Those who work in the banking, tax, audit, investing, insurance and other money-centric institutions must be extremely cautious concerning cybersecurity. It’s the nature of the industry.
In fact, according to a recent report, financial services firms are 300 times more likely to suffer a cyberattack than companies in other industries.
Via the Federal Deposit Insurance Corporation (FDIC), the U.S. federal government even has guidelines that it requires all financial institutions to follow. These include creating and putting into practice risk management programs, incident response plans and other cybersecurity risk policies. For more information on these regulations, you can access the FDIC’s 2022 Cybersecurity and Financial System Resilience Report for free online.
In addition to following the FDIC guidelines, you and your financial services firm can take simple, actionable steps to protect yourself from possible cyber threats.
[Related: NY SHIELD ACT: What It Is and How to Make Sure Your Business Complies]
Train All Staff in Security Best Practices
The first line of defense against breaches is your staff. Schedule ongoing security training to empower employees with the knowledge of how to spot suspicious activity and handle a cyberattack.
Moreover, ensure new employees receive cybersecurity-related materials in their welcome packages. Those materials should outline all security guidelines and regulations in clear language. And of course, make sure everyone knows who to go to for answers.
Limit Access
Restrict user access to only those employees who need it for their particular position. Implement this same process for physical access to data as well.
Additionally, make sure to thoroughly vet all third-party vendors and services your company uses. They should have temporary access to only what they need to perform their services.
Establish a Password Policy
Weak or overused passwords are one of hackers’ main targets. Establish a password policy, and require multi-factor authentication for all users on your network. Plus, use password management software to securely share and store passwords and lower the risk of hacking.
Secure All Devices
Document and secure (using proper inventory tools) all devices that access your financial firm’s network, including phones, laptops and personal devices. Moreover, encrypt those devices to reduce the risk of data misuse.
[Related: 2023 Cybersecurity Trends]
Differentiate Guest and Staff Networks
Ensure staff and visitors use the appropriate network, and keep visitors or clients away from anything that could grant them access to private information. Additionally, oversee all user access to your network, record authentication errors and monitor for unusual activity.
Update Security Software
Evaluate and enforce software updates and security patches on all devices and networks. Cyberattack methods constantly evolve, so skipping even one update can leave your data vulnerable.
Regularly Monitor and Assess Systems
Perform routine risk assessments to identify weak points and vulnerabilities in your security strategy. Log and properly report any incidents, and then review them with your staff. From there, make concrete plans to avoid similar situations in the future.
Regardless of which cybersecurity defense practices you implement, you should always follow the three steps below.
Identify Risks
First, examine the top cybersecurity risks for your field, and then develop strategies that close those gaps. Next, tell both staff and clients how they can protect their personal and financial information — even outside the office. Finally, test your backup and security systems, and be proactive in preventing cyberattacks.
[Related: Manufacturers’ Guide to Cybersecurity]
Mitigate Damage
If a cybersecurity threat occurs, have procedures in place to mitigate any damage. Make sure all your employees know the plan and what their individual responsibilities are in the event of an attack. Additionally, designate a point of contact so that employees know who to report malicious activity to.
Reassess Vulnerabilities
Remember that monitoring your security vulnerabilities only once or twice won’t suffice. Regularly reassess your financial firm’s susceptible areas, and continuously monitor your systems for possible attacks. When you do so, your firm is dependable and secure — and your clients (and staff) have peace of mind.
Keep Your Financial Services Firm Secure With Cybersecurity From CMIT Solutions of Monroe
Just because you work in the finance and insurance industry doesn’t mean you have to be a major target for cyber criminals — CMIT Solutions of Rochester can help.
Our years of experience dealing with complex networks and control systems in a variety of industries keep your business secure and your mind at ease.
Let’s get started. Learn more about our managed IT services, or contact us today for a consultation.
Featured image via Pixabay
