This blog is part of a series to help organizations of any size optimize their security. Our experts provide insights and recommendations based on common security use cases, customer questions, and security software developer needs.
With their access to personal data and money, financial services organizations are a tempting and attractive target for cyber criminals. This industry has unique challenges that require robust and comprehensive cybersecurity infrastructure design and technology implementation.
Adapting to the evolving landscape of emerging threats and fostering a culture of security across an organization takes vigilance and consistency. Financial services organizations can evaluate their current security state by starting with these 17 considerations.
1. Risk assessment and management – Conduct thorough risk assessments to identify and prioritize cybersecurity risks such as threats to customer data, financial assets, and regulatory compliance. Develop and implement risk management strategies to mitigate identified controls and safeguards to protect against threats.
2. Data encryption – Encrypt sensitive customer and financial data both in transit and at rest. This includes using strong encryption algorithms for communication, database storage, and backups.
3. Identity and access management (IAM) – Implement robust IAM solutions including multi-factor authentication and role-based access control (RBAC) to ensure that only authorized personnel can access sensitive systems and data. Regularly review and update user privileges to align with job roles and responsibilities.
4. Security awareness training – Train employees on security best practices including how to recognize and respond to phishing attacks, malware, and social engineering attempts. Conduct regular security awareness training and simulate phishing attacks to test and practice employee readiness.
5. Endpoint security – Secure all endpoints such as workstations, laptops, and mobile devices with current antivirus software, intrusion detection systems, and remote-wipe capabilities in case of device loss or theft.
6. Network security – Employ robust firewall and intrusion detection systems to protect network traffic. Segment networks to isolate sensitive financial systems from the general corporate network.
7. Secure application development – Ensure that software applications used in financial transactions are developed with security in mind and regular code reviews, vulnerability scanning, and penetration testing. Secure APIs and update software and systems with the latest security patches.
8. Incident response plan – Develop a comprehensive incident response plan that outlines how the organization will detect, respond to, and recover from security incidents. Conduct regular tabletop exercises to test the effectiveness of the incident response plan.
9. Secure data storage – Use secure data storage and backup solutions with redundancy and encryption. Implement data loss prevention (DLP) and data classification tools to monitor and protect sensitive data.
10. Regulatory compliance – Ensure compliance with financial regulations such as PCI DSS (Payment Card Industry Data Security Standard), GDPR (General Data Protection Regulation), and any other industry-specific standards or regulations.
11. Monitoring and logging – Implement continuous monitoring solutions to detect and respond to security incidents in real-time. Maintain comprehensive logs of all network and system activity for auditing and forensic analysis.
12. Vendor risk management – Assess and manage the cybersecurity risks associated with third-party vendors and partners who have access to your systems and data.
13. Threat intelligence – Stay informed about the latest cybersecurity threats and vulnerabilities through threat intelligence sources. Use this information to adjust security strategies and policies.
14. Penetration testing and red teaming – Regularly engage in wargaming exercises such as penetration testing and red teaming exercises to identify and address vulnerabilities in your systems and processes.
15. Business continuity and disaster recovery (BC/DR) – Develop and regularly test BC/DR plans to ensure the organization’s ability to recover from cyber incidents and maintain critical business functions.
16. Comprehensive security policies and procedures – Establish clear and comprehensive cybersecurity policies and procedures that guide employee behavior and set expectations for compliance with security measures.
17. Cyber insurance – Consider the use of cyber insurance to mitigate financial losses in the event of a cybersecurity incident.
Learn more about security for your unique environment
If you’re not sure about your security posture or the level of vulnerability in your organization’s IT environment, a security assessment can help you develop a clear view of your current state and possible remediations needed. You can also rehearse real-time scenarios and threat-hunting through our Cyber Defense Simulation service. Visit the Professional Services for Security resources section for overviews of the different types of assessments available, and contact us at [email protected] to learn more.
For more support, read the other blogs in this series which include tips for building up cybersecurity skills, a review of the cybersecurity mesh architecture framework, and practical ways to secure APIs.
