Photo by Anna Shvets on

The importance of cybersecurity in mobile banking

You may think that cybersecurity is limited to IT industries. In reality, this is crucial for all businesses, especially in today’s era of technology and the internet. It is twice as important for banks and other financial institutions because they have experienced a cyberattack in one way or another. In fact, Boston Consulting Group mentioned that financial firms are 300 times more likely to experience cyber attacks than other institutions.                

Banks have now offered different online and mobile banking services to keep up with their customers’ changing needs and provide convenience since almost everything is done online. However, with this innovation comes a new threat not just for the business but for the customers too. Gone are the days of masked robbers breaking into a bank. Today, the most prominent security challenge of banks is in the form of online threats.

What is cybersecurity?

Cybersecurity is the application of technologies and practices designed to protect systems, networks, programmes, devices, and data from damages, attacks, and unauthorised access.

No photo description available.

Learn more

Common bank application cyber attacks

Here are some of the threats and hacker attacks that mobile banking applications are exposed to:

  • Phishing- This is a popular method of data scamming wherein hackers send text messages to their victims with fake links. For example, the text message says that the victim needs to install an update by clicking the link provided. The link contains a virus that can eavesdrop on you and can obtain your various information.
  • False QR codes- these fake QR codes can contain dangerous links which can make your mobile application vulnerable to hacking.
  • Emails with data extortion- hackers pretend to be bank employees and send malicious emails asking for sensitive information. This technique is a fraud attempt because banks will never ask you to send sensitive data via text or email.
  • Exploiting software vulnerabilities- hackers may take advantage of the bank’s software vulnerabilities. As the end-user, you may protect yourself by regularly updating your mobile banking application.

Below are the importance of a reliable cybersecurity strategy and why banks and financial institutions must invest in this.

May be an image of 1 person, phone and text that says "Opt-in to Cyber Safety"

Try Norton 360 FREE 30-Day Trial* – Includes Norton Secure VPN

30 days of FREE* comprehensive antivirus, device security and online privacy with Norton Secure VPN.

Join today. Cancel anytime.

*Terms Apply

Start free trial

It safeguards digitisation

People are mostly doing cashless transactions nowadays. Using mobile banking applications makes transactions more accessible without going to an ATM or over-the-counter. Mobile banking is also used rampantly for transferring money, online shopping, ordering food, and even paying your taxi and transportation. Since digitisation is the way to go, banks surely need to strengthen their cybersecurity to avoid hackers accessing their systems and stealing customer data.

It safeguards the bank’s reputation

Any incident which shows a bank’s weak cybersecurity can cause significant damages to the organisation’s reputation. Data breaches are a critical problem for banks because they can lose public trust and customer security. Cybersecurity in mobile banking ensures that customers’ sensitive data is secured, which, if exposed, is susceptible to many problems like fraud.

It prevents loss of customers’ money and your time

When a bank faces a data breach, it may cause financial losses to its customers. Losing hard-earned money can be very stressful to customers. While there may be ways to recover the funds, it will not be easy, and it will take time. From the organisation’s end, they lose precious time and productivity in tracing information and recovering customers’ lost funds. Both these complicated situations can be prevented with good cybersecurity practices.

Sony PlayStation 5 Digital Edition

Sony PlayStation 5 Digital Edition Console


PS5™ Digital Edition is an all-digital version of the PS5™ console with no disc drive. Sign into your account for PlayStation Network and go to PlayStation®Store to buy and download games.*

It keeps data secured

Customers would be anxious if they knew that their private information had been compromised. Even if they can have their cards cut, their personal data may still be used for cybercrimes and other attacks. That is why it will be an advantage to have strong cybersecurity to ensure data security.

It avoids penalties for non-compliance

Just like in any industry, banks have rules and regulations that they need to follow. The Federal Deposit Insurance Corporation (FDIC) sets the standards for financial institutions. The compliance standards impose that banks focus on cybersecurity strategies. They encourage that banks have reliable IT teams to ensure that the company meets security agreements and customers’ data are safeguarded. Therefore, if a bank encounters data breaches, it will be penalised for non-compliance. The non-compliant bank will not only incur monetary penalties but may also face litigation and formal enforcement actions.

Sony PlayStation 5

Sony PlayStation 5 Console


  • Ultra-High Speed SSD 
  • Integrated I/O
  • Ray Tracing
  • 4K-TV Gaming
  • Up to 120fps with 120Hz output
  • HDR Technology
  • 8K Output
  • Tempest 3D AudioTech
  • Haptic Feedback
  • Adaptive Triggers

Further support for cybersecurity

It is not just the IT department’s responsibility to enforce cybersecurity. To further support the bank’s efforts, all employees must be a part of this movement. It is beneficial to get everyone onboard on cybersecurity best practices and how to stay vigilant against attacks.

Also, the bank should educate their customers as well on how to protect themselves from cyberattacks. Banks may send customers helpful tips such as downloading the mobile application using trusted sources, changing passwords regularly and updating the application as needed. In addition, remind customers not to open suspicious emails and connect to public Wi-Fi to use your mobile banking.


Cybersecurity is crucial for banks to ensure their business and their customers are kept safe from hackers. To avoid cyber threats which could lead to significant losses, banks must firmly implement solid cybersecurity practices.

When you buy something through our retail links, we may earn commission and the retailer may receive certain auditable data for accounting purposes.

Every month in 2022 we will be giving away one PlayStation 5. To qualify like us on Facebook, TikTok and Subscribe to our Sweet TnT Magazine YouTube channel

When you buy something through our retail links, we may earn commission and the retailer may receive certain auditable data for accounting purposes.


You may also like:

Protein purification: 4 techniques used by researchers

10 best smartphones for online students

Video editing tips: Boost your professional career

Framework laptop: Modular, repairable, thin and stylish

Catch mosquitoes with a safe, chemical-free trap

Work from anywhere: Top 25 companies to find a job

Galaxy S21+ 5G

NIPDEC Vacancy February 2021
Galaxy S21+ 5G

Galaxy S21 5G

NIPDEC Vacancy February 2021
Galaxy S21 5G


Galaxy S21Galaxy S21 PlusGalaxy S21 Ultra
Display size, resolution6.2-inch Flat FHD+ Dynamic AMOLED 2X Infinity-O Display (2,400×1,080 pixels),6.7-inch Flat FHD+ Dynamic AMOLED 2X (2,400×1,080 pixels)6.8-inch Edge WQHD+ Dynamic AMOLED 2X (3,200×1,440 pixels),
Pixel density421 ppi394 ppi515 ppi
Dimensions (Inches)2.80×5.97×0.31 in2.97×6.35×0.30 in2.97×6.50×0.35 in
Dimensions (Millimeters)71.2×151.7×7.9 mm75.6×161.5×7.8 mm75.6×165.1×8.9 mm
Weight (Ounces, Grams)6.03 oz; 171g7.12 oz; 202g8.07 oz; 229 g
Mobile softwareAndroid 11Android 11Android 11
Camera64-megapixel (telephoto), 12-megapixel (wide-angle), 12-megapixel (ultra-wide)64-megapixel (telephoto), 12-megapixel (wide-angle), 12-megapixel (ultra-wide)108-megapixel (wide-angle), 12-megapixel (ultra-wide), 10-megapixel (telephoto), 10-megapixel (telephoto)
Front-facing camera10-megapixel10-megapixel40-megapixel
Video capture8K8K8K
ProcessorSnapdragon 888 or 64-bit Octa-Core Processor 2.8GHz (Max 2.4GHz +1.8GHz)Snapdragon 888 or 64-bit Octa-Core Processor 2.8GHz (Max 2.4GHz +1.8GHz)Snapdragon 888 or 64-bit Octa-Core Processor 2.8GHz (Max 2.4GHz +1.8GHz)
Storage128GB/256GB128GB/256GB128GB/256GB, 512GB
Expandable storageNoNoNo
Battery4,000 mAh4,800 mAh5,000 mAh
Fingerprint sensorIn-screenIn-screenIn-screen
Headphone jackNoNoNo
Special featuresIP68 rating, 5G-enabled, 30X Space Zoom, 10W wireless charging,IP68 rating, 5G-enabled, 30X Space Zoom, 10W wireless charging,IP68 rating, 5G-enabled, 100X Space Zoom, 10W wireless charging, 10x optical zoom; S Pen support

About Sweet TnT

Check Also

Off grid solar power system

Off Grid Solar Power System: Cut your electric bill now

By Jevan Soyer. With the pending increase in fuel prices, which would lead to an …

Oil control valves

An introduction to oil control valves

Every engine that uses VVT relies on the oil control valve. Its primary duty is …

%d bloggers like this: