The breach of high-profile organizations, such as Equifax, the SEC and Deloitte, has left many financial firms feeling vulnerable. For consumers and clients, these hacks raise questions about a firm’s ability to protect important financial and personal information.
As a result of these and other developments, the scope and severity of risks that cyber threats present have increased dramatically, and constant vigilance is required to protect against intrusions.
“Cybersecurity is critical to the operations of our markets and the risks are significant and, in many cases, systemic,” said” Securities and Exchange Commission Chairman Jay Clayton in a Statement on Cybersecurity released 20 September 2017. “We must be vigilant. We also must recognize—in both the public and private sectors, including the SEC—that there will be intrusions, and that a key component of cyber risk management is resilience and recovery.”
If hackers can get through the cybersecurity barriers of large organizations like Equifax, Deloitte and the SEC, where does that leave small and mid-size financial firms with limited cybersecurity budgets?
The fact is that even the most diligent cybersecurity efforts will not eliminate all the risks. Firms must have a plan in place to deal with business continuity and recovery in the wake of a cybersecurity breach. Cybersecurity efforts must include, in addition to assessment, prevention and mitigation, resilience and recovery.
If your business has only begun to address cybersecurity, you might only have basic prevention or assessment in place. We now know that is not enough. If your business doesn’t have a mitigation, resilience and recovery plan in place, a cyber attack has a good chance at taking your firm down permanently. It is too easy for clients to go elsewhere if they feel their personal and financial information are not being properly protected.
Contact ACE IT Solutions to set up a consultation with our Cybersecurity Risk Management Team. When it comes to IT security, one size does not fit all. ACE IT Solutions and our cybersecurity business partners are experts at assessing and managing risk. Through services customized to meet your organization’s needs, we can help identify areas of potential risk, and then design a complete security solution that balances security priorities with regulatory compliance and the amount of acceptable risk your organization can assume.