Financial Services in Cybersecurity: All You Need to Know

Financial Services in Cybersecurity

As a financial services company, you’ve probably taken cybersecurity risks. Cybersecurity risk is one of many types of risks financial services companies face in doing business. A risk is a number or probability that can cause adverse effects on operations, assets, or individuals. It can also impact partner organizations. For example, your financial services company may be a target for “island hopping,” a hacking campaign where bad actors use their knowledge of vulnerabilities to attack vulnerable third-party partners. You can also learn more through https://www.fortinet.com/solutions/industries/financial-services.

Financial services are a hot target for cyber attackers.

The financial services industry is one of the most susceptible sectors to attack by cybercriminals. Protecting your customers and financial data is challenging without an effective cybersecurity program. Financial institutions are also at risk of reputational damage and loss of customer confidence. Hence, it’s essential to develop a balance between security and operational tempo. This balance requires you to prioritize threats and implement mitigation strategies.

As a result, cybercriminals are targeting financial services firms for various reasons. Besides government and commercial institutions, hackers also use economic data and personal details to target these companies. In addition, hacktivists may use financial information to extort money from clients. Organized crime and state-sponsored organizations may also target financial institutions. In addition, espionage may be conducted by competitors or clients.

Fortunately, financial services organizations can protect themselves against this threat by adopting proper security measures. For example, OneSpan’s director of global regulations and standards said that internal phishing tests are an effective way to keep employees alert. Furthermore, data backup and offline storage should be part of the overall security plan. Finally, it would be best to enforce multi-factor authentication for all data. In other words, privileged access users should use different online and offline data authenticators.

Financial Services in Cybersecurity

Managing risk is a critical part of cybersecurity.

When it comes to cybersecurity, risk management is a crucial part of any organization’s overall plan. Cyberattacks are becoming more sophisticated, and risk management is essential to protect against them. In addition, cybercrimes affect every part of a business, from finance to manufacturing. While most of the attackers are motivated by financial gain, some carry out these crimes for political or religious purposes. So how do you manage risk in cybersecurity?

The first step in the risk management process is defining the scope of the cybersecurity threat. This can range from a single server to a complete network or cloud environment. The broader the area, the more complex the security measures must be. Cybersecurity risk management must address the vulnerabilities within the scope and identify the most vulnerable assets. Managing risk also requires regular monitoring of risk response and control activities to ensure they are effective.

One type of risk management involves staff. This can result from phishing emails or downloading malicious software over a company network. Staff risk includes poor skills, immaturity, and employee management. Additionally, cybersecurity risks can arise when the company introduces new technologies, presents a different operating system, or fails to maintain the security of its systems and networks. The loss of data or work may result from any of these risks.

Managing advanced persistent threats

Managing advanced persistent threats, or APTs has become an increasingly important security priority for financial services organizations. These advanced threats are more complex and challenging to detect than traditional malware and are composed of multiple phases. Once they gain access, these threats typically remain undetected within the target network until they achieve their goals. Managing advanced persistent threats requires a multifaceted approach that considers the many ways advanced persistent threats can compromise networks.

In September 2021, a DDoS attack disrupted the websites of the national postal service and several New Zealand financial institutions. A similar attack affected over 800 German cooperative banks and their online services in June 2021. During the second half of 2020 and into 2021, FS-ISAC members reported multiple attacks by well-known APT groups. Understanding the threats and identifying the best security strategies for your company are essential.

Advanced persistent threats can target various targets, including intellectual property and manufacturing processes. APT actors come from different motivations, so there is no single approach to fighting them. While the best defenses are always in place, they may not be effective in every situation. Fortunately, there are a few ways to identify these attacks and implement appropriate countermeasures. For example, an attacker may target a bank for intellectual property, such as a product. Or a nation-state-sponsored actor may target a financial institution for an illicit reward.

Jayson

This is Jason the owner of the website and my main focus is to provide knowledge to readers.

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