Ethical hacking is the art and science of securing digital systems from cyber attacks by attempting to breach into them in order to identify and fix vulnerabilities. But how do ethical hackers keep our financial system safe and why are they necessary in its smooth functioning? This article aims to highlight the significance of white hat hacking in the working of our economy’s biggest component: finance.
The role of finance in our economy
The financial sector fuels our society. Without it, we would not be able to trade, deal, or exchange goods and services with each other. Banking and finance institutions need to function without interruption in order to keep the world running every single day.
In the absence of these systems, economic activities will come to a halt. All the functions of our society depend on finance as if it is the very backbone holding everything together. Therefore, it is vital to protect the financial sector from harmful hackers.
How the internet changed banking
Thanks to the growth of Information Technology, the architecture of financial systems has been transformed over the years. Cashless economies are heavily promoted today as mobile banking becomes the new mode of daily payments. After all, who doesn’t love one-click transactions?
Also, there are so many services—such as Trim—that integrate with our bank accounts to help us save and manage our money.
Mobile wallets, scanning QR codes to pay, applying for loans from your phone, checking your balance with one click, and even opening a fixed deposit account from the comfort of your home—all these features make banking easier. We save time and are more economical than ever.
However, all these advancements come at a cost. And the cost, in this case, is an increased risk of theft.
Negative effects of hacking
It is no secret that financial gains are one of the major motivators behind any crime, cyber or not. Thus, financial systems are also one of the worst-hit by cyber attacks. Be it an ATM machine or stealing online banking credentials of innocent customers, we hear stories of duping every other day in the news.
Phishing is one of the most notorious and widespread cyber threats ever to infest the digital world. Since digitization and electronic banking have arrived at our doors, the world has witnessed a sharp spike in cyber attacks in the banking and finance sectors.
It's important to only work with companies you can trust. For example, Trim is a service that analyzes your monthly expenses to helps you lower your bills. Therefore, you have to trust them with a lot of personal information. That's why they keep safety at the forefront of their operations by using bank-level security.
Positive effects of hacking
So, how do cybersecurity experts with ethical hacking training help secure our money? Well, it’s not rocket science.
Ethical hackers are professionals who are permitted by organizations to breach their systems. They think and act exactly like black hat hackers. They use the same tools, methodologies, and tricks used by the most notorious hackers of the dark web. The only difference: their intention is good.
Ethical hackers don’t actually infect the system but rather report back to the organization with all the discovered bugs and problems that could lead to a real cyber attack in the future.
How to become an ethical hacker
One of the most famous ethical hacking certifications, CEH, trains people in this crucial skill and is now in huge demand all over the world by employers of all sectors. They are especially needed by those hailing from banking and finance. In reality, no sector or industry is safe from cyber attacks, but there are a few select sectors that receive most of the wrath of criminal hackers.
Surveys have shown that financial institutions have to tackle cybercrime with a frequency that is 300 times higher than in other sectors. Hence, ethical hackers are nothing less than protectors of our crucial monetary systems without whom these institutions would be hacked and misused every single day and our hard-earned money would be left at the mercy of unchecked criminal activities.
We hope you learned something interesting about ethical hacking, and are maybe inspired to pursue it as a career!
The post The Critical Role Of Ethical Hacking In The Financial Sector appeared first on Miss Millennia Magazine.
from Miss Millennia Magazine
0 Comments