The information technology has redefined the operations of various sectors including banking sector. The banks are making use of technology to conduct their business. The core banking system and electronic payment systems, net banking etc are the recent evolutions. The banking sector is handicapped in case of any intrusion to the information security of the bank.

The hacking, hacker are the commonly used terms when there is any attack on the information security. The word hackers depict a negative impact normally. But the word ethical hacker adds ethical which itself indicates a hacker who uses his skill for ethical purpose.
The hackers are persons who use their skills to exploit a loophole in the information security to gain access to the information stored in the system and use it for personal purposes. The ethical hacker uses these skills for ethical purposes.

The ethical purpose may include helping the organizations to improve the security and patch up the vulnerabilities. The frauds in the banking sector have increased in the recent times, the Citibank attack is a classic example.

The banks are seeking the help of ethical hackers to prevent frauds and reduce their impact, improve the security, cover the loopholes. The ethical hackers are employed with the banks to test the security by launching sample attacks, patching the loopholes, suggesting counter measures and helping the bank to improve the overall security.

BANKS SWITCH TO AID OF ETHICAL HACKERS

Report by Sai Sushanth