It was the year 2016. An organized crime group hacked into the central bank of Bangladesh via the Federal Reserve Bank of New York, and robbed $100 million, and transferred it into the Philippines casino system. It left the entire Bangladeshi economy reeling.
This abysmal instance is one of the reasons why securing your online businesses, and the banking system is of paramount importance.
By 2020, the world will have generated 44 trillion gigabytes of data. And with it, targets for such cyber-attacks are getting bigger and bigger.
Cybercrime is evolving as well. According to the National Crime Agency of the UK, more than 50% of all crimes in the UK is now cybercrime. A study by the University of Maryland has found that currently, malicious hackers are attacking one computer in every 39 seconds.
Data security compromise in institutions like banks that are privy to a massive amount of sensitive data could spell doom for millions of account holders.
Banks and other financial institutions are critical targets for cyber-attacks, and hence, it is not a matter to be trifled with. It warrants a great deal of seriousness, simply because of the sheer amount of delicate information and money at stake.
That is why EV SSL certificates are essential for any bank. Apart from high-level security, cheap EV SSL certificates are a signature of quality and trust, and it ensures peace of mind for both banks and their customers.
Why are they important?
EV (Extended Validation) SSL certificates generate confidence and trust in customers. It makes the customers think that the bank cares about their security, and takes their personal data security seriously, and is not willing to compromise on anything.
Provided by specific certificate authorities (CA), an EV SSL certificate symbolizes confidentiality, integrity, and data reliability.
For Banking sector, EV SSL is an ideal way to secure the domain and below are few benefits of having EV SSL.
These can provide the following benefits:
Prevent malware attacks
25% of all malware attacks are directed towards banks and financial institutions. Proper protection against such attacks is thus imperative. A recent example is the infamous Zeus attack on several thousand accounts of the prestigious Bank of America.
Having an EV SSL certificate is tantamount to declaring immunity from such attacks.
In 2017, the number of phishing attack attempts worldwide was around 250 million. In 2018, it doubled to reach 482.5 million times. A significant chunk of these attacks is directed towards banks and financial institutions.
Phishing is a process where an individual or group tricks you into sharing sensitive information about yourself or your business. They can ask for your bank account number, PIN number, login credentials, or even biometrics.
Let’s look at this example.
A cyber-criminal group created a banking ‘Trojan’ program called Dyreza, which, when installed on a user’s machine, appeared to give them a secure connection to their bank. It was a hoax, which was able to evade traditional SSL security.
Moreover, it sent the sensitive and secure information to their own servers, which was then exploited and spread to millions of machines before it was finally stopped.
This is where the need for EV SSL security is especially palpable. Had it been EV SSL certificate instead of the traditional one, millions of accounts would not have been compromised.
It was recently announced by Google that having an SSL certificate with your website will boost your search engine optimization (SEO) during a google search. It simply means that Google will increase your visibility to individuals looking for a product or service. This is even more optimized with EV SSL certificates.
Banking websites are laced with sensitive information like bank account number, passwords, PIN, and other login credentials.
Having an EV SSL certificate on the website is a guarantee that the bank conforms to the highest of security standards. These certificates are proof of the validity of your business, which automatically enhances your SEO.
There is a big difference between domain-validated certificates and EV SSL ones. In the first instance, one needs to request it, and it can be granted if one has a valid email address, or if one owns the domain.
But it also means big trouble if the site has already been hacked, and someone else is using your credentials to do the same. It requires a very low level of validation.
A person who requests it may be anyone, the third party with a leaked account or a rogue employee. You never know.
This is where an EV SSL certificate is different, as well as a much more severe form of validation. There are many more additional security checkpoints to pass.
The website is subjected to a very comprehensive level of testing before the EV SSL certificate is granted, thereby signifying its authenticity.
Without proper and in-depth knowledge, these certificates are not issued, which is further proof of its soundness and reasonability.
When it comes to banks, cyber-criminals still depend on the age-old mode of attacks via emails. According to a study, 85% of all malicious emails are in the form of .doc, Xls, pdf, .zip, or .7z.
A lot of employee training is necessary to correctly identify, flag, and avoid such spurious emails that can compromise data integrity.
Or you could just get an EV SSL certificate. EV SSL certified websites are equipped with identifying malicious emails and effectively countering them.
EV SSL certificates are different from traditional, and domain-validated SSL certificates since a lot of extra boxes need to be ticked before a website is granted EV SSL certificate.
It is proof of uprightness and integrity, and that the website conforms to the best of security standards.
Whether the EV SSL certificate is from Symantec, Thawte, or DigiCert, an EV SSL certificate is extremely important for banks.
Banks need to instil unwavering trust in their customers about the ethics of their business. And an EV SSL certificate is a fool-proof method to do that.