You are a cybersecurity consultant advising a financial institution on user identification methods for online banking. Which form of identification should the institution prioritize to ensure secure customer access?1.0 MarksSocial media login authenticationUsername and passwordKnowledge-based authentication questionsHardware token with digital certificateSMS-based one-time password (OTP)
Question
You are a cybersecurity consultant advising a financial institution on user identification methods for online banking. Which form of identification should the institution prioritize to ensure secure customer access?1.0 MarksSocial media login authenticationUsername and passwordKnowledge-based authentication questionsHardware token with digital certificateSMS-based one-time password (OTP)
Solution
The financial institution should prioritize the use of a hardware token with a digital certificate for user identification. This method is considered one of the most secure because it requires the user to have a physical device that generates a unique digital certificate. This certificate is difficult to replicate, making it harder for unauthorized users to gain access.
Here's a step-by-step breakdown:
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The user is issued a hardware token by the financial institution. This token has a unique digital certificate embedded in it.
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When the user wants to access their online banking, they use the hardware token. The token generates a unique code that the user must enter on the banking website.
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The banking website verifies the code. If the code matches the digital certificate stored on the server, the user is granted access.
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If the code does not match, access is denied. This prevents unauthorized users from accessing the account, even if they know the user's other login information.
This method is more secure than social media login authentication, username and password, knowledge-based authentication questions, and SMS-based one-time password (OTP) because it requires physical possession of the token. It also generates a new unique code each time, making it more difficult for hackers to gain access.
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