Tips for Banks to Prevent Data Breaches Through Phishing Education

Despite the roaring advancement in the field of technology, phishing remains one of the most common cybersecurity hazards. According to recent studies, phishing losses in the US alone were $52 million.

The lack of proper awareness in regards to cybersecurity could be one of the reasons why phishing attacks are escalating at a concerning rate. While many finance institutions are aware of the importance to cybersecurity, they fail to educate their employees of the same. 

Here, we are mentioning some ideas which might help banks to thwart phishing efforts and safeguard the information of their customers and employees:

Focus on Behavioral Change

The majority of banks use a similar approach for their cybersecurity training programs: they put all of their non-technical staff in a room, have their security team show a lecture with a few slides showing breach numbers, and attempt to scared them into acting accordingly.

It goes without saying that this strategy is ineffective. It is time for banks to start seeing their staff as a bulwark against phishing attempts rather than as a risk.

One way to do this is for banks to change their employees’ behaviors under stress, rather than threatening them by making them aware of the stressful situations. For example, instead of showing them the malicious emails, they must be educated on the right measure they must follow to identify such emails. 

A bank can also do this by running simulations of the situations, where an employee will be free to make mistakes and learn from those mistakes. This way, an employee can as well make judgements on their actions and even receive instant feedbacks in a safe environment. By doing so, an actual breach will not be the only time the employee is dealing with a feedback. 

Employees can view learning paths and review progress on simulation platforms. The skills of a technological employee will differ greatly from those of a non-technical person. The way forward is to provide positive feedback throughout and to customize learning routes.

Install Security as a Founding Principle

For most banks, the importance of security is communicated with a negative attitude. They draw attention to the possibility of a breach, the harm to the bank's reputation, and the possible consequences for an employee's career should they fall prey to phishing scams.

When a worker receives a phony email from someone posing as their manager, these intimidation techniques are ineffective. Because they trust the manager's persona, employees are unlikely to refuse a request from that organization. Rather, banks ought to embrace a proactive stance and integrate security into their overall brand.

For example, inducing fear among the employees into not clicking the malicious links, banks should instead introduce policies when an employee could quickly determine whether an email is a phishing attempt, rather than attempting to scare them into not clicking on harmful links. Giving them access to an automated tool or having a security guard on duty are excellent choices.

Policies like shredding and discarding important documents in secure bins to cybersecurity practices is essential. Employees must be reminded that the work they do is in fact critical and their actions do matter.

Set Communication Templates

Bank personnel utilize emails, which are rich in data, to communicate with a variety of stakeholders. This is used by malicious actors, who impersonate a different individual and deceive workers into downloading malware.

Informing staff members of appropriate communication styles and methods is one way to avoid situations like this one. Establishing a communication template, for example, will enable staff members to quickly spot emails that depart from the standard.

External actors are unlikely to be familiar with internal communications templates, thus they will likely send emails in a manner that is easily recognized by staff as being out of compliance. Although putting in place such a procedure may sound oppressive, it is the most effective technique to assist staff in overcoming the appearance of a false identity.

For instance, the majority of staff members will click on an email from the bank's CEO right away. They will overlook the fact that the email was sent by the CEO persona, though, if they see that the communication format is incorrect. With their minds thus occupied, kids are less likely to click on a link that could be harmful.

These templates are ingrained in the company's culture, and how banks convey their significance will determine a lot. Once more, a fear-based strategy rarely succeeds. Banks need to consider effective ways to enforce them.