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6 Expert Cybersecurity Strategies for Financial Institutionsby@chanakyakyatham
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6 Expert Cybersecurity Strategies for Financial Institutions

by chanakyakyathamMarch 10th, 2022
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Businesses spent $3.5 billion on security in 2004, and this shot up to $120 billion three years later. Investing in security is vital, but major breaches still happen irrespective of the advancements. Financial organizations can take the following measures to safeguard their security investments. An integrated security service is a better approach, says Hackernoon.com.com. An automated back-up process that can be automated regularly ensures the data is stored securely offsite and offsite offsite – organizations can outsource this responsibility.

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Technology keeps evolving, which means security measures must keep up with the changes, thus becoming more and more complex. Businesses spent $3.5 billion on security in 2004, and this shot up to $120 billion three years later, and the costs keep soring with every passing year. Investing in security is vital, but major breaches still happen irrespective of the advancements. Financial organizations can take the following measures to safeguard their security investments.


6 Cybersecurity Strategies for Finance Companies


  1. Evaluate the Risk


By understanding the source of potential risks, you will be better positioned to develop an effective security plan. Use an SRA (Security Risk Assessment) solution to identify your systems' threats, weaknesses, and vulnerabilities.


The evaluation outlines your company's risk profile, pointing out the most vulnerable systems and areas that require greater security management. Once you have this information, you can correct the weak spots and your fortifying defenses with the likes of XDR.


  1. Prevent Internal Breaches


Most organizations focus on external risk, outsiders trying to hack into their systems. However, internal breaches pose the highest security risk. They are the most common issues when it comes to data security breaches. Hence, institutions must take their employees through background checks and have robust communication and supervision in place constantly.


Routine evaluations are also essential if businesses want to ensure their data is safe and used responsibly. That is why organizations should consider investing in Data Loss Prevention solutions and other tools that help them track employee activities. This enables them to see the type and amount of data the staff downloads and flag anything that is a potential risk to the company.


  1. Have a Reliable Suite of Tools


With corporates running as franchises, their IT systems have come interconnected, growing with every new investment. That means potential entry points keep popping up, and this poses a security concern. Every IT network is as safe as its security measures. Therefore, securing every possible entry point is the first line of catching any potential attack. But being safe also demands examining and securing every other component in their IT systems.


Most financial organizations opt for point solutions to secure select entry points; however, this tactic has constraints. The companies spend significantly on maintaining different security tools with authorizations and other safety measures often implemented repeatedly. As such, these businesses fail to see the bigger picture regarding possible security risks. That is why an integrated security service is a better approach.


  1. Implement Sound Patching Processes


Most security breaches are linked to outdated software. Hence, organizations should prioritize updating their different applications. And since the application runs almost constantly, companies tend to patch their servers in a reactive approach instead of taking a proactive stand.


IT teams in many organizations rely on various point patching solutions for payroll applications, Adobe, Mac OS, or Microsoft Windows. It means that they focus on each issue independently, which can be cumbersome and inefficient. And since the release rate of client-side patches is highly unmanageable, determining which patch to apply to which system and when can be challenging. Thus, mistakes are bound to happen, creating holes for security breaches.


But you can keep your in-house IT team from going through all this trouble by outsourcing the security services from the experts. The professional can patch PC-based hardware, Microsoft products, MAC computers, and third-party software using the same processes, thereby reducing potential weak links that outsides can exploit to access your organization's systems.


  1. Backup Your Data


Data safety is a concern for many businesses, and this sees them invest significantly in security to thwart possible breaches. However, their data can also be damaged by something unexpected as a network outage. That is why companies should back up their data regularly, a process that can be automated.


A company's data can have many faces – accounts receivable/payable information, electronic spreadsheets, human resources files, word processing documents, financial files, and databases. Setting up a backup schedule ensures copies of the important information are stored securely offsite. And organizations can outsource this responsibility to a trustworthy third party.


  1. Train Your Workers


Hackers look for any weakness or vulnerabilities in your security system to gain access. Often, that weak link is a person. That is why experts say your organization's strongest security measure is as robust as the least prepared staff member. Hence, it is wise to educate your workers about potential threats, offline and online. Also, they should learn how to safeguard the company's data, which can extend to how their use social networks.


Crooks will take the time to study how employees interact with their company's computers. They then deploy deception and persuasion to dupe your workers into giving them access to your business' data systems. You can document and root out weaknesses using social engineering services to help you make improvements where necessary. You also can use these services to develop security awareness training in your organization.


Security needs have become complex, and technology evolves. That is why businesses must have measures in place that safeguard their information. We hope the six strategies we have given you will help you develop a solid framework that secures your company's data.


Moreover, we highly recommend consulting an expert regarding enhancing your security systems. Work with professionals with a spotless track record for developing security solutions for different information systems. They should be experts who provide 24/7 network monitoring, intrusion detection and prevention, DLP, social engineering services, encryption services, firewall management, spam filtering, and secure data backup.