Cyberattacks are rising daily, and companies that offer financial services are the most targeted. As a result, such organizations must fulfill the cybersecurity requirements for finance companies to mitigate cybersecurity risk. In addition, they must protect their data systems from unauthorized access using modern cybersecurity solutions.
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The unprecedented rise in data security incidents makes it essential for financial service companies to protect their systems against cyber threats. Cyberattackers have devised new techniques to infiltrate companies’ data. But the good news is that modern security solutions address the financial services security risks.
Cybersecurity Challenges Finance Organizations Face
Financial services companies possess sensitive and valuable data. As a result, they face numerous cybersecurity challenges, including:
- Ransomware: Financial organizations are the leading targets for ransomware attacks. Remediating a ransomware attack can cost $2.1 million on average.
- Data Breaches: Since finance companies get entrusted with lots of sensitive data, they are the leading target during cyberattacks. A data breach in a financial organization costs $5.72 million on average.
- Digital Transformation: Adopting the latest technology for finance companies comes with a few cybersecurity risks and challenges. Cyberattackers can take advantage of it and infiltrate your data.
- Remote Work: Since the Covid-19 pandemic hit hard, many businesses have shifted to remote work. Unfortunately, this has created challenges for financial institutions regarding data security and regulatory compliance.
Modern Technology Security Solutions to Address
Many modern technology security solutions address cybersecurity risks and challenges in fintech companies, including:
Access Management
Managing access to customers’ sensitive data is vital in financial services companies. Here are some ways financial organizations can control access to their data.
- Multi-Factor Authentication (MFA): Requires users to use a combination of two or more factors to authenticate their online accounts.
- Cloud Application Security Broker (CASB): Manages and monitors access to a financial company’s cloud-based applications.
- Privileged Access Management (PAM): Monitors and manages accounts with elevated access to sensitive data and systems.
Endpoint and User Security
Endpoint security solutions have boosted security in finance companies whose employees work remotely. Here are some practical endpoint cybersecurity solutions.
- Extended Detection and Response (XDR): Provides a more holistic approach from cyber threat detection and remediation to analyzing data from various sources to identify more subtle attacks.
- Secure Web Gateway (SWG): Sits between the internet and the user and proxy connections. It allows organizations to block employees from visiting dangerous or inappropriate sites with malicious content.
Distributed Enterprise Security
As financial companies embrace digital transformation and remote work, their IT infrastructure becomes more distributed, creating more security risks. However, the following solutions can protect their systems from such threats.
- Firewall as a Service (FWaaS): Provides flexibility and scalability when deployed alongside a company’s cloud-based applications to protect them.
- Software-Defined WAN (SD-WAN): This network optimization tool can identify the best route between SD-WAN points of presence over various network media.
Developing a Threat Detection and Response Plan
A threat detection and response plan gives IT and cybersecurity experts instructions on how they can respond to security incidents. Incident response plans provide specific details on responding to data breaches, leaks, ransomware attacks, and loss of sensitive information. Here are the four phases for developing effective response plans.
- Preparation
- Detection and analysis
- Containment, eradication, and recovery
- Post-incident activity
Choosing the Best Cybersecurity Technology for Finance
Every company that provides mobile banking, open banking, blockchain technology, or traditional banking must fulfill the cybersecurity requirements for finance companies. The financial services sector is the most vulnerable to cyberattacks, so you must choose the best technologies for finance.
Connect with us to learn more about cybersecurity for financial companies.
