It’s common knowledge that IT cybersecurity risks and attacks have only increased in the past decade and this trend will only increase with time. As the greater population acquires new skills that allow them to use technology for their benefit and well-being, one must also completely accept the downsides to such world-driving technologies when they fall into the hands of wrong people. These are people with ill-intent who wish to use technology only to benefit themselves in the most dubious of ways. The banking and financial sector is as vulnerable to information technology-based cyber-attacks as any other industry. But what makes such attacks more concerning is that the banking and financial institutions are directly responsible for managing and safekeeping the finances of individuals, companies, and even governments.
A small lapse in the IT security framework of banking and financial institutions can result in thousands of depositors losing their life’s earnings or even complete organizations turning bankrupt or even worse, sending a country’s economy into a downward spiral.
Yes, cyber-attacks on financial institutions have the power to cripple corporations and countries which makes cyber-security a top priority for banking and financial institutions. But herein lay a subtle problem. As the IT & security departments of banking and financial institutions tighten their noose around cyber security by greatly scrutinizing all technologies that are central to the institution’s operations, eLearning-based training which is also technology-driven, often finds itself caught up alongside many other technologies.
Can eLearning Technology Pose a Cybersecurity Risk to Banking and Financial Institutions?
The straight answer to this is ‘Yes.’ eLearning technologies can easily provide an entry point that a cybercriminal can use to exploit a banking and financial institution’s vulnerable IT system, especially when the eLearning technology itself is prone to attacks and vulnerabilities. Cyber-attacks caused by vulnerable eLearning technologies are one of the primary reasons why some banking businesses to this day are adamant about sticking to traditional training methodologies. Even when traditional training is often expensive and cost-intensive as compared to technology-based training alternatives that are so widely available.
What Makes eLearning Technology Vulnerable to Cybersecurity Attacks?
Vulnerabilities in eLearning technology frameworks can sometimes stem from old eLearning technology not being updated to blindly trusting in any third-party eLearning vendor who themself do not take cyber security seriously.
In 2017, the NotPetya cyberattacks targeted power plants, metro stations, the world’s largest shipping company, and banks using malware delivered via a third-party software update which happened to be an accounting software.
More recently, the 2021 SolarWinds attack saw hackers adding malware to third-party software that was certified ‘Ok for Customers’ resulting in the attackers gaining backdoor access to the world’s biggest companies including the likes of Microsoft, Nvidia, VMware, and even the department of US commerce, defense, and energy read more.
It’s reasonably safe to say that an eLearning vendor with little concern for cyber security may unknowingly present hackers with access to your banking and financial institution and it may be too late before your security teams can react.
Is There a Way to Prevent Cyber Attacks Caused by eLearning Technology or Vendors?
Although an eLearning product can present attackers with the opportunity to gain access to your central systems and data, its occurrence is highly unlikely if your organization takes the needed steps to prevent such attacks. So, the answer to this question is ‘Yes,’ with the right security measures in place, your banking and finance company can easily stop attackers from gaining access to your systems and there’s a lot that you and your eLearning vendor can do to further compound cyber security measures.
With a little bit of understanding and the application of some common sense, a banking business can very easily adopt world-class eLearning-based technology to train their staff across the world on a myriad of topics. Especially when the banking and finance business has so much to gain from formally training and certifying its representatives on a range of topics that are constantly undergoing change.
Contributors to Cybersecurity Risks For Banking and Financial Sector When Deploying eLearning
A Relaxed Company Culture
The first and most widespread cause for companies falling prey to cyberattacks is maintaining a very relaxed outlook on assessing the integrity of third-party eLearning technology that the company is currently using.
Just because the vendor assures you that their eLearning technology is safe and because the pricing and rollout duration suit your company’s immediate needs, you end up licensing a technology that your own IT security team has not completely assessed.
Another facet of a relaxed company culture is not defining policies that outline a quick and justified response to cyber-attacks when they take place. In both the NotPetya and SolarWinds attacks, the software provider and the customers were large organizations that many would expect to have the best IT security and response teams in place. However, both instances only proved how cyber-attacks are unpredictable and greatly compounded when both the vendor and the customer are too relaxed in their approach to cyber security.
eLearning Vendor or Third-Party Software Provider Risks
When implementing a third-party eLearning technology, it’s very important to perform diligent checks that scrutinize the third-party software for vulnerabilities. Additionally, it’s recommended to opt for vendors who are certified by reputed security audit companies as diligent eLearning technology vendors.
Another way to identify a good eLearning vendor for your banking and finance business is by partnering with an eLearning company that is already serving other banking and finance businesses because this may indicate that the vendor knows the importance of security and that they are obviously doing everything right to ensure their banking and finance customers are secured.
Outdated eLearning Technology
Finally, banking and financial institutions are notorious for not updating with changing times, especially when it comes to technology. As financial institutions struggle to phase out legacy software, they also struggle to phase out legacy training technology. Take the example of Britain’s biggest bank from the 19th century that went bust in 1995 due to the actions of one errant trader. Barings Bank regularly struggled with and actively chose not to adopt many modern technologies that could have potentially saved them from the misdeeds carried out by one of their traders. Barings was one such bank that continued to rely on paper-based document management even as other banks switched to advanced record-keeping technologies. It’s commonly said that if it wasn’t for the trader who drove the entire bank into massive debts, the bank’s inability to adapt to changing technologies would have eventually dealt a similar blow.
Anybody with the slightest idea of technology can attest to the fact that outdated technologies and a relaxed outlook on IT security are the easiest ways to exploit IT vulnerabilities. When banking businesses continue to use outdated eLearning training like Flash-based courses or an outdated legacy LMS, they are practically inviting hackers to take advantage of their vulnerable systems.
Concluding
When it comes to IT security and the well-being of your data centers, it’s best if you actively choose an eLearning vendor who cares about your security. We at eNyota Learning have been serving the premiere banking and financial institutions of many countries while treating security as the top priority. We are also an ISO-certified organization with a full-fledged data and security team that works around the clock to ensure that our eLearning products are always protected with the latest and best practices in the IT and cyber security domain. If your banking or financial organization is looking to implement eLearning technology that is secured and world-class at the same time, reach out to us at contact@enyotalearning.com or click on this call-back form and one of our representatives will reach out to you shortly.
