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Financial Institutions Must Take Cybersecurity Seriously: 12 Best Practices to Protect Valuable Information
As the financial sector continues to evolve, so do the threats it faces. With sensitive customer data and financial records at stake, banks and financial institutions must prioritize cybersecurity to avoid costly breaches and reputational damage.
In this special report, we outline 12 best practices for banking and financial cybersecurity compliance, highlighting the importance of robust password management, continuous user activity monitoring, and incident response planning.
Password Protection
To ensure maximum security, Ekran System stores all passwords and other secrets in a secure vault and encrypts them with AES 256-bit encryption. This protects sensitive information from unauthorized access and theft.
Key Takeaways:
- Store passwords and secrets in a secure vault
- Encrypt sensitive information with AES 256-bit encryption
Monitoring User Activity
Ekran System’s user activity monitoring capabilities allow organizations to watch and record users’ actions in real-time, detecting suspicious events and potential attacks before they occur. Advanced reporting features enable the generation of customized reports on employee productivity, website usage, and more.
Key Takeaways:
- Monitor user activity in real-time
- Detect suspicious events and potential attacks
- Generate customized reports on employee productivity and website usage
Managing Third-Party Risks
Third-party vendors often have access to sensitive information, making it crucial to monitor their activity closely. Ekran System’s PAM capabilities ensure that third parties comply with the same cybersecurity standards as your organization.
Key Takeaways:
- Monitor third-party vendor activity closely
- Ensure compliance with cybersecurity standards
Incident Response Planning
A well-thought-out incident response plan (IRP) is essential for financial institutions, outlining clear response scenarios and guidelines for cybersecurity incidents. Ekran System’s automated IR functionality enables quick response to security breaches, including displaying warning messages, blocking sessions, and exporting user activity for forensic analysis.
Key Takeaways:
- Develop a well-thought-out incident response plan
- Automate IR functionality for quick response
Reporting Security Incidents
Timely reporting of security incidents is critical in today’s regulatory landscape. Ekran System’s actionable alert system detects suspicious events and notifies security teams promptly, while AI-powered UEBA module analyzes user behavior for inconsistencies.
Key Takeaways:
- Detect suspicious events and notify security teams promptly
- Analyze user behavior for inconsistencies with AI-powered UEBA module
By implementing these 12 best practices, financial institutions can significantly reduce cybersecurity risks and protect valuable information from unauthorized access and theft. Don’t wait until it’s too late - prioritize your organization’s cybersecurity today with Ekran System.