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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