How can financial organizations protect themselves from cybersecurity threats? This can be quite difficult, considering that financial organizations are one of the chief targets of cyber threats today. Do you know that in the first six months of 2020, the cyberattacks against financial institutions increased by 238%?
Financial organizations face many cyber threats, including phishing attacks and sophisticated hacking attempts. Because of this, such organizations must protect their data more than ever.
One step that all financial organizations are required to take is implementing robust cybersecurity measures. This is an important requirement for operation, but these organizations should also take this step to maintain customer trust and ensure business continuity. This post will shed some light on the best practices to help protect your financial organization from cybersecurity threats.
Best Practices to Protect Financial Organizations From Cybersecurity Threats
Reports by the Ponemon Institute in conjunction with IBM in 2021 revealed that a financial data breach could cost as much as $5.72 million. This figure clearly shows that when financial organizations fall victim to cyberattacks, it is never cheap. Apart from the cost to the company, their customers are likely to experience huge losses, depending on their commitments to the company in question. For this reason, financial organizations must do all they can to protect themselves from cybersecurity threats.
Here are five best practices to help financial organizations safeguard against cybersecurity threats.
Implement Multi-Factor Authentication (MFA)
Multi-factor authentication (MFA) adds an extra layer of security by requiring users to provide two or more verification factors to gain access to accounts or systems. This significantly reduces the risk of unauthorized access, as attackers would need more than stolen passwords to breach security.
According to a Microsoft report, MFA can block over 99.9% of account compromise attacks. Implementing MFA across all systems, especially for high-privilege accounts, ensures that even if one factor (e.g., a password) is compromised, the additional layers of security will thwart unauthorized access attempts.
Regular Security Training and Awareness Programs
Human error remains one of the weakest links in cybersecurity. Regular employee training and awareness programs can help mitigate this risk by educating staff about the latest cybersecurity threats, safe online practices, and how to recognize suspicious activities.
A study by IBM found that 95% of cybersecurity breaches are primarily due to human error. Training should cover topics such as phishing, social engineering, password management, and data handling practices. Support Link Technologies provides specialized training services on all these topics and more. By fostering a culture of security awareness, financial organizations can empower employees to become the first line of defense against cyber threats.
Deploy Advanced Threat Detection and Response Systems
Advanced Threat Detection and Response (ATDR) systems use artificial intelligence and machine learning to identify and respond to threats in real-time. These systems can detect unusual patterns and anomalies that may indicate a cyber attack, allowing swift action to contain and mitigate the threat.
Gartner predicts that by 2025, 60% of businesses will have adopted advanced threat detection and response technologies. Investing in ATDR systems enables financial organizations to stay ahead of evolving cyber threats and reduces the time it takes to detect and respond to incidents, minimizing potential damage.
Implement Strong Data Encryption
Data encryption ensures that even if data is intercepted or accessed by unauthorized individuals, it remains unreadable without the proper decryption keys. This is crucial for protecting sensitive financial information in transit and at rest.
According to the Ponemon Institute, organizations that use extensive encryption report an average total cost of a data breach 41% lower than those that don’t. Financial organizations should implement strong encryption protocols for all sensitive data, including customer information, transaction records, and internal communications. BeyondTrust offers an array of services that help you ensure strong data encryption. Click here to gain full access. Regularly updating encryption methods and managing encryption keys securely are also essential practices.
Conduct Regular Vulnerability Assessments and Penetration Testing
Regular vulnerability assessments and penetration testing help identify and address security weaknesses before attackers can exploit them. These proactive measures involve simulating cyberattacks to evaluate the effectiveness of existing security controls and uncover potential vulnerabilities.
The 2023 Verizon Data Breach Investigations Report highlighted that 43% of data breaches involved vulnerabilities that had been known for over a year. By conducting these assessments regularly, financial organizations can stay informed about their security posture, prioritize remediation efforts, and continuously improve their defenses against cyber threats.
Conclusion
As cyber threats evolve, financial organizations must remain vigilant and proactive in their cybersecurity efforts. Implementing multi-factor authentication, conducting regular security training, deploying advanced threat detection systems, encrypting sensitive data, and performing regular vulnerability assessments are essential to enhance security significantly. Staying informed about industry trends and continually updating security measures will help your organization stay ahead of cyber threats and safeguard your financial data. At Support Link Technologies, we provide you with the information you need and help you set up the framework to protect your organization from cyber-attacks.