Over many centuries, it has been observed that cybercriminals favorite target are the financial institutions as they are a direct source of money or digital assets and they are the industry that is always first to adapt to the modern and latest technology.
Our financial firms are always under pressure in keeping up with the latest trends in technology as it provides their user a state-of-the-art experience while providing convenient options in their financial transactions.
This will also allow them to be competitive in a larger market. Nevertheless, regardless of the adaptation and use of these modern tools, they are still required to protect themselves from cybercriminals that are tech-oriented with the new generation’s specialized skills in a cyberattack.
Recently, the attacks on financial firms are growing and alarming. In response to these threats, cybersecurity has organized to support financial firms on their security requirement in order to strengthen their technical system while giving awareness to employees, business partners, and customers with the security process.
In this article, we will be discussing one of cybersecurity’s innovations in protecting financial firms and services from the growing threats of cyberattacks. This is the integration of EMV chip cards to improve cybersecurity in the industry of finance.
EMV Chip Card
EMV is an abbreviation that originally stands for ‘Europay, Mastercard, and Visa’, these are also the names of the three companies who have worked together in establishing the standard.
It is a payment standard that is based on technical methods for payment terminals, automated teller machines, and smart payment cards.
This is one of cybersecurity’s latest security standards for financial firms and credit card security. The standard includes a small microchip placed on the card to protect the users from fraudulent and malicious transactions.
This security method is better, more secure, and authenticated, than the initial magnetic stripes on cards.
Advantages of EMV Chip Card
There are three reasons why EMV is taking over the cybersecurity platform for cards in financial firms. This is because experts have integrated a more sophisticated level of authentication to individual cards.
Chip cards offer security features for fraud prevention, difficulty to reproduce or clone, and they have sophisticated encryption.
Disadvantages of EMV Chip Card
Even if you have the top-of-the-line cybersecurity tool, you are still not exempted from the risks of being attacked. While EMV chip cards give us several advantages in protecting our financial assets, there are also some challenges faced in using them.
It is of disadvantage to using the EMV chip cards on shops that do not support it, the security protocol that comes along will not be in effect.
To prevent cybersecurity risks on your chip card, it is best to add your credit and debit card to your phone and establish transactions via mobile. With this, you are adding security features that go with your smartphones such as OTP, fingerprint authentication, facial recognition, and 6 digit passwords.
Cybersecurity has yet again established a tool that can protect users from becoming a victim of fraudulent transactions and digital asset theft.
Career Opportunity
With the growing concern that follows the increase in cybersecurity attacks over the years, the industry has opened several opportunities in career and profession. Security is very important when it comes to your financial and digital assets.
If you are interested in becoming a part of this community, you can enroll at Reliable Cyber Solutions, LLC., we offer online courses and certifications in Certified Ethical Hacker and Certified Cybersecurity Analyst. Visit our website and join now at Reliable Cyber Solutions.
