Banking, Financial Services, Securities, Insurance

Cybersecurity is a critical issue for all businesses, but the financial services industry is particularly vulnerable due to the large scale digital adoption and the sensitive nature of the data it handles. At the same time, the CISOs and CRO are facing problems in managing and meeting compliance requirements. Below are some of the major cybersecurity challenges faced by financial institutions.

Challenges

  • Keeping Up With Ever Increasing Cybersecurity Regulations And Maintaining Compliance
  • Fragmented solutions that can lead to increased complexity and cybersecurity risk as it becomes extremely difficult to gain the right visibility and respond to cybersecurity incidents on time
  • Managing Security Risks Associated With Internal Threat Actors
  • Effectively implementing and managing running a comprehensive identity and access management programs

Best Practices

Implement strong authentication and anti-spoofing measures

Secure critical data by implementing solutions like encryption and Data Loss Prevention (DLP) methods

Install and maintain up-to-date antivirus software and firewall protection

Regularly backup data and maintain a disaster recovery plan

Train employees on cybersecurity best practices and policies

Implement and test critical incident response plan regularly

Knowledge is Power

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