ENSURING CYBERSECURITY IN BANKING SECTOR THROUGH SECURE FILE TRANSPORT-POWERED BY BOTDOC
Cybersecurity is not confined to the IT industry; it is critical for all businesses, both for profit and non-profit. Financial institutions comprise of important banking details of their customers, which are prone to unauthorized data breaches. Cyberattacks are rising, and with cybercriminals becoming more sophisticated, banks and financial institutions need to be equipped in the fight against bank threats. But first, let us understand the need for cybersecurity in banking!
What role does cybersecurity play in banking?
The major goal of cybersecurity in digital banking is to safeguard the assets of customers. Financial institutions deal with highly sensitive information like personally identifiable information and financial records on a daily basis. Cybercriminals frequently target this data since it may easily be marketed or utilized for financial crime. Local and international regulatory agencies develop security compliance criteria for financial institutions to ensure secure operations and proper safeguarding of sensitive data for avoiding any fraud and inefficiency.
How does PCI DSS ensure data security in banking sector?
Payment Card Industry Data Security Standard (PCI DSS) is an acronym for PCI DSS. It must be followed by any business, institution, merchant, or payment solution provider. The criteria for processing, storing, and transferring payment card data are outlined in this standard. Its main purpose is to eliminate credit card fraud and increase cardholder data security. This compliance prioritizes security, aids in the development of customer trust, prevents data breaches through the use of higher encryption, assists in achieving worldwide standards, and serves as a foundation for other regulations.
What role does Secure File Transport-powered by Botdoc perform for securing bank data details?
From beginning to end, Secure File Transport-powered by Botdoc allows you to safely send and receive sensitive information directly into and out of any Salesforce standard or custom object while retaining the greatest level of encryption. Because banking information contains sensitive data such as transaction details, balances, and a customer’s identity, it is encrypted using TLS and AES-bit encryption while in transit and at rest. For preventing any discrepancy during the entire process of delivering such vital information, the system is compliant with PCI DSS.
GDPR, HIPAA, Privacy Shield, FERPA, and SOC2 are the regulations that the system complies with apart from PCI DSS. To receive information, it does not require any PINs, passwords, logins, accounts, applications, or software. This frees banking institutions from tiresome email threads, inbox-clogging attachments, annoyance with secure email, debugging customer logins with portals, time delays, or human errors. It quickly customizes the workflow to meet business needs and automates file requests with flows, apex triggers, APIs, and process builders, among other features.
The overall process is automated, which eliminates error-prone manual tasks. It allows banks to configure send methods and integrates Two Factor Authentication with Salesforce. It provides senders with simple navigation for senders and recipients with an intuitive method that includes statistical details such as graphs and charts, as well as reporting metrics for each activity. Institutions may simply track the status of file requests in real time with an overview of sent and received files thanks to an appealing dashboard.
Cloud Maven, Inc., a certified Salesforce ISV Partner and winner of the 2021 Salesforce Partner Innovation Award, offers a wide range of Salesforce consulting and advisory services to help you reach your tech goals. Financial data quality is maintained by this Salesforce native application with greater cyber security resilience and provides tagging of files for convenient file management by assuring no data breach scenarios. When sending and receiving files between different destinations, there are no restrictions on file size or format. It speeds up the file transmission process by 50% and reduces operational costs.
Overall, this safe data transfer technique outperforms all other secure alternatives in terms of client satisfaction. The file sharing tool is free to try for 30 days on Salesforce AppExchange. Contact firstname.lastname@example.org for additional information, and stay up to date on our solutions by following us on LinkedIn and Twitter.