Bank of Southern California is focused on ensuring the safety and security of client information and dedicates significant resources to systems, software, and networks to help safeguard your information. In an effort to keep our customers safe and informed, we have developed an educational series, Safe and Secure Banking, that provides tips from leading experts. This issue focuses on the simplest security: password protection.
According to the 2017 Data Breach Investigations Report, 81% of hacking-related breaches leveraged stolen and/ or weak passwords. Passwords are your first line of defense against hackers. It is critical that you create strong complex passwords that are at least 10 characters in length and utilize a combination of upper-and-lower-case letters, numbers, and special characters. Never use your name, tax ID number, address, or other personal information that can easily be found online.
Important things to consider:
- Change your password every three to four months.
- Create unique passwords for each system and device.
- Consider using a password management tool with advanced encryption.
Creating and maintaining strong passwords is key to keeping your information safe and secure.
A 21st-Century Bank Heist
In February 2016, cyber criminals hacked into Bangladesh’s Central Bank messaging system and made off with $81 million. The failure came down to a simple issue: a stolen password.
In this case, thieves signed in to the account using stolen employee credentials and sent three dozen fraudulent money transfer requests to the Federal Reserve Bank of New York asking the bank to transfer millions of the Bangladesh Bank’s funds to bank accounts in the Philippines, Sri Lanka, and other parts of Asia. The hackers were successful in transferring $81 million to their accounts.
Stolen passwords pose extensive security risks because they rarely set off any alarms. Make sure a single password is not your only line of defense against cyber fraud.
Commitment You Can Bank On
Bank of Southern California is committed to providing resources to help keep our clients’ assets safe and secure. To learn more about how to grow and protect your business, call 858.847.4780 or visit us in person at one of our many offices conveniently located throughout Southern California.