Steven Chopade | How can Banks and Financial Companies Win Cyberwars?
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How can Banks and Financial Companies Win Cyberwars?

24 Jul How can Banks and Financial Companies Win Cyberwars?

Let’s face it, cybercrime is still very much a threat to banks and financial institutions despite the tremendous advancement in cybersecurity solutions. How can you ensure that your bank is immune to cyberthreats? Will your financial organization be able to defend against cyberattacks? Well, the answer lies in your willingness to upgrade and embrace the much-needed change vis-à-vis cybersecurity. To be honest, it is no child’s play to switch to a new cybersecurity system or change your cybersecurity vendor. Nonetheless, if you consider the end result, it’s worth the effort, time, and money.

Five Cybersecurity Hacks Your Financial Services Company Needs Today

Unfortunately, the COVID-19 pandemic has played out in the favor of cybercriminals. With increased screen time and internet usage due to lockdowns and the soaring work from home trend, cyberattacks are expected to become more frequent in COVID-hit countries. Digital banking could also be on the hit list of cyber-attackers. Some banks or financial institutions may have already implemented the following cybersecurity solutions, while for others, they could make a difference in their cybersecurity strategy.

  • Use updated and relevant threat data by combining threat intelligence with security information and event management
  • Regularly train employees to avoid becoming easy targets to spear phishing through phishing emails and ignorant installation of malware
  • Employ integrated endpoint security with additional tools to also thwart attempts made by cybercriminals to bypass endpoint protection
  • Identify and get rid of unconsented riskware programs that could pose a cyber threat
  • Implement a robust zero trust security model to cancel the cons of transitioning to a hybrid multi-cloud environment

Cybersecurity Solutions Your Bank or Financial Institution Cannot do Without

Collaborations between cybersecurity providers and financial service providers have birthed a new capability in the cybersecurity realm. This new cybersecurity capability enables banks and financial organizations to operate with confidence and further deepen their customer relationship. The IBM Cloud for Financial Services is a good example to look at. In July 2020, IBM welcomed BNP Paribas to its IBM Cloud for Financial Services as a European anchor client. Besides joining a growing financial services cloud ecosystem, here’s what your bank or financial institution needs to focus on to elevate cybersecurity.

Security orchestration, automation, and response: It includes improving cyber resilience with security automation, strengthening cybersecurity incident response, and quickly joining the dots between malware analysis or security alerts and cybersecurity incidents or malicious indicators.

Managed security: It usually comprises secured software-defined WAN solutions, unified threat management, managed identity services, web gateway management, intrusion prevention system and firewall management, and internal security operations enhancement.

Security risk management: It concentrates on security awareness, training, and education, standards and regulatory compliance, security governance, security program development, and remote work security.

Data security: It helps with powerful solutions to effectively deal with complexity in operations due to the use of big data technologies and new data sources and massive data growth. It also allows improved data visibility, thus advancing compliance with various privacy regulations and accelerating the investigation and elimination of cyber threats through actionable insights.

Cloud security: It enables vast risk reduction through threat resiliency and management, offensive cloud testing services, database protection, cloud security strategy development, and application security solutions. It keeps you ahead of the game by enabling risk-based remediation, automated prioritization of vulnerabilities, and detection of missed cyberattacks.

Identity and access management: It covers identity governance, outcome-driven identity solutions, smart multi-factor authentication, privileged access management, discreet identity verification, and user lifecycle management.

If you are to significantly improve your bank or financial organization’s cybersecurity, there should be no room for uncertainty. With the COVID-19 pandemic on the rise, you don’t want to take chances with your cyber defense. It is never too late to transform your cybersecurity, boost your cyber protection against increasing cyber offences, secure your digital wealth, and create an industry-specific, customized cybersecurity strategy.

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