Because cyber-attacks are dynamic, financial institutions must permanently supervise cyber-crime protection and ensure that measures are always updated to keep up with sophisticated attack landscape.
FREMONT, CA: Financial services organizations possess a mammoth amount of critical data and information supporting the financial health of customers. Given that, in addition to having high regulatory compliance risk exposure, it is no surprise that the financial service industry is a primary target of cyber attackers. Failing in tackling cyber-attacks will be extremely costly in terms of customer confidence, brand reputation, and penalties for noncompliance. Read on to know more about cybersecurity strategies financial service institutions need to be using to secure its business against threats.
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Cybersecurity must be a top priority of enterprise to ensure the security of critical customer assets, processes, and the efficient, reliable execution of transactions. Regulations are mostly about compliance, but it does not equal security. To adequately manage risks, firms should prioritize threats. This will help in managing risks relative to its impact on critical operations so that firms can balance security needs against cost considerations.
Business technology innovations that a financial service organization is adopting in its quest for growth, innovation, and cost optimization are considered as triggers introducing new vulnerabilities. To this end, firms need to be proactive and vigilant. Continuously assessing the cybersecurity risks, strengths, and weakness can help to improve security posture.
The cybersecurity solution of financial service institutions must provide real-time visibility into processes, systems data, and equipment with a 360-degree view of any vulnerabilities. These challenges cannot be considered trivial. Financial firms must be able to present their customers and regulators with sound cyber defenses and associated controls and governance—all while remaining competitive in the market and ready to conduct business efficiently.
Financial institutions are entering an age in which digital technologies are more combined and connected than ever. To thrive in this environment, firms need to step up their efforts by developing deeper understanding about encountering cyber risk and strategically tackling it.