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Financial Institutions’ Cybersecurity: Best Practices for Protecting Against Ransomware and Other Threats

In recent times, ransomware attacks have become increasingly common, leaving financial institutions scrambling to protect their systems and data from these devastating cyber threats. To mitigate the risk of falling victim to a ransomware attack, we have compiled a comprehensive guide on cybersecurity best practices for financial institutions.

Aggregate Logs in SIEM for Visibility Across Cloud and On-Prem Systems

In today’s cloud-based environment, it is crucial to have visibility across all systems. By aggregating logs from both on-prem and cloud environments through a Security Information and Event Management (SIEM) system, you can gain real-time threat detection and incident response capabilities.

Limit Exposure in the Cloud

To reduce the attack surface, financial institutions should:

Disable unneeded ports and services
Enforce least privilege access controls
Utilize private IPs and network security groups

This will make it more difficult for attackers to breach your systems.

Protect Sensitive Data

Encryption is essential for protecting sensitive data at rest in the cloud. Many cloud providers offer encryption capabilities, ensuring that even if an attacker gains unauthorized access, they will be unable to read or exfiltrate sensitive information.

Control Access and Enforce Least Privilege

To limit the attack surface:

Implement role-based access control (RBAC) and multi-factor authentication (MFA) for cloud management portals and privileged accounts
Enforce least privilege access controls to ensure users only have access to the resources they need to perform their job functions

To prevent lateral movement in the event of a breach:

Logically segregate production and non-production environments
Limit data sharing between environments to minimize the potential impact of a breach

Ransomware Protection

Ransomware attacks have crippled financial institutions, making ransomware protection vital. To protect against ransomware:

Educate staff on red flags such as suspicious links and attachments
Run attack simulations to improve response times
Maintain regular backups offline
Ensure antivirus software and Endpoint Detection and Response (EDR) platforms are up-to-date

Secure High-Risk Areas

Focus security efforts on high-risk areas such as:

Remote access
High-value applications

Implement MFA across all access points, including VPNs, and use company-owned and managed devices to prevent unauthorized access. Additionally, safeguard tablets and mobile devices with mobile threat defense software, secure containers, and MFA applications.

Create a Cyber-Aware Culture

Technical controls are only part of the equation. Building a strong security culture within an organization is key to preventing cyber threats. To do this:

Provide regular security training for employees
Share best practices and lessons learned from past incidents
Encourage staff to report suspicious activity without fear of retaliation

Partner with Cybersecurity Experts

Given the constantly evolving threat landscape, it is crucial for financial institutions to consider partnering with experienced cybersecurity experts. At Vumetric, we specialize in conducting thorough cybersecurity assessments and offer expert guidance on the most effective strategies for remediating risks.

To learn more about our comprehensive penetration testing services and how we can strengthen your organization’s cybersecurity defenses, visit our website or contact us directly to start a conversation.