The Security employed by big banks: How do they keep your money safe?

The Security employed by big banks: How do they keep your money safe?

Blog Title (3)So you’re wondering how the banks secure your money? You probably already know the answer although you might not be aware of what it’s called, or how it works.

In a world where we need passwords for almost everything it is far too easy to become complacent. Making secure passwords that consist of upper case letters, symbols, and numbers is a necessary practice but when it comes to things like your banking and significant information crucial to your business increased security is necessary.

This is achieved by implementing security measures like Multi Factor Authentication, this works by requiring two pieces of data for login. You’ve likely come across this when you transfer money to someone for the first time in your online bank account. It’s most commonly completed by entering your password and a second piece of information (a numerical code) that you generally receive to your mobile phone. Once these two pieces of information match, you are given access.

Melbourne IT Provider - Multi Factor Authentication

This two factor authentication makes it much more difficult for a hacker to gain access to your account as they would also need to have access to your mobile phone. Without the second element of the login, it will be unsuccessful, thus not providing access to anyone without the credentials.

Implementing such security measures into your organisation can ensure that you know who is signing in to your networks - with added security functionality. Coupling MFA with something like Single Sign On can make your business sign-in process easier, and significantly more secure. This would enable one incredibly secure sign on for all of the applcations that you use on a daily basis. 

Social Engineering (where hackers research you and make informed guesses of what your password could be) is still a primary method of information breaches. The traditional password is becoming increasingly outdated and securing your data is growing more difficult with the evolution of hacking techniques. 

Applications like Microsoft Azure and Google Apps offer MFA Solutions which can help safeguard access to mobile apps, phone calls and SMS. It is available for both on premises users, to secure VPN’s, Remote Desktop, but can also be deployed in the cloud.

 With the right IT provider establishing Multi-Factor Authentication into your organisation can be accomplished relatively simply. The Security within your organisation will drastically improve and you can rest at ease that your important information will remain secure.