Financial Cybersecurity in 2017: Challenges & Solutions
As is true of any business sector, the business world faces plenty of threats in terms of financial cybersecurity in the year ahead. As technology continues to advance at a breakneck pace, new threats appear on a daily basis. Of course, along with those threats come solutions to the new problems, as this is a never-ending game of cat and mouse between companies and criminals. For a financial service organization to remain on the winning side of this game, they must take the battle very seriously. Below is a list of three potential challenges that may be faced by financial services companies in 2017, along with their possible solutions.
Attacks from the Inside
The most difficult attacks to defend against often come from the inside of an organization. One such example is when employees sell their credentials to someone on the outside who intends on initiating an attack. In that case, it wouldn’t even be your employee who is trying to carry out the attack for revenge or another motive – he or she would simply be accepting financial gain by selling their login and password, thereby allowing someone else to do serious damage.
One of the basic things that companies can do to prevent this sort of insider attack is simply to work hard on employee satisfaction. Employees are far less likely to do something that will harm their employer if they are happy with their job situation. It is usually those who are disgruntled in some way that wind up being the culprits in this kind of attack.
Keeping Up with Regulations
Regulations are always changing in the financial world – that is just a fact of life in this industry. The story is no different in 2017, so banks and other institutions are going to have to adapt their IT policies and procedures to match new rules. Of course, any time there is a change in a security system, there is the potential for a hole to develop. Financial companies are going to need to work hard and be extremely careful not to slip up in the year to come. Even a small mistake could lead to a vulnerability that allows criminals to walk right in (digitally, of course). Ongoing peer review and plenty of testing will be necessary to ensure that compliance does not come at a cost of overall cybersecurity.
The rate at which new technologies hit the market today is nothing short of incredible. While many of these technologies have the ability to change the way we live, some of them also come with security vulnerabilities. For instance, many smart devices around the world were used to coordinate an attack that spread quickly around much of the web. Companies in the finance sector need to be consistently aware of any new technologies which may have the potential to disrupt ongoing security efforts. This is a game that never ends, and it is the companies who commit to regularly improving and updating their security systems who will be safest in the long run.
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