Each year banks move sensitive data across the Internet without using digital identities to authenticate their clients, while each year cybercriminals become more sophisticated and able to hack these banks. Yet the one thing supposedly protecting us all hasn’t changed much: the way banks let users access them using passwords, without using digital identification, and secure email in addition to securing their web servers. Digital identities are among the strongest methods that can be used to authenticate our e-identities, yet some financial institutions are still not considering the risk of inadequate authentication mechanisms.
 

Banks need to start encrypting their Data : Robert Wolf Statement

Yesterday on Bloomberg, Robert Wolf chief executive of 32 Advisors, described how WISekey can protect banks in the USA against cyber-attacks. JP Morgan’s recent breach impacting 83M+ accounts is reportedly one of the most serious breaches of an American corporation, with nine other banks reportedly having also been touched.
 

CyberSecurity Solutions for Banks

Web users should start using apps like WISeID with strong complex trust passwords associating their online identity to protect sensitive banking information, business communication and encryption of their personal data.
Financial services customers can use technologies like WISeID and Digital Certificates to protect their online identity and sensitive banking information.
The security model currently in place at banks follow the “fortress mentality”. “The bad guys were out there, and all one had to do was load up on software, hardware, firewalls, biometric systems. The problem with latest cyber threats is that the enemy was actually inside the bank, with a USB stick or a cell phone camera, simple technologies to collect information and bring it beyond the massive defensive walls. Nowadays, however, banks needs to start adopting more effective measures to maintain greater control over staff members, give them digital IDs that permit better tracking and restrictions.”
Banks should invest in Cybersecurity companies and create a Cybersecurity consortium sharing the information and technology allowing them to protect themselves in the same way hackers exchanges the information on how to attack them. While information security has been a key concern since the proliferation of computer networks, the increased levels of concern have prompted organizations such as the private banks to devote more resources and request assistance from security firms such as WISeKey to combat this threat.
Computers can be used as weapons, and the effort to improve computer security is driven by contradictory forces, as although the Internet needs to remain open, with its totally unsecured and decentralized architecture.

 

WISeKey Profile and Mission

WISeKey is a leading eSecurity company, with over 15 years of experience in information security and trusted digital identities. Our strategic location in Switzerland and partnership with the OISTE foundation sets us apart from other digital security providers in that we can offer geopolitical neutrality. Our certificates are trusted globally by a wide range of customers, governments, business, and individual website hosts, who continue to operate in safe and secure environment thanks to WISeKey’s digital security solutions. WISeKey’s portfolio offers globally trusted SSL certificates with the highest assurance and warranties, at a really competitive price. 
Download our Digital IDs for Servers and Users at: www.wisekey.com/solutions/finance

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Contact Person: Youmna Abisaleh +41 76 946 00 89, yabisaleh@wisekey.com