Three tips for fighting cyber threats in the financial sector

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No company in the financial sector has been spared from digital transformation. Even in the past three years of technological advancements and a global pandemic, there have been seismic shifts in the landscape.

There have been tremendous strides in improving the efficiency and quality of customer service, as well as beneficial internal changes like the adoption of cloud technologies.

But, of course, the bad came with the good.

With the opportunities have come cybersecurity challenges – among the top issues is the need to protect customer and employee Personally Identifiable Information (PII) as well as company data. Securing data and networks is a constant race against cybercriminals, especially in the financial sector where monetary objectives are especially tempting.

Data breaches and ransomware attacks have caused not only financial loss for organizations in the industry, but also damage to their reputation. Recovering from a cybersecurity-related loss is becoming difficult as public attention shifts to businesses and their privacy and data protection responsibilities.

Here are three tips that all organizations in the credit, banking, and insurance industries could benefit from:

1. Prioritize employee cyber hygiene

Many cyberattacks have a common source: human error. Whether it’s a single compromised login, an unintentional click on a phishing email, or misuse of permissions, employees and users are often their own worst enemies.

Part of the solution is educating employees on how to be safe online – through onboarding, training, and continuous updates. However, education is simply not enough. Companies need to take responsibility and put in place controls over what their employees can access, including filtering systems to detect and prevent the reuse of compromised credentials.

2. Prioritize communication channels

Huge amounts of company data and information are stored in communication channels: messaging systems of all kinds, but especially email. When data is in transit, cybercriminals focus, knowing not only that sensitive information and identifying information may be available, but that there may be additional vulnerabilities.

As workforces have become both more digital and, in recent years, more remote, the proliferation of apps means there are even more channels to secure, from Zoom and Microsoft Teams to all manner of Slack channels. Ensuring that your company’s password policies extend to all applications used by employees will allow for better protection of sensitive data.

3. Stay up to date

Digital transformations continue to accelerate. Updates and patches are crucial as the race against cybercriminals continues and DevOps teams find vulnerabilities in their own work. It is essential to require employees to keep software up to date. Some patches increase or extend functionality, but others are released specifically to provide security.

Remember: we are in the same boat!

The effect of violations is cumulative – they are interconnected events with chain reaction effects. With each additional breach, whether or not your business is directly impacted, the potential dangers to your network increase, especially when you consider how many people are reusing their usernames and passwords across personal and business boundaries. . Cybercriminals are eager to get their hands on the credentials, knowing that the payoff is likely more than meets the eye.

The financial market is competitive, but reputation is the invisible currency that every organization relies on. Customer loyalty is hard to win and easy to lose. So when a breach, error or ransomware attack affects them, the impact can go beyond the immediate financial implications. Find out how financial services firms can strengthen their cybersecurity defenses now.

The post Three Tips for Countering Cyber ​​Threats in the Financial Industry appeared first on Enzoic.

*** This is a blog syndicated by Enzoic’s Security Bloggers Network written by Enzoic. Read the original post at: https://www.enzoic.com/financial-industry/

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