Technological advancement has resulted in the storage of data and other financial information in the cloud service. Though these services enhance the operation and management of businesses, cybercrime threatens many companies regardless of their size. To avert huge losses, financial cyber security is essential for all businesses. Thus, there is a need for complex security strategies and practices to prevent cyber criminals from accessing financial information stored mostly in the cloud services.
Email security management and validation of potential threats is a viable strategy to include in the financial cyber security system. Encryption of company emails and communications deter break-ins arising from opportunity theft. This security layer acts as an extra roadblock to cyber criminals minimizing cases of cyber crimes on the financial institutions.
Enforcement of strict password policies also plays an integral role in the creation of an effective financial cyber security system. Companies must invest in educating their employees on the importance of using smart passwords to upgrade cybersecurity. The Ashley Madison Hack could have been prevented with the use of long and complex passwords. It is also advisable to use different passwords on multiple platforms, and they should regularly be changed.
Passwords should be stored in password management software platforms to decrease their vulnerability to being accessed by cyber criminals. Moreover, the use of two-factor authentication features where applicable is necessary to lock out criminals and hackers further. This two-factor security system is more effective than the basic password and login identification requirements. Companies should aim at understanding how every privacy setting works to allow them to leverage the features to protect their business accounts best.
Effective training of employees on the understanding and detection of warning signs of a malicious email is essential. Some of the harmful emails are disguised as a trusted client’s email or recognizable brands though they have some giveaways. Some of the common signs include a request for personal and credit card information and requirements of immediate action regarding unfamiliar situations. Companies should file phishing complaints and blacklist the domains from their email settings to enhance their cyber security.
Installation of spyware, malware, and firewall software on each company business machine also enhances financial cyber security. The software detects and eliminates threats before they become problematic to the financial institution. Through network and apps protection together with the encryption of sensitive data, businesses can protect themselves from cyber-attacks.