Organisations in the financial industry hold a large amount of sensitive data on their customers which can make them a prime target to cyber criminals. The more sensitive the data the larger the target your organisation can become.
Cyberattacks now make the headlines which means your customers are more aware of the threats than they have been. They expect your organisation to be protected and prepared as they are, trusting you with their data and if you’re not protected you risk losing business.
According to a report by the FCA, cyberattacks in the financial industry have risen by 80% in the last year.  This shocking figure indicates cyber security and protecting your information is more vital than ever.
With cyber criminals constantly finding new ways to threaten organisations it’s essential to stay one step ahead.
What should you look out for?
We work with many financial organisations and have asked them what their main security concerns were and what the risks that they have been dealing with in the past year. There are many more risks than the ones that we have discussed, but these were the risks that they most commonly tackled.
Widespread Business Operational Risks
If your organisation operates in a large geographical area or internationally, the risks to your business are higher. Understand your data – what it is and where it is and have the right procedures in place to deal with incidents. The Security Bureau’s security status assessment will assess your core business aspects to gauge your current security position and determine the level that you should be aiming for, and what is expected of you from your customers, employees and regulators.
Distributed Denial of Service (DDoS) attacks are highlighted as an upcoming threat to the financial industry. The aim of this type of attack isn’t to steal sensitive information but to disrupt you providing a service to your customers. This type of attack could also fall into the ransomware category, where ransomware completely disables systems required for business services. DDoS attacks are also used as a smokescreen for other attacks, trying to divert your resources as you’re dealing with the immediate and obvious attack.
Third Party Risks
Does your business have the ability to continuously monitor each vendor you work with? Work together to put a system in place that determines cyber security measures and how to protect your data. You should apply the same level of scrutiny to them that you would apply to yourself. This is especially pertinent when it comes to the GDPR and assessing the suitability of third party vendors at securely processing and storing personal information.
What should you do if you’re a victim to a cyberattack?
Cybercrime in financial service organisations should be reported to the FCA and the ICO if:
- The cyberattack has lead to a large loss of sensitive data
- There is loss of control to IT systems that will affect customers
- Malicious software has become present on the company network and communication systems
The Security Bureau’s new innovative technology Informer has the ability to continually monitor your organisations online environment. Informer watches every change as it happens and spots weaknesses before the attackers do. Your business will benefit from a complete managed security service combining continuous monitoring, security testing and intelligence. Contact us for more information and to book a demo.