Cybersecurity Compliance Crucial for Financial Institutions: 12 Best Practices to Ensure Data Protection

As the financial sector faces increasingly sophisticated cyber threats, it is more important than ever that banks and financial institutions prioritize cybersecurity compliance. With sensitive customer data and financial records at stake, a single breach can have devastating consequences.

The Importance of Cybersecurity Compliance

In this article, we will explore 12 best practices for banking and financial cybersecurity compliance, highlighting the critical importance of following basic principles of zero trust and verifying user identities.

Best Practices for Financial Institutions

1. Implement Multi-Factor Authentication

Multi-factor authentication (MFA) is a requirement for many cybersecurity standards in the financial sector. Ekran System offers two-factor authentication (2FA) to verify users’ identities by sending a unique code to a trusted mobile device, ensuring secure access to critical systems and data.

2. Establish Secure Password Management

Seventy-ones percent of companies claim credential compromise is one of the main routes into breaching an organization’s security. Ekran System’s password management functionality allows you to generate and efficiently manage user credentials, perform automatic password rotation for Windows and Active Directory accounts, and more.

3. Continuously Monitor User Activity

Monitoring users’ actions is crucial in detecting and preventing both insider and outsider threats. Ekran System’s user activity monitoring capabilities allow you to watch and record users’ actions, providing valuable insights into potential security incidents.

4. Manage Third-Party Risks

Third-party vendors often have access to sensitive data, making them a significant risk. Ekran System’s PAM capabilities enable you to monitor third-party activity and manage their access to critical data.

5. Build an Incident Response Plan

A well-thought-out incident response plan (IRP) is essential for responding to cybersecurity incidents. Ekran System’s automated IR functionality enables you to respond to security incidents both manually and automatically, minimizing the impact of a breach.

6. Report Security Incidents in a Timely Manner

Notification terms vary depending on governing institutions, but most require timely reporting of data breaches. Ekran System’s actionable alert system and AI-powered UEBA module enable proactive detection and expedited reporting of security incidents.

7. Limit Access to Critical Systems and Data

Only grant access to critical systems and data to authorized personnel, using role-based access control (RBAC) to ensure that each user has only the necessary permissions.

8. Implement Encryption and Secure Communication Protocols

Use encryption and secure communication protocols to protect sensitive information and prevent eavesdropping on communications.

9. Conduct Regular Security Audits and Penetration Testing

Regular security audits and penetration testing can help identify vulnerabilities before attackers do, allowing you to take corrective action to strengthen your defenses.

10. Provide Ongoing Training and Awareness for Employees

Ongoing training and awareness programs can help employees understand the importance of cybersecurity and how to protect sensitive information.

11. Implement a Secure Configuration for All Systems and Devices

Implement a secure configuration for all systems and devices, using automated tools to ensure that configurations are up-to-date and secure.

12. Continuously Monitor and Analyze Network Traffic

Continuously monitor and analyze network traffic to detect potential security threats and identify areas for improvement in your defenses.

Conclusion

In today’s digital landscape, financial institutions must prioritize cybersecurity compliance to safeguard valuable information and systems. Ekran System’s access management, user activity monitoring, alerting, and reporting capabilities can aid your organization in achieving this goal, ensuring the security and integrity of your data. By implementing these best practices, you can minimize the risk of a breach and maintain customer trust.