With the advancement in Internet technologies, data sharing has become very important. Communication is maintained through the process of data sharing. However, online vulnerability has also increased rapidly. Cybersecurity or maintenance and protection of data servers is the most important function. Therefore according to reports on Deloitte, data sharing and cybersecurity is the top concern for banks and customers.
The survey has been conducted with over 70% of people voting for cybersecurity. They have said that banking transactions need to become securitized and transferred. Encryption of information with added security layers would help in generating data privacy. It would ultimately help in data protection. Deloitte in its reports has mentioned that old-age pensioners are not preferring this open sharing of banking information. They are now frightened to keep their money in the banking institutions as fixed deposits since they know that access to such information is easy and thereby can be done within a short period. 400 Respondents who decided to attain the survey have reported that they do not feel that their finances are safe in banking institutions.
The report prepared by Deloitte further explained that close to 80% of the respondents were uncomfortable about the excessive informational clarity. It was evident that they did not want to share their personal banking information and details for the audit. Thus it is the responsibility of the banking institutions to generate added security layers. Security layers would provide unique identification codes that would be known only to the person who has deposited money into the account. Only that person would be capable of accessing the aforesaid account.
Therefore banking institutions have strengthened data protection measures by introducing additional security components. They have also integrated the data structures with encrypted functioning layers so that data privacy can be maintained. Any malpractice by hackers can be identified immediately.