Here are the five biggest threats to a bank’s cyber security. Online banking issues include security. In 2015, this was reported about UK bank NatWest: Unencrypted Data. Hence, the reason why cyber security in banking is of utmost importance. Oftentimes, the interest rates on loans and other products from online-exclusive banks are lower compared to those from traditional, brick-and-mortar banks. Disadvantages of Online Banking. Online banking security certainly has risks, and you should be aware that some banks limit your liability as a customer if you are the victim of an online banking fraud. While you might have concerns about customer service or security, most consumers are quite satisfied with their online banking experience. Yes, it’s easier than ever for us to access our banking information, but it’s also easier than ever for hackers to gain access to that information. No one type of bank can be the best at everything. This is why there’s a greater emphasis to examine the importance of cyber security in banking sector processes. Online banking security is a top priority. Online banking has steadily become a convenient and popular option for many people to manage their finances, and it's easy to see why. The main positive trend in online banking security in 2018 is the reduced percentage of high-severity vulnerabilities. …   Many online-only banks pay higher interest rates on savings. There are still some risks associated with using online banking, especially for users who use these services on unsecured connections. You should also be aware that FDIC insurance does not cover any issues resulting from online banking frauds. The importance of cyber security Here are some of the downsides of working with an online bank: Technology issues; Security issues; Inefficient at complex transactions; No relationship with personal banker To increase online banking safety, use secure networks, create strong passwords and choose a bank or credit union that has industry-standard security technology. toward security and privacy issues in e-banking 155 Findings based on the opinion of non users of e-banking services 163 IMPLICATIONS AND CONCLUSION 164 SUGGESTIONS TO BANKING INDUSTRY 164 BIBLIOGRAPHY 170 Annexure 183-190 Check -List 83 Questionnaire 184 . All data stored on computers within your financial institution and online … Thankfully, most banks make security one of their priorities. In 2018, this threat was present at 54 percent of online banks. Without a doubt, one of the most serious potential consequences of an attack is theft of funds. 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