Basic cybersecurity strategies for financial entities

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All companies should be wary of the security of their customers, but especially those that are dedicated to financial management have to be prepared for a cyber attackCovering all the potential weaknesses of a defense system is not always easy, but there are certain unavoidable precautions, where any strategy should start

Although it is true that the current dangers on the Internet exist for everyone, it is no less true that some specific industries must be more careful with the information of their users and customers, due to its sensitivity. Evidently, if you are in an institution within the sector, you will probably want to know several cybersecurity strategies for financial entitiesruling out any gap or vulnerability.

The point is that technologies continue to evolve, and that means security measures have to evolve with them, or people’s private data will eventually become outdated and exposed.

This complexity is demonstrated in numbers, if we take a look at statistics such as those that indicate that companies spent 3,500 million dollars on security in 2004, and that this investment has multiplied several times, up to 120,000 million subsequent records, which explain this phenomenon very well.

So let’s say you run a financial organization. How can you stay 100% calm?

Indispensable security strategies for financial entities

Assess the risk

By taking note of the potential sources of risks, you can assess them and be better positioned to draw up a security plan that is truly effective. SRAs or security risk assessments are used to identify the threats and weaknesses of any environment and, thus, be able to predict where the attack will be.

These evaluations allow those who carry them out to find out the risk profile of your company, pointing out which are the systems and areas that could be in danger, and which require an immediate investment in security.

Prevent internal breaches

Most institutions focus on external risk, because theory indicates that the attack will come from outside. However, there are proven signs that an attack can also be internal, so be aware of it.

The most complete examples of this that we are mentioning are data security violations, of course. Typically, institutions do background checks on your employeesjust in case.

Routine screenings are also essential if companies want to ensure that their data is safe and used only for responsible activities, especially in the days leading up to cutting ties with someone.

Have a reliable set of tools

The third of the cybersecurity strategies for financial entities has to do with instruments. Generally, these organizations operate as franchises, so their stubs are connected.

On the other hand, this means that new accesses to possible vulnerabilities will constantly appear. This raises, for the majority, a new concern also in terms of security.

Analyzing everything that happens in terms of Information Technology within your company is essential to prevent. The problem, in reality, is that beyond everything that is prevented, there are some limitations to consider.

That is why the companies are constantly investing in more and more security toolswith additional authorizations and other measures that are implemented in a sustained and comprehensive manner over time.

Data backup

Data security is rightly a concern for many firms who know its great importance. Working in security to thwart potential breaches is not enough, because breaches can always happen. Justly Starting from the premise of “being prepared for the worst”, backup copies appear.

It is that the data can end up hanging by a thread, even when in reality there was no attack. This means that we are never 100% exempt from being lost. And I was only able to save them a full backup.

And when we talk about data, we refer to absolutely all of them, from the information on the accounts that have to be paid/collected, to the spreadsheets with information, financial order files, databases, etc.

The settings of a backup program ensures that copies of relevant information are securely stored off-site. And it is usual to hire a third party specialized in the matter.

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