The financial industry is a high-value target for cyber criminals. With just a little effort, there can be a big pay off and hackers use phishing and other data breaching methods to reach that pay load.
Ransomware is another serious threat that can hobble financial firms. Ransomeware allows bad actors to extort financial firms through file encryption, which forces firms to pay ransom to get access to their data and systems.
A strong cybersecurity defense is essential for business success.
A breach can cost a firm more than just money — the loss of client and investor trust could ruin a business. Financial firms are responsible for their clients’ assets and information. Who will trust you with their money if you aren’t properly protecting your firm against hackers? Firms must have cybersecurity risk management protocols in place to remain secure and successful.
What is essential cyber defense for financial firms?
- Security awareness training and phishing tests. Many industries, including the financial industry, industries, acknowledges that people are the weak link in the cybersecurity chain and are putting regulations in place for security awareness training. When firms are audited, they will ask for records that security awareness training was conducted. Phishing attacks are one of the most popular attack vectors for cyber criminals and a proper phishing defense is non-negotiable. Users must be trained not to open any email attachments unless it is from a trusted source.
- Multi-factor authentication should be enabled for all users accessing your network.
- Have a cybersecurity plan in place to strengthen your defenses and help you recover quicker from an attack.
- Audit your security plan on a regular basis to make sure you are keeping up with the ever-evolving threat landscape and accounting for changes in your data and networks.
- Off-site backup will help you recover faster in the event of a ransomware attack.
If you don’t have these essentials in place, you are at risk of data breach and fines for not meeting compliance regulations.
Contact ACE IT Solutions at 646.558.6358 to schedule a complimentary cybersecurity assessment. We will assess your systems to discover gaps in your cybersecurity program, to ensure you can prevent and recover quickly from disruptions — including ransomware.