An online banking service provider (SBA) can be a security threat for any business, but the risk is even higher for online shopping, according to new research.
The research from Monash University, University of Melbourne and University of Technology Sydney found that SBAs are vulnerable to hackers because they are not subject to strict internal controls and are not monitored by a central server.
“It’s not just that SABAs don’t have their own central server, they don’t follow best practice and they are vulnerable because they don, too, rely on third parties to ensure that they don and don’t get hacked,” Monash Business School associate professor of computer science Dr Peter Wilson said.
“So they have a significant potential to be hacked.”SBAs need to be aware of this and make sure they have security in place.
“In particular, the Monash study found that an SBA’s reliance on third-party servers to maintain security was a significant vulnerability.”
We can look at it in terms of two main categories,” Dr Wilson said, referring to the types of SBA that are vulnerable.”
First, if an SSA is relying on third party services to ensure their systems are secure, then they’re vulnerable.””
Second, if they’re relying on those third party servers, then the vulnerability is they’re using them to store sensitive data and those are two types of security vulnerabilities that they’re not really subject to.
“He said it was important for SBA operators to understand how their systems were secured and make the necessary changes.”
In particular for SABOs, I think it’s critical to understand what’s in their database that could allow somebody to get into your system, and what that data is, how that could be exploited, and that you need to protect that data,” Dr. Wilson said