Digital banking applications and websites are nothing new; more and more people have carried out their everyday banking transactions over the internet in the last few decades. However, with the quarantine period thanks to the new coronavirus, we need to rely even more on this digital resource for practically all our banking operations. Therefore, even those who avoided internet banking had to adapt to the new reality.

A malicious attacker could cause significant social and financial damage, so it's essential to learn to avoid any risk.

A notable event regarding Online Threats

In 2019, cybercriminals primarily targeted multinationals, government organizations, and businesses. They sent personalized phishing emails to the employees, exploiting security holes to access the network and then moving sideways within it.

For example, Maryland spent $5.3 million in restoring its systems, which were infected in May by the RobbinHood ransomware.

Top 5 Ways to Keep Your Details Safe Online

Check out our top tips to access digital banking through your computer or smartphone safely, without having to worry about digital threats that can steal your data.

• Use a VPN

A VPN is basically a tunnel for your information which encrypts your data and sends it through from a different location than yours. This helps keep your information safe and is an excellent option to carry out banking transactions with optimal security. You can find many generic VPNs online, just be sure to do your own research as to which one best suits your needs.

• Update your software

Keep your computer up to date with antivirus and firewall programs, which prevent the installation of malicious software (known as malware or Trojans). Such software is designed to collect sensitive information and data and reuse them for potentially criminal purposes.

• Create strong password

A secure password should ideally contain upper and lower case letters, numbers, and at least one "special character" (such as! @ # $%). It is also essential that the password is at least 8 characters long.

• Avoid publicly accessible computers

For security reasons, avoid using publicly accessible computers (for example, in an internet cafe, hostel, or copy shop) to access your online banking or any service that requires access to your sensitive data. These computers are particularly vulnerable to malware.

• Private and public Wi-Fi

Ensure that the Wi-Fi you are using to access your online banking is protected via the "WPA2" protocol. The previous Wired Equivalent Privacy (WEP) standard is obsolete and is no longer considered secure. If you don't use the new standard, cybercriminals could intercept your internet connection and compromise your data.

If you need to use a public Wi-Fi network, be sure to use a good VPN on your PC or smartphone to encrypt the connection and keep nosy people out.

Conclusion

Most consumers are still poorly aware of data security and repeatedly engage in online activities that put their critical data at risk. Just recently a cybersecurity attack cost a Norwegian company Pound 55 million. In a growingly connected world, everyone must take steps to protect security and privacy, including basics like using a VPN to secure the connection and using two-factor authentication for important online accounts, checking privacy settings on social media - and doing the same for people with less experience in technology.

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