This post was most recently updated on December 22nd, 2021
The increased use of the internet has seen targeted attacks by hackers. The banking industry has seen several such attacks. According to a survey by Accenture, the cost of data breaches was highest in the banking industry and was around US$ 18.3 million per company.
The banking industry has been sprucing up its cybersecurity defence. They are instrumental in installing SSL certificates for all their websites that act as defence lines against hackers. The EV SSL certificate (Extended Validation SSL Certificate) provides the highest level of security and must be installed by the banking industry to prevent such attacks.
What is an EV SSL Certificate?
They provide the highest level of identity verification by the Certificate Authority (CA). During the validation process, the business must undergo a thorough verification of its identity. The CA/Browser forum lays down the guidelines for this activity. The website owner must ensure that adequate proof is presented to prove the exclusive rights to use the domain and confirm the business’s physical, legal, and operational existence.
How can visitors ascertain the EV SSL?
There has been a change in depicting the company name for websites that have installed the EV SSL certificate. In addition, when you click on the padlock in the address bar, there is a bubble displaying the relevant information. This change was in line with most modern browsers as they seek to improve the security user interface.
You can also click on the “Certificate (Valid)” for further details.
You can check the “Issued by” field that shows the CA and the type of certificate provided. It is essential to procure the certificate from renowned SSL certificate providers
The Benefits of EV SSL
It would be best if you moved to the HTTPS protocol. However, given the detailed methodology of validating the businesses, you must buy EV SSL, as it offers the highest validation level. We will now look into some of the benefits in more detail.
Provides added security
With an increase in the number of cyberattacks targeted at banks, there is an increased need to beef up security. Banks are increasingly opting for EV SSL certificates as they are known to be more secure. In addition, it allows visitors to have more information that can differentiate them from fake websites. It is necessary as it becomes more challenging to set up fake websites and initiate phishing attacks.
Improves confidence of customers
While visitors always look for the padlock on the address bar, they also expect the banks to be proactive in ensuring cybersecurity protocols are in place. When banks buy EV SSL, they enhance the confidence of their customers who can access their banking accounts safely. These visual cues help customers increase trust and are not scared away from visiting the bank’s website.
Reduced phishing scams
Phishing scams hit customers when they are lured into a similar website by scamsters. When such an incident happens, the brand image of the institution is at stake. Banking institutions are always on the lookout against such attacks whereby customers are enticed into parting with their financial information. The customer can click on the padlock and check the certificate details. If they see that the EV SSL certificate is installed, they know they are entering a safe website.
Improves brand equity
With an increase in financial frauds, banking customers have become skeptical. They also expect their bank accounts to be safe and look forward to a robust cybersecurity process being in place. The use of these certificates also ensures that the transactions undertaken by the customers are secure. It is because they are encrypted and deciphered only by the desired recipient of the message. The certificate is allocated by a renowned CA that helps to enthuse customer trust.
Ensures higher assurance levels
The CA issues the EV SSL certificate only after a thorough validation process. As a result, it provides the highest level of assurance for the customers. The elaborate mechanism of validating the website owner and the entity ensures that the customer interacts with a genuine entity. Furthermore, additional protective measures are in place to mitigate the risk of any entity obtaining the certificate fraudulently.
Due to increased pressure to thwart cyberattacks, banks are always looking for ways to mitigate such risks. As the banks continue to take advanced measures, the need to install EV SSL certificates increases. The advanced security features help businesses to prevent scams effectively.
Improved user experience
Studies have shown that websites using the HTTPS protocol load faster. Moreover, the use of HTTPS allows the banking websites to move up the search rankings for a keyword search. It also prevents showing a “Not Secure” warning that is prevalent for non-HTTPS sites.
The banking industry has been the target of hackers due to the vast amount of stored financial information. A data breach can lead to significant penalties and loss of customer trust. Therefore, it is a necessity that the industry imbibes good cybersecurity processes to prevent a data breach.
One of the ways to ensure that the
underlying data is safe is to buy EV SSL. It will act as a layer of trust and
prevent a data breach. The online transactions will be protected, but banks
must choose one from the renowned SSL certificate providers.