The financial services industry has consistently shouldered the biggest of data breaches year in year out. 35% of breaches target this sector.
Financial companies have needed to adjust to numerous sophisticated threats in the most recent decade. The ongoing global pandemic has led to the latest and dire threats to this sector. It is advisable that financial organizations should work with IT consulting professionals on Long Island for protection.
As more companies in the sector transfer operations to digitized platforms, the risk is bound to double. Remote working, for instance, opens a business to outsider and insider threats.
With more financial organizations trying to make digitized client experiences, adopting an array of technology solutions, and implementing remote working, this increases the attack surface for systems in financial organizations.
Financial institutions can benefit from partnering with an IT consulting firm on Long Island to gain deeper insights into their vulnerabilities and implement controls with a level of sophistication that matches the current threats. Herein are some of the solutions:
Create and Implement a Cyber-Risk Management Framework
Banks and financial institutions should be careful and watchful of the most well-known threats in their systems. For instance, malware is still the greatest threat, and cybercriminals will try to use it to penetrate frameworks to corrupt, ransom, or steal information.
Today, malware attacks are delivered more intelligently than before—plan for multiparty ransomware malware that could start not in your systems but from your vendors and clients.
Strategize controls for data manipulations
In the old times, cyber-attacks meant that information was copied or destroyed. While this was hurtful to firms in the financial sector, since 2019, there has been a greater shift in cybercriminals’ objectives—they want to stay in your system longer, manipulating your data for long term gain.
Data manipulation is one of the common cloud-native risks. Pen testers and incident responders should guarantee that they have end-to-end visibility over their systems. If there is an insider or outsider breach, they should be able to find and encrypt the targeted data quickly.
Strive for Compliance
Recently, there has been increased scrutiny and regulatory enforcement from oversight bodies in the financial sector. Risk management and compliance frameworks such as FINRA, GLBA, PCI-DSS, ISO, and others can help with risk assessment and threat mitigation.
While these regulations offer valuable cyber risk mitigation proposals, implementing a practical and fully compliant strategy frequently overwhelms internal IT staff’s workforce and capabilities in financial institutions. Many businesses on Long Island are thus increasingly turning to managed IT support.
Adopting advanced approaches in financial industry cybersecurity is imperative to find and mitigate threats proactively. There are many emergent risks that call for a well-structured line of defense and the right security controls to handle the new scope of threats.
Total Technology Solutions has the advanced threat intelligence and control expertise to help you safeguard your systems even as you increasingly adopt new digital solutions. To learn more about how we can protect your financial business, feel free to contact our IT consulting team on Long Island.