As digital transformation accelerates in the banking sector, cybersecurity challenges are reaching critical levels in 2024. A recent FDIC study, available on their official portal, reveals an alarming 238% increase in cyberattacks targeting financial institutions over the past twelve months, generating an average cost of $4.7 million per incident. For institutions offering financing solutions, Core Banking infrastructure protection has become an undeniable strategic priority.

As highlighted in a recent article by The Financial Times, accessible on their digital platform, cybersecurity investments in the banking sector have seen a spectacular 50% increase in 2024, demonstrating the urgency to strengthen the protection of critical systems and sensitive customer data.

Core Banking Security Fundamentals

2024 Cyberthreat Landscape

The cyberthreat landscape in the banking sector is experiencing unprecedented evolution. Sophisticated attacks are multiplying, with a particularly marked increase in targeted ransomware, which has grown by 75% since the beginning of the year. Fraudsters are developing increasingly elaborate techniques, particularly exploiting API vulnerabilities, which now account for 32% of reported incidents. Credential compromise remains a major concern, causing 28% of observed security breaches.

The financial impact of these attacks is substantial. Beyond the average direct cost of $4.7 million per incident, financial institutions face detection delays averaging 207 days, during which systems remain vulnerable. Fraud-related losses have increased by 35% in one year, not counting the devastating reputational impact: 67% of customers choose to switch institutions after a data breach.

The New 2024 Regulatory Framework

Banking compliance is experiencing significant strengthening of its requirements. At the global level, data protection regulations remain cornerstone legislation, with fines reaching up to 4% of global turnover. Strong authentication is now mandatory for all sensitive operations, while strict frameworks govern the use of electronic signatures. The new Digital Operational Resilience Act (DORA) complements this framework by setting strict requirements for digital operational resilience.

International standards are also evolving. The PCI DSS 4.0 standard introduces new requirements in 2024, particularly regarding payment data protection. ISO 27001:2022 certification incorporates significant updates concerning cybersecurity, while the SWIFT CSP program strengthens its mandatory controls to secure international transactions.

Advanced Banking Data Protection

Next-Generation Secure Architecture

The Basikon Core Banking platform revolutionizes the security approach through its next-generation architecture. At the heart of this innovation lies a cloud-native infrastructure based on isolated microservices, ensuring perfect isolation of data and processes. Each application component is containerized, creating hermetic environments that drastically limit the potential attack surface. The API gateway integrates advanced controls, enabling fine-grained access management and real-time monitoring of all data exchanges.

Sensitive data protection benefits from the latest technological advances. AES-256 encryption, currently the most robust standard available, protects all data both at rest and in transit. Systematic tokenization of sensitive information adds an extra security layer, particularly valuable for payment data. Dynamic data masking ensures that only strictly necessary information is presented to authorized users, according to their clearance level.

Enhanced Authentication and Access Control

The experience of Solfiz, a major Basikon client, demonstrates the remarkable effectiveness of authentication and access control mechanisms. The solution integrates sophisticated multi-factor authentication, combining biometrics, physical tokens, and contextual validation. The system continuously analyzes user behavior, instantly detecting any potential anomalies. This proactive approach has secured over 1.2 million accounts and managed more than 4 million monthly operations safely, with zero compromises in 18 months of operation.

API Security and Integrations

Data Exchange Protection

The Basikon Core Lending solution sets new standards in API security. The implementation of OAuth 2.0 and OpenID Connect protocols ensures robust authentication for all exchanges, while TLS 1.3 encryption guarantees data confidentiality in transit. The intelligent rate limiting system effectively prevents denial-of-service attempts, dynamically adapting thresholds based on usage context. Comprehensive payload validation protects against malicious injections and vulnerability exploitation attempts.

Benefits of a Secure Low-Code Platform

Basikon's unique approach to native security radically transforms how financial institutions protect their digital assets. Automated security controls, integrated by design, eliminate risks related to configuration errors. The vulnerability detection system operates continuously, proactively identifying and correcting potential flaws before they can be exploited. Automatic updates ensure that infrastructure remains constantly protected against newly discovered threats.

Implementing an Effective Security Strategy

Proven Methodology

As detailed in the Basikon best practices guide, implementing an effective security strategy follows a rigorous three-phase methodology. The evaluation phase begins with a thorough audit of existing infrastructure, followed by detailed risk analysis and comprehensive mapping of sensitive data. This crucial step enables defining precise security objectives tailored to each institution's specificities.

Comprehensive Training Program

Training constitutes an essential pillar of Basikon's security strategy. The continuous training program includes monthly awareness sessions, practical incident simulation exercises, and a complete certification path for all users. This educational approach has reduced human error-related incidents by 80% and improved phishing attempt detection rates by 95%.

Threat Monitoring and Detection

The Basikon Security Operations Center (SOC) provides 24/7 infrastructure monitoring, combining advanced behavioral analysis and artificial intelligence to detect and neutralize threats in real-time. Expert human supervision complements this system, ensuring an appropriate response to each situation. System performance is remarkable, with detection times under one minute and a false positive rate maintained below 0.1%.

Conclusion

In an environment where digital transformation continues to accelerate, banking infrastructure security becomes more critical than ever. Financial institutions must rely on robust and scalable Core Banking solutions capable of not only addressing current challenges but also anticipating future threats.

The Basikon platform stands out through its innovative approach to security, combining low-code agility with robust security controls. Our solution enables financial institutions to focus on growth while ensuring optimal protection of their operations.

Ready to strengthen your Core Banking infrastructure security? Discover how Basikon can support your transformation. Request your personalized demo now and receive a free infrastructure assessment!

FAQ

How does the Basikon platform protect against new security threats in 2024?

Basikon's solution incorporates a multi-layered detection and protection system that adapts to new threats in real-time. Our technology combines artificial intelligence, behavioral analysis, and automatic updates to ensure optimal protection against ransomware, API attacks, and credential compromises, with proven 99.9% effectiveness.

What regulatory compliance mechanisms does Basikon have in place?

Our platform ensures automatic compliance with major regulations (GDPR, PSD2, PCI DSS) through integrated controls, automatic regulatory updates, and comprehensive audit trails. Basikon clients maintain a 100% compliance rate, validated by regular external audits.

How does Basikon ensure the protection of sensitive customer data?

Data protection is based on a multi-level approach including AES-256 encryption, advanced tokenization, and granular access management. This architecture has reduced sensitive data security incidents by 99.9% while maintaining complete regulatory compliance.

What are the tangible benefits of a secure low-code platform for my institution?

Benefits include a 70% reduction in configuration errors, three times faster deployment of secure features, and an average ROI of 280% over three years. The platform also enables rapid adaptation to new threats while simplifying maintenance.

How does the Basikon solution implementation process work?

Implementation follows a proven three-phase methodology: comprehensive assessment, progressive deployment, and continuous optimization. Each step is supported by our security experts, ensuring a smooth and secure transition, with an average production time of 12 weeks.