Cyber Security for Finance Companies

Posted by Tushar Bedekar
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The recent data breach of information giant Equifax underlines the harsh reality that finance companies have to face – when it comes to protecting consumer data, size doesn’t matter. The financial services industry remains under constant threat of cyber attacks.


In the Equifax case, hackers were able to access the personal data of 143 million customers, reports CNN. The breach occurred when the attackers gained access to the company's Apache Struts software – used to develop its online dispute center web application.


Following the attack, it was reported that the U.S. Department of Cybersecurity had alerted Equifax and other users to the Apache system vulnerabilities at least a month prior to the attack, yet the data conglomerate failed to take immediate action to patch holes. The shocking headline is a reminder of the importance of continued monitoring and safeguarding a company's network infrastructure.  

The New Threat: Ransomeware Alert


On May 17, 2017, the Office of Compliance Inspections and Examinations (OCIE) issued a press release stating, “a widespread ransomeware attack, known as WannaCry, WCry, or Wanna Decryptor, rapidly affected numerous organizations across over one hundred countries” – which highlights the importance of performing routine scans, penetration tests, and updates.
Among those identified as susceptible to the cyber threat were broker dealers, financial advisers, private funds, and investment management firms.

26% of advisers and funds (collectively, “investment management firms”) examined did not conduct periodic risk assessments of critical systems to identify cyber security threats, vulnerabilities, and the potential business consequences
57% of investment management firms examined did not conduct penetration tests and vulnerability scans on systems that the firms considered to be critical

Cyber Security Best Practices


Many SMBs in the financial services industry are wondering what they can do to keep their network safe and secure. By following a standard protocol and by following the best cyber security solutions for financial businesses, you can feel rest assured you will be armed and ready for attackers.

Develop & Distribute Cyber Security Guidelines – In the unfortunate event your firm is attacked, ensure that all employees are aware of the firm’s cyber security protocol. Keep the document updated and notify employees regarding changes.

Train Your Employees – Appoint a cyber team leader to schedule periodic training meetings. If your firm works with outside IT specialists, the appointed team leader will work closely with your outside cyber security team to schedule office visits and train employees on security systems.

Perform Routine Risk Assessments – Perform routine risk assessments to monitor and catch potential threats. Get alerted to the latest “Risk Alerts” published on the OCIE website. However, working with an outside cyber security firm takes the pressure off. Your dedicated IT Specialists will monitor your network, scan your system, and implement preventive measures that mitigate risks.

Consider An Off-Site Cloud Server Data Management Center – The most proactive security measure your firm can take to safeguard its data network is a cloud server-based solution. This is sophisticated data solution that employs the around-the-clock monitoring of data management center to service your servers, storage, and applications.

Proper Detection And Elimination Tools


The threats are real and they are unstoppable. Attackers troll the web 24/7 - on the lookout for a way into your company’s data infrastructure. However, malicious spyware, ransomware, and malware can be detected and eliminated before it causes any serious or permanent damage.

By implementing proper detection and spyware elimination tools finance companies are able of keeping customer data out of the hands of cyber hijackers. Your cyber security team or IT Specialist needs to be ready to act immediately to carry-out your cyber security guidelines to catch suspicious activity and suspected threats. Also, ensure that periodic risk assessments are performed on a timely basis.

Expert IT Specialists

The types of methods deployed by cyber attackers are constantly shifting and evolving, presenting a challenge for cyber security professionals. To stay ahead of threats, work with a dedicated team of cyber security specialists.

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--AUTHOR INFO—

This is the Guest Post Written by Stephanie Rowan who works as an IT Consultant at NIC. And I think he is an expert in Information Technology after receiving such a nice drafted article as a gust post from him. 
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