Financial Crime World

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Banking and Financial Cybersecurity Compliance: 12 Best Practices

As a financial institution, ensuring robust cybersecurity measures is crucial to protecting sensitive data and preventing cyber threats. In this article, we outline 12 best practices for organizations to follow in order to maintain banking and financial cybersecurity compliance.

Implementing Robust Security Measures

Access Management

  1. Control user authentication: Verify the identity of users before granting access to critical systems.
  2. Authorize user access: Grant users only the necessary permissions to perform their jobs.
  3. Monitor session activity: Record and analyze user sessions to detect suspicious behavior.

Advanced Authentication Techniques

  1. Use multi-factor authentication (MFA): Add an extra layer of security with MFA to protect against phishing attacks.
  2. Store passwords securely in a vault: Use password vaults like Ekran System’s password manager to store sensitive data securely.
  3. Encrypt sensitive data: Protect sensitive information from unauthorized access using encryption.

Monitoring and Incident Response

  1. Continuously monitor user activity: Record and analyze users’ actions to detect suspicious behavior and prevent insider threats.
  2. Build an incident response plan: Develop a plan to respond quickly and effectively in the event of a cybersecurity incident.
  3. Report security incidents in a timely manner: Notify relevant authorities and stakeholders about any security breaches or incidents.

Managing Third-Party Risks

  1. Monitor and control access of third parties: Ensure that third-party vendors have secure access to critical systems and data.
  2. Regularly review and update vendor contracts: Verify that vendors are compliant with cybersecurity standards and regulations.

Tools for Implementing Best Practices

Ekran System is a powerful tool that can help organizations implement these best practices, including:

  • Access management
  • User activity monitoring
  • Alerting and notification systems
  • Reporting capabilities

By following these 12 best practices and using tools like Ekran System, financial institutions can maintain robust cybersecurity measures and protect sensitive data from cyber threats.