ITS Blog
Protecting Data For Financial Institutions

It’s no secret that banking and financial institutions collect and process massive amounts of sensitive data each and every day – and cybercriminals know it, too. A data breach can happen at any time if you’re not equipped with the right tools and protection.

Today’s rapidly changing landscape includes the rise of mobile banking, online investing, and the use of cryptocurrency. With the increase of remote access, the ever-present threat of fraud is higher than ever. Consequently, banks and others in the trade must take precautions to fight against cyberattacks in order to protect their clients’ data at all costs.

What can financial institutions do to protect data and keep cyberattacks at bay?

Ensure That Remote Access Is Always Secure

In today’s world, sensitive data is being sent and received from all corners of the globe, not just under the watchful eye of the office network. While this flexibility offers many advantages, it also opens up a technological blind spot in terms of data security. Employees, third-party vendors, and clients alike are accessing data from seemingly everywhere but the office.

It’s not enough to simply have a strong password. According to a report by IBM, compromised credentials were used in 20 percent of all attacks in 2021.

In order for banking and financial institutions to run properly, their data center managers and IT teams need to view, access, control, and manage a wide array of servers, networking, and serial-based devices.

Pre-pandemic, most of these teams worked onsite. Now, many staff members work remotely and may continue to do so, whether full-time or intermittently. As a result, all personnel are prime targets for cyberattacks, due to the mix of their elevated privileges and permeable access points. With weak security infrastructure, malicious outsiders can easily gain access to your organization’s networks, leaking all kinds of sensitive information.

As a result, it’s imperative that financial institutions enable secure remote access to devices. Browse our Monitoring and Management Solutions today to learn more.

Educate and Empower Your Staff

Malicious outsiders pose enormous threats, but keep in mind the methods in which they invade your networks in the first place: data breaches. How do cybercriminals hack secure networks? Often times it’s through your employees themselves. While most, if not all, have good intentions, it only takes one slip-up for a phishing attempt to cause a domino effect of chaos within your organization. Arm your staff with training and Data Loss Prevention tools.

Create a Response and Recovery Plan

Protecting your data and maintaining a well-oiled cybersecurity infrastructure is key, of course. But what if the worst-case scenario happens? A response plan is not only good practice, but it’s a legal obligation, too.

Even a small data breach will prompt necessary action, so it’s important to talk through these steps and create an appropriate response plan for any situation that could arise as a result of a data breach or other cybersecurity malfunction.

Partner With Us

Finance and banking technology is ever-expanding and growing quickly in complexity and cost. You need a partner who understands the stringent requirements and incredible regulatory complexities that financial institutions face daily. Learn more about how we solve critical infrastructure challenges for financial institutions and other industries.

With our industry experience, dedication to safety and efficiency, and expertise in IT fields, we’ll empower you to exceed your goals and provide the best possible environment for your clients and employees. Contact us today to get started.

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