Your digital banking platform lies at the heart of your financial institution. How do you know if your technology partner is staying ahead in this ever-evolving digital landscape?
Thanks to the digital revolution, financial management will never be the same again. As online and mobile banking has become the norm, financial institutions must offer secure and reliable solutions that protect customers while safeguarding their reputations. That’s why, in a world where cybercriminals are constantly evolving to find the gaps and cracks in security measures, your digital banking partner better have next-level tools and processes in place to ensure your bank or credit union is protected.
Ready to see if your digital partner can pass the test? Here are some key questions to ask.
1. What security measures are in place to protect against unauthorized access?
Securing your customer’s information is vital. Your vendor should be able to provide you with verifiable resources on exactly how they protect sensitive customer data. What encryption methods do they use? What are their data storage practices? How do they handle data breaches? You need to understand how they employ user authentication, session management, and multi-factor authentication to ensure the highest level of security. Also, confirm that they comply with industry-standard security certifications, such as PCI DSS and ISO 27001.
2. How do you support multi-factor authentication (MFA)?
MFA is a vital tool for digital banking security today, providing additional safeguards for all users’ accounts. While many MFA methods are employed today, your institution must understand and be confident in your partner’s process. What MFA techniques does their system use? Is it robust enough to safeguard data without sacrificing user experience? Remember, a seamless and user-friendly authentication process is essential, so the balance between security and usability is critical.
3. How do you ensure the security of APIs and integrations?
Application Programming Interfaces (APIs) and third-party integrations have become essential for financial institutions to introduce new products and services quickly and efficiently. However, they can also introduce security vulnerabilities if not properly managed. What encryption measures does your technology partner use for third-party integrations? What types of authentications are in place? How do they control outside access to customer information? And, of course, it’s essential to know how your technology partner vets third-party integrations to ensure they meet your platform’s security standards.
4. How do you ensure compliance with relevant regulations and industry standards?
Compliance with relevant regulations and industry standards is crucial for maintaining the security and credibility of your digital banking platform. As regulations around data and privacy continue to evolve, how can you ensure your digital platform meets every standard? Do they conduct regular compliance audits? How do they stay up-to-date with the latest regulatory changes? This should be an ongoing process that requires a close working relationship with your technology partner to ensure necessary updates are implemented.
5. What is your approach to monitoring and addressing security vulnerabilities?
Despite every effort to safeguard against gaps in your security, new threats can emerge at any time. How does your technology partner approach monitoring and addressing potential vulnerabilities? They should have a proactive approach, including regular security audits, vulnerability scanning, and penetration testing. When it comes to protecting your digital banking platform, adopting a “better safe than sorry” mindset is always the best course of action!
While these questions just scratch the surface, they’re an excellent place to start when evaluating your digital banking partner’s security capabilities. But when it comes to protecting your customer’s data, there’s no such thing as having too much information. Remember, your bank or credit union’s security is only as strong as the technology and expertise that supports it.
The right partner can help.
At Lumin Digital, ensuring the highest level of security for all our partners is our utmost priority. As a cloud-native platform, our security protocols are already integrated into and running on multiple layers, providing you and your users with the latest and greatest digital protections. To learn more about how we can illuminate your institution’s success, contact us today.