Financial institutions have a serious responsibility to ensure the privacy of their clients. Many of these firms manage millions of dollars worth of assets and must take every precaution against a cybersecurity breach. While no organization is completely immune from hacker interference, working with an experienced IT consulting group on Long Island can go a long way in providing solid protection.
Why Hackers Target Financial Firms
Cybercriminals are out to steal valuable data, often involving personal financial information such as credit card numbers. There are still many smaller financial firms that have not adopted digital transformation. On one hand, old legacy technology is the most vulnerable to breaches. Yet, new systems that include IoT devices that transmit big data can easily get intercepted by hackers without the right data protection strategies.
During the pandemic, many organizations turned to remote work as a means of business survival. Due to the complexities involved with setting up cloud-based remote work for multiple devices, hackers took advantage of companies that didn’t focus on robust data protection measures.
Cybercriminals have increasingly launched ransomware attacks on businesses, which freeze up computers until the owner pays a ransom fee in cryptocurrency. Working with a seasoned IT crew helps establish stronger layers of cybersecurity, such as backing up all critical data regularly on backup servers. If you can always access all your resources via at least backups, you don’t have to worry as much about getting trapped in ransomware ultimatums.
How IT Experts Reduce Odds of Cyberattacks
Even though the most sophisticated hackers with persistence can penetrate electronic networks operated by large organizations, it’s still wise to put multiple barriers in place between your company and underworld cybercriminals. Your IT consulting team on Long Island can strengthen your cybersecurity layers in numerous ways, such as by adding multi-factor authentication (MFA) to logins.
Another data protection strategy for financial institutions is a software called Cloud Application Security Broker (CASB). This solution provides access to cloud management tools and allows you to set cybersecurity policies. A similar helpful software solution that monitors and manages accounts is Privileged Access Management (PAM).
One of the most powerful ways an IT team can strengthen your data protection is with a threat detection and response plan. It involves preparation for detection and analysis, then containment, eradication and recovery phases. Post-incident activity completes the process.
Ideally, a financial firm should be up to date on modern technology. With the help of IT consulting experts on Long Island, it’s possible to explore more digital possibilities with stronger data protection.
Reach out to us at Total Technology Solutions — the leading IT support provider on Long Island and we’ll be happy to help take your business to the next level.