How Can Financial Institutions Protect Themselves from Cyberattacks?
Financial institutes are 300 times more likely to encounter cyberattacks than any other sector. Recently, the surge in cybersecurity threats to banks and other financial institutions has increased.
Besides, these organizations are interconnected which means a single attack on one of the institutions can affect over 38% of the network in the US.
However, we offer IT security consulting services to financial institutes in Nashville. Check out services or continue reading this post for more guidance.
Strategies to Protect Financial Institutions From Cyberattacks
The financial sector is prone to spoofing, phishing, insecure 3rd party services, ransomware and DDoS attacks. Luckily, they can protect themselves from these illicit activities in the following ways:
Build a Comprehensive Cyber Risk Management Strategy
Although most financial organizations have a risk management plan in place, there’s a need for a more proactive approach to this problem. A cyber risk management plan should encapsulate every aspect of cyber risk across third parties, people, technology and processes.
Establish a Formal Cyber Security Framework
Financial institutions should integrate their business protocols with relevant compliance and regulatory standards. A wide range of security frameworks is available in the market to manage cyberattack risks.
These cyber security frameworks also ensure compliance. Their purpose is to offer a solid foundation against cyber risk but that’s not it. Financial institutions must establish an organization-wide security policy for 100% security.
Monitor Threats Continuously
Intelligent and continuous threat monitoring is necessary to detect cyberattacks. Cybercriminals can enter a network without getting detected for years. The damage can be irreparable. That’s why it’s necessary to build a defensive strategy that allows the organization a 1st mover advantage. A real-time monitoring system is an essential item for that.
User behavior, requests, traffic patterns and network activities should be continuously and closely watched. Technologies such as analytics, self-learning, cloud computing and automation are some of the tools to embed accuracy and agility in threat monitoring.
Assess Third-Party Risk
Third-party services risk is also a threat to the financial sector. The processes and security strategy should consider insecure third-party services.
One way to prevent attacks from third-party services is to verify vendors and vet partners before the onboarding process. Financial institutions should also monitor their network from other devices and networks that may permeate threat.
Tightening access and auditing their IT infrastructure and security posture also helps ensure compliance and prevent cybersecurity risks.
At SunRiver IT, we offer IT security consulting and compliance services in Nashville. Our cybersecurity services, managed IT services and business continuity plans can keep your financial records and sensitive information safe. Reach out to us today for further consultation.