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Cybersecurity Breach Alert: Financial Institutions Must Act Fast
A cyberattack on a financial institution can have devastating consequences, including increased premiums, regulatory and legal consequences, disruption to business operations, and reputational damage. To mitigate these risks, affected customers can turn to credit monitoring and identity protection services.
These services can assist in resolving fraudulent transactions or unauthorized account access for a period after the breach. By providing an additional layer of security, financial institutions can help protect their customers’ sensitive information and maintain trust in their brand.
Regulatory & Legal Consequences
Financial entities and banks are mandated to follow applicable compliance frameworks such as PCI-DSS. After a breach, they will be subject to paying fines imposed by regulatory authorities for non-compliance with data protection and cybersecurity regulations. Those that fall victim to a cyberattack face substantial regulatory and legal consequences.
Disruption to Business Operations & Reputational Damages
Cyber attacks disrupt services, delay transactions, and lock up day-to-day operations. The more critical the attack is on the systems, the greater the cost to operations. In the immediate aftermath of an attack, resources may need to be redirected towards remediation, taking away from core business activities.
Building Cyber Resilience in Big Banks & Financial Giants
To better defend against ongoing attacks, financial institutions can use a checklist to assess their organization’s cybersecurity posture and improve any identified gaps. This includes:
- Response & Recovery: Design, maintain, and review incident response plans, communication matrices, and post-attack workflows.
- Network & System Security: Implement continuous monitoring, anomaly detection, and threat hunting techniques to identify malicious activities early on.
- Identity & Access Management: Implement multi-factor authentication policies, network segmentation, and role-based access control to secure against illegitimate users.
SentinelOne: A Partner in Cybersecurity
At SentinelOne, we understand the importance of cybersecurity in financial institutions. Our solutions can help maximize visibility across full environments and automate a powerful response against complex threats. Contact us today to learn more about how we can assist in building your organization’s cyber resilience.
By taking proactive measures to enhance their cybersecurity posture, financial institutions can minimize the risk of a data breach and protect their customers’ sensitive information. With credit monitoring and identity protection services, affected customers can rest assured that their personal data is secure and protected against potential threats.