Financial Institutions Must Adopt Robust Cybersecurity Measures

The financial sector is constantly under threat from cyber attacks, with ransomware attacks being particularly devastating for institutions. To mitigate these risks, it is essential that financial institutions implement robust cybersecurity measures.

Securing Systems

According to experts, the first step in securing systems is to aggregate logs in a Security Information and Event Management (SIEM) system for visibility across cloud and on-premise environments. This allows for real-time monitoring of activity and rapid detection of potential threats.

• Disable unneeded ports and services
• Enforce least privilege access
• Use private IPs and network security groups in cloud environments
• Encrypt sensitive data at rest

Protecting Against Ransomware

Ransomware attacks have crippled financial institutions in the past, making protection vital. To prevent these attacks:

• Educate staff on red flags such as suspicious links and attachments
• Run regular attack simulations to improve response times
• Maintain regular backups offline and ensure rapid restoration from backups
• Keep antivirus software and EDR platforms updated for detecting and blocking latest ransomware strains

Securing High-Risk Areas

Focus should be placed on high-risk areas such as:

• Remote access: Enforce MFA across all access points, including VPNs, and mandate company-own and managed devices.
• High-value applications: Strengthen security measures to prevent attacks.
  • Install mobile threat defense software, secure containers, MFA apps, and Mobile Device Management (MDM) software on tablets and mobile devices.
  • App blacklisting can also help prevent the installation of potentially harmful applications.

Creating a Cyber-Aware Culture

Technical controls are only part of the equation. Building a strong security culture is essential for protecting against cyber threats:

• Provide regular security and privacy training for employees
• Share best practices
• Run simulated phishing campaigns to improve employee detection of real phishing emails
• Encourage staff to report suspicious activity without fear of retaliation
• Make cybersecurity a priority across operations

Partnering with Cybersecurity Experts

Given the constantly evolving nature of cyber threats, partnering with experienced cybersecurity experts such as Vumetric can be invaluable in ensuring the adequacy of security defenses. With our team’s proven track record and extensive experience, we can assist financial institutions in identifying vulnerabilities and implementing effective strategies for remediating risks.

By following these best practices and partnering with cybersecurity experts, financial institutions can reduce their risk of falling victim to cyber attacks and ensure the continued trust and confidence of their customers.