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Banks and the New Abnormal
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Shih-Chin Yang
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Shih-Chin Yang,
User Rank: Apprentice
8/24/2020 | 12:24:04 AM
We all have a lot to learn for working-anytime-anywhere
For software companies, it might be easier to adopt a working-anywhere-anytime model, since their deliverables are digital in nature.

On the other hand, for incumbent industries such as banking, a lot need to be learned to make sure a smooth and secure transition. MFA(or 2FA) and use of strong passwords are just basics, but inconvenience seems to be the excuse of not using it.

There are other measures such as

. Not to send confidential information over Email;

. Encrypt your confidential data before sending it to cloud;

. A secure knowledge or content management for distributed workforces with access controls for different groups of people;

From a broader perspective, the first wave of cloud services adoption is to know that they are very great for productivity. As more and more people concerned with their data privacy, an extra layer of protection such as end-to-end encryption is to make sure no third-party could look into customers' data.

Banks are indeed in a race to protect their core business, and not to lose to the competition, especially technology companies.
ScottyTheMenace
50%
50%
ScottyTheMenace,
User Rank: Strategist
8/22/2020 | 12:23:31 AM
end-user banking security is universally awful

Along with the infrastructure and employee security you talk about, banks are desperately in need of upgrades to end-user security, which is universally awful.

Most banks' idea of end-user security is blocking VPNs, imposing ridiculous captchas, and using security questions any third-rate hack can find answers to on social media or the dark web.

If a bank is not offering app- or token-based MFA and forces users to turn off their VPN before accessing their site then they have no business being in the banking business.

I'm not a guy who wants federal solutions to all (or even most) problems, but insecure access to a bank seems to me a clear place for regulation. FDIC needs to require banks to offer robust end-user security options like app or token MFA (knowing that technologically challenged users won't use them) as a condition of their charter.



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