5 Cybersecurity Solutions To Benefit Your Bank
Cybersecurity solutions are vital to keeping your bank and customers protected 24/7.
Articles published October 23, 2017 by Rob Griffith
It seems like cyberattacks are the focus of news headlines on a regular basis. It’s also the focus of your customers, as they want to ensure that their information and financial records are protected.
Gone are the days of relying solely on security audits and environment tests. Cybersecurity solutions are vital to keeping your bank and customers protected 24/7. Having a layered, defensive security approach is an effective way to do this and should include strategies focused on technology, people, and processes throughout your organization.
Here are five more cybersecurity solutions that could benefit your organization.
Some data security technologies enable you to analyze and investigate network traffic and find areas of vulnerability. This will provide perspective on your network and better identify any issues or risk areas sooner rather than later.
Security Information and Event Management (SIEM) is an effective strategy and technology application that delivers a centralized view of all network data. This data enables you to identify threats and track them throughout your network. SIEM consolidates all logs and provides a clear picture of what’s happening in your network.
Extend Security Layers and Controls
It’s more important than ever to have the proper security in place and have adequate control of your environment. For passwords, a single sign-on is no longer enough. Multi-factor authentication is recommended for accessing networks securely. In addition, it’s beneficial to have active monitoring of access points, devices, and traffic.
Your data is extremely important, so it should be extremely secure. Data loss prevention (DLP) solutions monitor and protect sensitive data on your network and block it from leaving the network unauthorized.
To ensure maximum protection, it’s best practice to encrypt your data while in transit and at rest. Encryption renders information unreadable when accessed without proper authorization. It’s imperative to have a process in place for encrypting sensitive devices, and ensuring files and emails are being sent properly.
In addition, a data security policy should be put in place. This defines approved methods to securely transfer or share data and define restricted methods to help stop the use of unsupported or unsafe services and applications. Policies should be very specific on what is acceptable for all employees. They should include information about email policies, mobile devices, social networking, and internet usage. These policies should be documented, communicated (multiple times), enforced, and periodically reviewed and updated.
However, you have to go beyond cybersecurity policies to educate your employees and ensure they know how to properly identify and deal with threats. To start, make security awareness training a mandatory event for employees. This training should not only show employees the different kinds of cyber and social engineering attacks, but also show them how to thwart attacks. Provide concrete examples of actual threats, and set up a false attack to identify employee behaviors. Once employees know how to prevent strikes, the risk of a cyberattackwill substantially decrease.
Advanced Threat Protection (ATP)
ATP is a combination of multiple security solutions designed to prevent hackers from stealing private and sensitive data. There are some differences in ATP solutions, but the most common solutions include:
- Network devices
- Email gateways
- Centralized management platform
- Malware protection
- Endpoint agents
ATP solutions help you prevent, detect, and mitigate any threats that could potentially compromise your institution’s data. As cyberattacks continue to increase, cybersecurity and solutions like ATP are becoming even more essential for financial institutions wanting to bolster security efforts and minimize risk.
Ultimately, cybersecurity solutions give your organization protection against attacks and threats. Even though there is no way to stop every single threat, implementing solutions to help you stay on top of the ever-changing threats of today and tomorrow is a necessity.
What has your financial institution done to ensure your cybersecurity is up to date?
Read our case study: Credit Union Improves Productivity and Network Security