Encrypted Email -- Users Unknowingly Put Banking Data at Risk
Below is a MRR and PLR article in category Finance -> subcategory Other.
Encrypted Emails: Unintended Risks to Your Banking Data
Overview
Despite being a popular method for securing financial data on banking websites, users often unknowingly expose themselves to risks with PGP-encrypted emails.
Understanding the Risks
PGP encryption is widely used by banks and financial institutions to secure sensitive data, like loan applications, sent via email. This encryption ensures that only the intended recipient can access the information. However, the risk arises when recipients handle these encrypted emails improperly.
Many users fail to either delete the decrypted email or save it securely in its encrypted form after viewing. Common email clients, such as Microsoft Outlook, further complicate matters by prompting users to save decrypted messages, without warning about the potential security risks. As a result, users often unknowingly make this sensitive data accessible to cybercriminals.
The Vulnerability of Decrypted Data
Once decrypted, this data becomes susceptible to various threats, including viruses, malware, and hackers. Some executives underestimate these risks by relying solely on firewalls and intrusion prevention systems, which are often ineffective against sophisticated data-harvesting viruses present on the PCs themselves.
Insider threats also pose a significant risk. The FBI reports that nearly 70% of data theft incidents involve insiders?"employees, contractors, or business partners. These individuals can access or even purchase decrypted data from decommissioned computers sold by the organization. Firewalls offer little protection in such scenarios.
A More Secure Solution
To mitigate these risks, we employ MemberProtect, a system that bypasses email delivery entirely by storing information in a uniquely encrypted database. This system grants administrators control over access through a secure web-based viewer, re-encrypting data after it's viewed?"unlike systems that leave data decrypted.
MemberProtect also maintains an audit trail to track who views, modifies, or deletes data, and it logs user interactions to thwart tampering. By integrating with intrusion detection systems, it can automatically disconnect suspicious users and alert administrators to potential breaches.
Training and Best Practices
If your organization can't afford a system like MemberProtect (costing approximately $3,000 to $5,000), PGP remains a viable option. However, it's crucial to train users to:
1. Never save decrypted messages.
2. Never share their PGP passphrase.
3. Always back up their private key to prevent permanent data loss if the key is compromised.
By following these guidelines, your organization can better protect its sensitive financial data from potential threats, ensuring secure communication and data handling.
You can find the original non-AI version of this article here: Encrypted Email -- Users Unknowingly Put Banking Data at Risk.
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