Each online banking security practice with the PCI security requirement that mandates it is:
⇒Encrypting transfer of card data --> Credit card data protection
⇒Installing a firewall --> Secure network
⇒Installing antivirus software --> Vulnerability management program
⇒Assigning unique IDs and usernames --> Strong access controls
What is Online Banking?
Online banking is a sort of electronic payment system that enables customers of banks and other financial organizations to conduct a range of financial transactions via the financial institution's website, often known as internet banking, online banking, or home banking.
The internet banking system will frequently connect to or be a part of the primary banking system operated by a bank to allow consumers access to financial services in place of traditional branch banking.
Online banking significantly reduces operational costs for banks by eliminating their reliance on a branch network, while also offering customers greater convenience by saving them time driving to a branch and enabling them to make financial transactions even when such branches are closed.
What is PCI Security?
The Payment Card Industry defines information security requirements for organizations that work with branded credit cards from the major card schemes (PCI).
Enforcing the PCI Standard, which is mandated by the card companies, is the responsibility of the Payment Card Industry Security Standards Council. The standard was created in order to increase data security for cardholders and lessen credit card fraud.
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