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Cybersecurity Experts Warn: Financial Firms Must Stay Ahead of Evolving Threats
As the world becomes increasingly digital, financial services firms are being warned to prioritize cybersecurity or risk falling victim to devastating attacks. In a recent roundtable discussion, industry experts shared their insights on the essential tips and best practices for enhancing cybersecurity processes, policies, and procedures.
A Proactive Approach is Key
According to Gordon Micallef of RSM Malta, “Cybersecurity is not just about having policies and procedures in place, but also about turning them into pragmatic business processes that are operated by employees as second nature.” He emphasized the importance of conducting regular security testing, such as:
- Vulnerability testing
- Simulated phishing
- Business continuity plan (BCP) tests
Clear Policies and Procedures
Brian Borysewich of Continent 8 Technologies stressed the need for financial firms to establish clear and concise policies and procedures across all critical security controls. This should be supported by an in-house or third-party Security Operations Centre (SOC) to monitor and protect the environment.
Additional recommendations include:
- Encrypting data
- Protecting it according to GDPR and PCI guidelines
- Implementing a strong identity and access management system
Human Factor
Klaire Caritos of Grant Thornton emphasized that cybersecurity starts with people. “Addressing organisational challenges requires decisive actions that recognize cybersecurity as a strategic business problem, not just an IT problem.” She stressed the need for all employees to take an active role in cybersecurity risk management, from boardroom executives to front-line staff.
Robust Security Policy
Ivan Galea of BMIT Technologies recommended that financial firms start with a robust security policy to minimize threats and have a disaster recovery plan or security incident response procedure in place. He also emphasized the importance of engaging service providers or advisors to create a security strategy plan, perform risk assessments, and tap into their knowledge and expertise on cyber-attacks.
Certification and Audits
Ivan Galea also stressed the need for financial firms to get certified on international standards such as:
- ISO27001
- PCI-DSS
Regular security audits and assessments are crucial to exploit vulnerabilities and risks, and acting on them before it’s too late. Additionally, he emphasized the importance of adopting strong user identity security and authentication methods.
Future of Cybersecurity
The experts predict that cybersecurity will continue to evolve in the next three to five years. Ivan Galea believes that cyber-attacks will not decrease in popularity and that a proactive approach is required from financial firms.
Klaire Caritos expects education and training to make a difference, with organizations moving away from traditional prevention models and focusing on protection-based security models.
Conclusion
The experts are clear: cybersecurity is no longer an IT problem, but a strategic business issue that requires a proactive and multi-faceted approach. Financial firms must prioritize cybersecurity to stay ahead of evolving threats and protect their customers’ data.