currently Blue Jeans Network Inc, Microsoft Corp’s Teams, and Cisco System Inc’s Webex are at par when it comes to precise conversation encryption level.
A Standard Chartered spokeswoman clearly states cybersecurity is a topmost priority and employees should only count on authorized tools for audio and video conferencing.
Another entity to distance their business from Zoom is the London bank. Here the interlopers exposed security flaws by teeming into video chat of strangers. Lewd images were inserted into the presentations along with bombardments of racial slurs at participants.
These recurrent “Zoombombing” incidences have distressed all users-students, friends, families, business hoards. The reason being, users heavily flocked to the Zoom service to stay connected during the pandemic. If you look out the records, around 200 million people were using Zoom in March alone compared to last year 10 million.
Banks are especially worried about cybersecurity. Especially due to regulation that can cause penalization because of customer information exposure.
Other establishments such as New York City’s Public School System, Elon Musk’s SpaceX, to Germany & Taiwan Government have also put restrictions on Zoom. Another astonishing fact, almost 2 weeks ago, the U.S. Federal Bureau of Investigation has warned Americans of its dangers.
To quell against the global backlash due to its perceived flaws, Zoom head Eric Yuan tapped an advisor on safety and concerns- Alex Stamos, Facebook Inc Security Chief. As of now, Zoom hasn’t immediately responded to anything.
Communications provider selection is tricky for bankers, Banks have to manage & balance data access needs, security concerns, clients & employees’ preferences who in case of stringent rules can wander off to another service outside official channels.
Reuters’s report also describes a mixed experience for video chats by industry workers in this pandemic situation. Goldman Sachs Group Inc employees say that they are counting on Zoom, Barclays Plc comments that they only use Zoom on client request, Wells Fargo & Co and Citigroup Inc employees comment that Zoom isn’t a familiar option for them.
But, in the end, the concern is your SECURITY. This is just one incidence; the COVID-19 outbreak is adversely affecting the entire cyberspace. DDoS attacks are increasing, websites and web applications are becoming more vulnerable, and malware & phishing attacks are quite common.
To combat this and remain protected, while on one hand, you need to choose your solution wisely, on the other hand, you need to deploy the best cybersecurity practices such as DDoS mitigation, Web application firewall & load balancing.
To know more about cybersecurity and to learn about WAF security & anti DDoS solution, contact HaltDos at info@haltdos.com.
