There has been an increased threat of cyber-attacks, and cybersecurity experts expect these trend to continue in the future. The financial system is a vital component of any country, and this remains a prime target. It can be a costly affair when any financial cyber security is compromised and can utterly compromise the confidence people have in the financial service. It is, therefore, important to maintain the financial cyber security of any institution and to do these there are four most important principles that need to be upheld.
The first core principle in financial cyber security is the identification and assessment of the risk involved in an institution’s activities, operational procedures, and connections. A risk in these case is the potential for loss and damage of assets as a result of the vulnerability of the financial cyber security. A risk assessment of the threats and the likelihood of occurrence should be done as well as classification of valuable information assets.
Once you have identified the vulnerabilities of the financial cyber security, the next step is to ensure that your institution has appropriate safeguards in place to protect against the various threat to your system. Your cyber security protection measures are your first line of defense and will contain or limit the impact of a financial cyber security incident.
Protection is your first line of defense. However, detection is your reinforcements. Hackers will try to find the vulnerability of your financial cyber security, and it is the role of your IT staff to detect such intrusions. It is, therefore, important for your IT manager to know what is contained in your asset inventory. Also, monitor your systems and networks to establish a baseline traffic pattern or a measure for “normal operations” and then you can check for any deviations that may raise a red flag.
Financial cyber security breaches have become a normal occurrence, and even sophisticated and well-funded institutions are facing frequent attacks.It is therefore important to know how to respond when a breach occurs. Below is a simple checklist for an incident report plan.
- Record the time of the breach
- Alert everyone in the response team and execute a preparedness plan
- Secure breach location to preserve evidence if any
- Stop additional data loss
- Document everything that is known about the breach
- Assess risks and priorities based on collected information
- Inform proper authorities and law enforcement
For more information about how iSheriff can help with your financial services, get it touch with us. We’d love to chat!