SSL (Secure Socket Layers) encrypt the data using public and private key cryptography and secure browser server communications. One such SSL certificate is EV SSL certificate. Let’s take a look at what is an EV SSL and why EV SSL is the best choice for the banking industry.
Since digital platforms like government sites, health industry, financial institutions, ecommerce stores, insurance companies etc. are blooming and earning profits, hackers and cyber criminals have started targeting them for their financial gains. These thieves have their evil eyes set on customer sensitive information (credit card details, bank account numbers or social security numbers), and try to grab the same by using various malicious techniques like phishing attacks, spam emails, spams from mobile phones, instant messaging and many more.
With the increased awareness of risks of online dealings, business owners are always on the lookout of a secured environment, before approaching sites for their financial dealings.
Since the banking and insurance sectors have abundant financial dealings on a daily basis, leakage of customer data can doom thousands of account holders. Hence, they need strong protection in the form of SSL certificates.
Investopedia confirmed that MasterCard has reported 4,60,000 daily intrusion attempts (rise of 70% as compared to 2018) in 2019. To know more about the impact of cyber-attacks on banks, click here.
In this article, we will discuss the advantages of EV SSL and why EV SSL is the best choice for the banking industry.
What is EV SSL Certificate?
EV SSL certificate provides the highest level of security because it confirms the identity of the owner as well as the bank. It is signed by trustworthy Certificate Authority (CA) and since they require extensive evaluation of the bank’s legal entity prior to issuance, it is the most trusted security solution for banking sectors.
When installed on the banking site, this SSL certificate displays trust indicators like a padlock in URL and HTTPS in the address bar.
When a client clicks on the padlock, they get further information about the certificate as well as the name of the CA who has issued the same.
Advantages of EV SSL certificate:
What are the advantages of using an EV SSL certificate? When it comes to banking websites, the arena is highly vulnerable, necessitating a high degree of security. That’s why EV certificates are a powerful security tool that ensure proper privacy and security on the Internet. Here are some of the surprising benefits of using an EV SSL Certificate for banking website.
Strict Validation and Protection of Transactions:
EV (Extended Validation) SSL certificates give a guarantee of security and protection of transactions. They are like vaults in a bank, acting as a shield against cyber-criminals, who are trying to access sensitive information of clients for fulfilling their evil intentions.
Since EV SSL has more security checkpoints before issuance, it signifies site authenticity too. Without rigorous validation of the bank and entity of the business owner, this certificate cannot be issued. Hence strict validation norms of EV SSL help in protection of data.
Assurance of Genuinity:
Over and above high security, websites having EV SSL certificate, give an assurance about the genuinity of the banks, thus increasing trust factor. Customers’ minds are at peace, when they see that their banking website has EV SSL installed for their transaction security.
Multiple Brands and Types Available:
Buy EV SSL certificate from CheapSSLShop.com, which sells SSL certificates at discounted rates. This SSL is available in multiple brands and types, thus fulfilling all your bank’s security requirements.
Example: ComodoCA SSL EV certificate secures the main domain of your bank and is available at $49/year, whereas GeoTrust Multi Domain EV SSL certificate, secures multiple domains and subdomains at a nominal price of $279.2/year. Both these EV SSL certs are available at Cheap SSL shop.
EV SSL provides Data Integrity:
Banks are lucrative targets since the majority of the cyber – crime is done for monetary gains.
Bank accounts and financial transactions demand complete privacy and confidentiality of data. EV SSL on their banking site, fulfils these expectations of customers by providing data confidentiality, data integrity and reliability.
Prevents Malware Attacks:
Banking Trojans and malware attacks should be blocked using secured internet gateways. Research indicates that in 2016, hackers stole $100 million from Bangladesh’s Central Bank and $31 million from the country’s central and commercial banks in Russia.
SSL certificate helps in preventing such malware attacks on banks, because the hackers can’t read encrypted format and without the decryption key, can’t decode the data.
Hence EV SSL certificate is a strong protector against data thieves who can’t modify or spoof data.
Prevents Phishing Attacks:
Phishing attacks are done with the intention of tricking individuals into sharing their sensitive information. Standard SSL certificate which secures the main domain of your bank, may not be able prevent phishing attacks.
But EV SSL certificate is a powerful security tool, which gives a high level of assurance. This digital certificate validates the authentic sites and prevents phishing attacks. Many cheap EV SSL certificate providers are available in the market. Banks can install the same on their site by buying this certificate from a trustworthy source.
Educate the customers about banking security policies as well as SSL security. They should know the difference between phishing banking sites and legitimate banking sites for preventing these types of attacks.
Prevents MITM Attacks:
MITM (man-in-the-middle) attacks include eavesdropping by a malicious hacker, trying to intercept communications between 2 parties.
The main motto of these attackers is to steal or modify information to fulfil their requirements.
The HTTPS protocol of EV SSL helps prevent MITM attacks. Since SSL concept is based on private and public key cryptography, though the MITM attacker gets the same certificate containing the public key, he will be unable to decrypt information because the server holds the access to the matching private key, which the attacker is unable to provide.
The attacker may also plan to counterfeit the EV SSL certificate and give his own public key to the client, but this action may shatter the CA’s signature and the client’s browser will display warnings about invalid SSL certificate. Hence EV SSL is the best security any bank could have.
Increase in SEO Rankings:
Google has made SSL certificate a compulsion from January 2017. Hence all popular browsers display “Not Secure” warning, on sites not having SSL certificate.
Since banks are loaded with personal information about bank account numbers, pin numbers, passwords, etc. EV SSL guarantees strong security standards. They not only validate your business, but also help boost SEO.
BUT, how do you pick a good SSL provider? Check out our article on best SSL certificate services to buy from.
Wrapping Up: Why is EV SSL Certificate Important For Banking
EV SSL makes banking websites, user friendly and reliable because of its strong encryption security. EV SSL certificates from reputed brands like Comodo, GeoTrust, Thawte, DigiCert etc. is a necessity for every bank.
The most important currency of any bank is customer trust; an EV SSL ensures to fulfill the expectations of the banking sector by providing the same.