Cybersecurity In Financial Services: 4 Important Tips Make You Win

Cybersecurity threats are undoubtedly increasing during this pandemic where almost every employees work from home. Research done by Clutch has revealed that 66 percent of the US workforce are working remotely during the COVID-19 Pandemic. 

The WFH culture has raised certain concerns related to cybersecurity since only 45 percent of IT professionals are confident of their organization’s ability to cope with cyberattacks during this time. While last year, almost 72 percent of the IT experts are confident in their organization’s ability to prevent and solve any problems caused by cybercriminals (a study conducted by Ponemon Institute LLC and Keeper Security Inc).

The main concern causes by the lack of physical security in the workplace of the remote team. And while every industry has its own concerns due to its own vulnerabilities to cyber attacks, the banking and financial services sector still remains a soft target for cyberattacks, undoubtedly. 

Financial service firms are more likely to witness cyber crimes compared to other industries; therefore, the demand for cybersecurity services is rising as it plays an important role in the industry’s development sustainability.  

The attack can be the result of the small financial institutions’ administrators’ clumsiness; sometimes they believe that their sites are not as interesting or big enough to get attacked but this is a wrong assumption.

Securing confidential data and having a proper “fire drill” to prevent the potential attack is critical and should be any financial service firm’s top priority.

So, in order to help you improve the cybersecurity in the financial industry specifically. Here are some tips that help you win the attack of the cybercriminal.

Protection against financial malware 

Malware is the collective name for a number of malicious software variants, including viruses, ransomware, and spyware.  According to Forcepoint, an American multination corporation software company that develops computer security software and data protection, cloud access security broker, firewall, and cross-domain solutions, malware typically consist of code developed by attackers to cause damage to data and systems or to gain access to a network.

There are different types of malware like worms, viruses, trojan horses, and spyware. Financial malware can be embedded in any type of device like mobile, laptop, or PC. and 25 percent of all malware attacks are on financial firms, especially credit card companies. 

In order to avoid malware intrusion, do not download pirated files. You can use antivirus or anti-malware tools, and even if you already downloaded non-pirated files, there are still chances of malware invading your system, the anti-malware tools can detect them. In addition to these measures, you can also stay safe with a certified banking app that offers strict security.

Two-factor authentication

Normally there is only one authentication factor when logging into your account. With two-factor authentication, your account can be more secured, and financial service firms can also recommend their customers to use the second authentication to protect their personal information. 

When enabling the two-factor authentication method, the system will send you messages or calls to provide you a six-digit code every time you log in with your password. If you’re using apps there are Google authenticator or other2FA solutions such which are used by many financial services to protect their system.

Strong cybersecurity policy

A security policy is a set of rules issued by an organization that applies to anyone in a company. This policy also defines how one employee can protect the company’s property from threats and attacks. The policy also guides the employee to solve problems when they happen.

Make sure that the security policies are clear and easy to understand, avoid unintelligible words. All new employees need to attend the orientation day in which they have to be fully aware of the strict policies that they have to follow. You should also train your employees to understand the best practices to store sensitive information.

A policy increases efficiency by helping employees aware of their obligations. If there is any internal violation, this privacy policy can also define the disciplinary action that can be taken against them.

Always have a response plan

It is essential to have a backup plan to have an incident response plan to survive a cyberattack. This response plan is an instruction set that helps employees to detect and recover lost data. This plan is carried out by a recovery team. Every financial services company needs a response plan to recover from the attacks. A highly effective response plan can be created by analyzing the critical components of the company’s network. The team needs to be well-trained so that they are always ready for dealing with attacks.

Side-note

Customers are aware of the consequence they have to deal with due to the loss of data, especially for financial customers. Therefore, companies should be more efficient while being transparent in handling cyber attacks. No financial companies can afford the loss of trust as it directly affects their revenue. It is essential to have the latest cybersecurity systems to deal with cyber-attacks and maintain their customers’ trust. 

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