Financial Institutions Waging War on Ransomware
The content of this blog post is based on our recent webinar that you can watch here.
Cybercriminals follow where the money is. With all the money involved in financial institutions, it is no surprise they are one of the most threatened organizations.
It is vitally important to make sure your financial institution remains secure and compliant against cyber threats and has a security response plan in place in case you do suffer an attack.
Don’t Play the Blame Game
There is no room for passing blame when getting to the bottom of a security issue or vulnerability. Blaming discourages people from coming forward and getting all the information IT security professionals need to solve the problem. The person who is attacked is the victim, and the victim should never be blamed.
The Journey: Constant Patching and Configuration
Constantly patching and configuring vulnerabilities in your network is one way to keep your institution safe from attacks. New threats come along constantly, but so do new patches and protection procedures. Staying on top of it could be what saves your institution from an attack.
It is a constant journey—there is no destination. Simple policies can go a long way for security preparation. Security awareness training for employees on a regular basis, phishing tests, audit firewalls, vulnerability tests, and risk assessments are all simple low-costing steps to take to better prepare, educate, and protect your institution.
What you Should Look for in a Cyber Security Partner
Whether it is data, physical assets, or personal information—it is important to define what you are trying to secure when looking for a cybersecurity partner and where that information is. It is also helpful to contact their past or current clients and see what their experience was like.
Cloud Data, Responsibility, and Cyber Insurance
Cloud services are incredibly helpful for business. However, moving data to the cloud is moving your data to another data center—this does not mean you are no longer responsible for it. The same compliance and checks are expected. You are still liable for the security of your data.
When it comes to the cloud, it is important to know exactly what your cloud provider’s patch strategy is and know if there have been background checks on their employees. Your cyber insurance should not be your cyber response policy.
It is also very important to name someone in your institution responsible for security. It has to be made a key responsibility and an organizational value and have someone be in charge of it. You could hire security staff, train everyone and make everyone responsible, or get managed security services.
Common Threats to the Financial Industry
There are many cybersecurity threats to financial institutions. SQL injection, credential phishing, credit card manipulation or theft, and remote employees’ login information are some of the most prevalent threats facing the financial industry.
Credibility and Insurance when Breached
Having IT security, executives, and public relations professionals involved in the conversation is vitally important when it comes to a response to a crisis. Having an outline and knowledge about what should be said to the customers and consumers to keep credibility after a disaster should be part of an insurance policy.
It is important to publicly respond correctly when something happens. Cyber insurance has to be looked at from an executive and PR perspective as well as a technical one.
The financial industry is a massive target for cybercriminals. ISG Technology has the proper security controls and preparation for cybersecurity attacks that are essential for your institution’s protection and can be your guard against cyber criminals. Contact us today for a consultation with our experts and see how we can help keep your institution safe.