Cybersecurity in financial institutions is about protecting IT systems, data and maintaining integrity. This is especially important in financial services because trust between parties is essential in any transaction. If this trust is broken as a result of a cyber-incident, the financial system will be at risk if data or money ends up in the wrong hands.
There has been an increase in password attacks, credit card and debit card fraud, data theft, credential, and identity theft, and cyberstalking. According to Financial Services Sector Exposure Report by Constella over 3.3M exposed records from nearly 6.5K breaches between 2018 and 2021 were corporate credentials of major financial services companies. It is important to stay informed of emerging cybersecurity trends as financial institutions continue to navigate the cyber risks.
Here are the top 5 cybersecurity tips for financial Institutions in 2022.
- Management of third-party risk
Third parties such as vendors, suppliers, and partners will get network access from financial institutions and there will be a risk in having confidential information leaked. Cybercriminals will find the weakest link in your supply chain even if your security posture is strong. To minimize such risks, financial institutions need to verify the security postures of vendors, supplies, and partners, segment their network to limit third party access, maintain the best security practices with vendors and add these practices in service agreements.
- Educate employees on cyber risk and require compliance
Unfortunately, even your best security efforts will fail if your employees are not educated on the latest trends of cybersecurity. Given the increased sophistication of cyberattacks and the negative consequences of a data breach such as financial loss, loss of consumer confidence, and possible litigation, among others, it is important that your network is always fully secured. In addition to traditional cybersecurity strategies such as anti-virus, anti-malware, and firewalls, you should also educate your employees on how to recognize phishing emails as well as prevent potential cyberattacks; they also need education about work best practices including password managers and logging out of devices when they are out of duty stations that minimize their risks of becoming cyberattack victims
- Enable Multi-factor authentication
Multi-factor authentication (MFA) is an important tool to protect against cyberattacks and MFA provides additional layers of security to access your accounts or end-point devices. Instead of accessing your account with just a username and password, MFA adds a second layer or “factor” that must be entered correctly to access the account or device. Many banks use this to make financial transactions more secure. Securing your Institution’s applications and most prized data starts with Multi-factor authentication for your employees and your network. Just one compromised computer or log-in credential can significantly damage your organization, resulting in data loss and unplanned downtime. Improve cyber-security with multi-factor authentication from Cyber Sainik and our platinum security service offerings
- Regular network assessment
Network assessment includes network audit which reviews your Bank policies, applications, hardware inventory, and practices for security faults and risks which Identify critical data, sensitive personal identifiable information (PII), or corporate information that may be vulnerable to unauthorized access or external cyber-attacks. Acting on network assessment results helps in securing the network and improving compliance.
- Hire the best Managed Security Services Provider (MSSP)
In the financial industry, third parties often guard the vault. Many banks rely on MSSPs to comply with regulatory mandates. by partnering with a trusted MSSP, you can rest assured your client and critical data are secure. MSSPs offer services such as vulnerability risk assessments, security monitoring, and intrusion management, among other services. Hiring the best-managed security as a service for banks is important for financial institutions.