Banks: Balancing Security and the Consumer Experience

Banks: Balancing Security and the Consumer Experience

Today’s threat landscape is constantly evolving, presenting ever-changing challenges for CSIO & security specialists. As financial institutions embrace greater connectivity, their points of vulnerability – or “attack surfaces” – increase, and hackers are poised to exploit these weaknesses. There are countless recent examples of Malware attacks with far-reaching impact, and the ability to hit networks and devices multiple times daily. In 2016 Tesco Bank in the UK revealed that 40,000 accounts had been compromised, and half of those had money stolen (Source:, while cybersecurity company Fortinet reported, “69% of all organisations experienced high or critical exploits in Q2 of 2017”.  Also in 2017, two ransomware attacks made headlines after targeting unpatched Microsoft platforms – Wannacry (May) and Petya in (June). With more sophisticated cyber-attacks occurring all the time, financial institutions must maintain constant vigilance. But how do you defeat the hackers while still advancing the consumer experience?

Staying Agile

Banks need to enable mobility in the toughest environment. With an omni-channel approach the customer is empowered to choose how to transact and communicate. With many Australian banks moving to:

A mobile cloud strategy that provides intelligent digital assistance such as conversational commerce.

Chatbots that can interact with customers through text or voice providing ‘voice command to services and payments’ and answering requests such as financial updates about trade and market shares.

A mobile-first strategy that provides customers with easy mobile banking experience, incorporating unified payment solutions.

Real time transactions with real time security.

A superior in-branch experience with wireless tellers that are free to interact with customers.


Prioritising Security

Protecting customer data and money is a key priority for all banks and network security has become the modern-day bank vault, with Chief Information Security Officers guarding its entrance with advance software and access controls. A key enabler for ensuring the security of customers’ is trusted digital identity. Adopting two-factor authentication via key tokens or SMS, AI and advanced machine learning, all provide detailed information about unusual transactions that can be flagged for immediate investigation.


Additional measures undertaken behind the scenes include adopting technology that detects and intercept malware in real time with auto-adaptive responses. For example:

Traditional and Next-Generation Firewalls

Advanced Malware Protection

Enterprise Mobility Management

Cloud Security

Advanced Network Access Control

Wireless Intrusion Protection & Next-Generation Intrusion Prevention Systems

Email security


Maintaining customer trust is paramount, but with multiple solutions and providers available, navigating the complexities of the security cavern can be daunting. This is where NetWireless can help. Experts in wireless/wired network integration, NetWireless can review your existing set up and provide advice on additional measures needed to advance your security posture. Speak to our technical consultants today (CALL 1300 324 844) to ensure your network infrastructure meets your needs.