The major challenge of the modern financial services area is the growing tendency of using banking systems as a place for money laundering. Administering authorities have revealed anti-money laundering regulations in response to these issues, trying to prevent any further activities. Banks and other financial institutions that want to comply with AML regulations have to implement a highly effective system of defense, which usually includes AML software, that was significantly improved during the past year.
AML software provides an advanced inspection of any transactions and identifies any suspicious activities. Banks around the world prefer to use technology-based products that comply with AML regulations in order to prevent possible declining revenues, penalties, and loss of reputation on the market. It leads to the fall of stock prices and a decrease in customers. Financial Action Task Force, the official inter-governmental organization, created a set of regulations against money laundering, which is widely used around the world. The proper measures help businesses to protect themselves, clients’ money, and their trustable reputations.
Top-4 Improvements of Security Online
Threats of cyber attacks are present everywhere nowadays. From social media accounts of millions of users to business espionage and money laundering, nothing is secured. You have to work hard to secure your online presence.
1. Analytics and Scanning
Regular scanning is a useful habit for everyone who wants to succeed online. It is a simple way to improve your cybersecurity without putting in too much effort. Make an analysis of your security online to find the gaps you have to cover before it is too late. Send yourself reminders on weekly or monthly scanning. Build and improve the strategy every month or once in a quarter.
2. Keep the Passwords Safe
Forget about your birthday, spouse name, pet name as the password that protects important data. Don’t make it simple. You have to warn your employees to avoid the same mistake. A strong password is the first thing you have to create for your business. Avoid using the same “key” to all the “doors”. Make sure that each password is unique and hard to guess. If your employees don’t know which password is strong, it is better to teach them the basics of cybersecurity.
To make the procedure of remembering passwords, use the password manager with the high-security vault. Don’t forget to change the passwords from time to time. If you work in a big company, and you need to provide access to the key accounts to others, make sure that only trustable workers receive it.
3. Update Software Security
Security patches are important tools for your safety. If you use specific tools for quite some time, you may need security patches to make sure there are no breaches. Your tools require updates to be able to handle viruses and malware. Even if you believe that the timing can’t be more inappropriate to start updates, allow it anyway.
4. Train Your Staff
At the end of the day, it is your employees who may jeopardize all your security efforts. They own the passwords that can be hacked. They also can forget to update the tools. Besides, you may lose everything because your employees use tools with malware. Educate them until it is too late using simple lectures available online or ask security specialists to speak to your employees. Don’t hesitate to join them to receive updates about cybersecurity.
You may want to change or improve your online security strategy using these simple steps. However, no matter how safe you feel right now, with all the advanced technologies, locked passwords, and encrypted data, you have to keep in mind that hackers improve their strategies as well. You need to adjust your security plans to the modern world demands.