Here is the converted article in Markdown format:

Cloud Providers Must Do More to Protect Financial Institutions from Cyber Threats

As the financial sector continues to rely heavily on cloud computing, security concerns have become an increasing concern. Many cloud providers offer encryption capabilities, but it’s not enough to simply encrypt data - financial institutions must take additional measures to protect themselves from cyber threats.

The Importance of Robust Cybersecurity Measures

According to a recent report, ransomware attacks have crippled several financial institutions in recent years, highlighting the importance of robust cybersecurity measures. To combat these threats, experts recommend implementing access controls like:

• Role-based access control (RBAC)
• Multi-factor authentication (MFA) for cloud management portals and privileged accounts

Additional Measures to Protect Against Cyber Threats

In addition to these measures, financial institutions should also consider:

• Separating production and non-production environments
• Limiting data sharing between environments
• Maintaining regular backups offline

This will enable them to rapidly recover from an attack in the event of a breach.

Other Recommendations for Reducing Cyber Risk

The report also emphasizes the importance of:

• Training staff on ransomware red flags
• Running attack simulations to improve response times
• Keeping antivirus software and EDR platforms updated to detect and block latest ransomware strains
• Segmenting networks to limit ransomware spread
• Applying latest patches for public–facing services like RDP and VPNs

Focusing Security Efforts on High-Risk Areas

Financial institutions should focus their security efforts on high-risk areas like:

• Remote access
• High-value applications

This includes:

• Enforcing MFA across all access points, including VPNs
• Implementing mobile threat defense software, secure containers, and MFA applications on tablets and mobile devices

Creating a Cyber-Aware Culture

The report also highlights the importance of creating a cyber-aware culture within financial institutions, which involves:

• Providing regular security training for employees
• Sharing best practices and lessons learned from past incidents
• Encouraging staff to report suspicious activity without fear of retaliation

Partnering with Experienced Cybersecurity Experts

Finally, partnering with experienced cybersecurity experts like Vumetric can provide financial institutions with the expertise and guidance needed to ensure their security defenses are adequate.

Conclusion

While cloud providers offer encryption capabilities, financial institutions must take additional measures to protect themselves from cyber threats. By implementing robust security measures, training staff, and creating a cyber-aware culture, they can reduce the risk of falling victim to cyberattacks and ensure the continued trust and confidence of their customers.