Online Banking in Belgium

Online Banking in BelgiumThe recent attacks on Zaventem and Brussels have made security officials in Belgium rethink about the physical security of the country. Apart from the physical security, it is the high time for the officials to pay attention towards the cyber security as well. If there are any cyber security gaps, necessary measures need to be taken immediately to fix them and stay away from a potential attack in the future.

From the recent studies, it has been identified that a large number of people who live in Belgium have signed up with online banking facilities within the past couple of years. The prominent benefits associated with online banking services have contributed a lot towards the above mentioned fact. People in Belgium are packed with tight schedules and they prefer to save time whenever possible. Online banking has come to their survival in that kind of a situation. People who use online banking services will be able to check their accounts, manage deposits and schedule bill payments at the comfort of their homes. They can even access online banking platforms through their mobile phones and do transactions on the go. On top of everything, the e-banking facilities deliver 24/7 access to the people. As a result, they don’t need to rush to the bank before it closes in the evening.

The ability to settle bills has impressed people in Belgium and it has tempted most of them to subscribe to online banking services. The users can either do a onetime payment or schedule recurring bill payments through their online banking accounts. The people who have obtained mortgage, insurance or auto loans will find this extremely convenient. In addition, people who have signed up for online banking services in Belgium can set up payments at any preferred time and get to know when a payment is credited.
According to statistical information, it has been identified that Belgium is a country that is least affected with online banking cyber-attacks. That’s mainly because all the banks in Belgium use an advanced authentication system. Hackers and cyber-criminals find it as a difficult task to break through this security system and gain access to confidential and sensitive information of people. In fact, security of online banking systems in Belgium is much tighter when compared to neighboring countries. As a result, the hackers don’t prefer to waste their time on breaking into Belgium e-banking systems. Instead, they prefer to attack the online banking platforms of other neighboring countries such as France and UK. Belgium even has a tighter online banking system when compared to USA. Therefore, it can be considered as the country with the highest authentication process.

Even though online banking systems in Belgium are associated with a tighter authentication process, it doesn’t mean that they can stay away from the potential threats from hackers. The other Benelux countries such as Luxembourg and Netherlands had to experience an increase of ransomware incidents in the past. In fact, within the month of February 2016, more incidents have been reported than the cumulative number of incidents that took place within the first six months of 2015. This fact has been verified by a recent study that was conducted by a leading security supplier named Trend Micro.
Not only have these two countries experienced an increase in ransomware incidents. However, they have faced a large number of incidents when compared to other countries. The ransomware incidents that take place around the world have deviated from their traditional approach as well. For example, they don’t focus on encrypting user information or blocking entrance to personal computers. Instead, they threaten the computer users to make a payment. If the users do not make a payment, their sensitive information will be exposed to the public. Usually the hackers prefer to accept these payments via Bitcoins because of the enhanced privacy associated with this cryptocurrency.

People in Belgium don’t need to worry too much on these potential online banking threats that they are exposed. In fact, the cybercrime fighters in the country are engaged in the process of identifying these potential threats and providing solutions to ensure the protection. In Belgium, most of the companies are headquartered in Brussels. On the other hand, you will also be able to see a large number of organizations in this city. European Parliament and NATO are perfect examples to prove the above mentioned fact. It is extremely important for all these organizations and companies to ensure their security. That’s because the hackers can gain access to valuable information if they can break into the systems of these organizations or companies.

There is a significant difference in between the security measures taken by private and government organizations in terms of digital security. In fact, the private organizations have invested tremendous amount of money on their own to ensure cyber security. This includes the private banks within the country as well. It can be considered as a prominent reason that justifies the enhanced online banking security that can be found within the country.

Hackers are smart enough to break into any type of computer system out there. They can even break into the online banking platforms in Belgium. Therefore, it is not a wise idea to neglect all the threats. In other words, it is not a good idea to make sure that nobody can break into the online banking platform of yours sand steal your confidential information. It is up to the banks to make sure that no such unfortunate incidents take place in the future. People in Belgium have faith in the online banking systems. A single incident is enough for them to lose their faith in the entire online banking system. The banks in Belgium have a clear understanding about this fact and they work accordingly while keeping that in their minds. Therefore, the chance of people in Belgium experiencing an online banking threat is extremely low.