Computer Security, General, Operating Systems, Privacy, Technology, Web Security, Wireless Security

Risk Assessment And Cybersecurity For Financial Institutions

April 18, 2017

Financial institutions are being scrutinized by cybersecurity legislators. Each year, legislators increase financial sanctions and requirements to protect financial data because of the pivotal data accumulated on these systems. Malicious actors are interested in stealing data such as credit card numbers and personal information like social security numbers for the purposes of identity theft.

The biggest issue surrounding small business owners is that they don’t grasp the significance of assessing risk. They don’t know how to assess risk. Cybersecurity is essential for their enterprises.

Below are some tips for securing enterprise data:

Proper security systems

Your business needs the correct security systems installed along with a firewall, intrusion detection system, and intrusion prevention system. Solid cybersecurity derives from these three primary sources.

Firewalls are absolutely essential. You may ask whether you still need one since you likely already have one installed by your Internet Service Provider via a router. The router is setup simultaneously with the Internet service in the office. This router then links to the internal network. However, it is recommended to install a firewall among the ISP router and the office’s internal network. This supplies you with a router that you are able to completely control. Moreover, you may filter out traffic and set up your own routing regulations.

Another important system that needs to be firmly established is an intrusion detection system aka IDS. This system does not obstruct traffic across the network. Rather, it identifies malicious signatures. When the IDS recognizes these signatures, it brings the attention to an administrator that there may be a potential attack. What is nice about an IDS is its ability to notify you via email or text message. Keep in mind that an IDS does not block traffic. An IDS merely detects malicious traffic. Hence it’s important that you have a staff member immediately available shall the IDS send out an alert.

The disadvantage of an IDS equipped with malicious signatures is its ability to produce false positives. It does take time, knowledge, and experience to properly configure an Intrusion Detection System. Nevertheless, a properly configured IDS is an essential part of cybersecurity.

The final element is an intrusion prevention system aka IPS. An IDS spots malicious traffic compared to an IPS that actively prevents it. Intrusion Prevention Systems examines network traffic and blocks a suspected intruder. You can utilize IPSes together with IDSes to fully enhance cybersecurity in your network. While it’s always significant to secure the enterprise network, it’s also critical that you safeguard your user desktops. The ideal way to evade spreading malware on the company network is making sure that each desktop is equipped with antivirus software. Typically, businesses have obtained

The ideal way to evade spreading malware on the company network is making sure that each desktop is equipped with antivirus software. Typically, businesses have obtained an enterprise contract with antivirus providers which enables all desktops to be kept updated with current virus definition signatures. It’s critical that a highly qualified security team goes through everything on the enterprise network and inspect it for risks. Even peripherals like printers are

It’s critical that a highly qualified security team goes through everything on the enterprise network, ensure proper configuration of resources, and inspect it for risks. Even peripherals like printers are susceptible to being hacked by intruders.

Physical Security pertaining a Financial Institution’s Critical Infrastructure

It’s not out of the ordinary for server equipment to be located in an unlocked area of the office. Business hardware needs to be behind a locked door. Standard desktops do not require physical security. However, your critical servers need to have protection against individuals who enter the buildings. Physical security acts as a buffer from intruders that physically enter the premises and even insider threats. Nearly all IT people continue storing server equipment in a primary closet.

The server closet contains extra cooling systems to maintain a low temperature. Furthermore, the lock feature of the door is utilized to prevent random access. The lock may be a keypad system, a typical keyhole, or some kind of bio interface like a fingerprint identification setup.

The business ought to possess some sort of badge system that demands employees to identify themselves prior to them entering the office. The enterprise can control who may access each area of the office from one main location. Therefore, physical security is just as crucial as virtual security to shield from intruders that can creep into your office.

In regards to assessment of physical security risks, look through each area of your office and decide whether any of the equipment is fundamental. Vital equipment refers to any device that supports your business’s network, notably routers or switches. Crucial servers, routers, and switches are commonly planted in one server closet which means that you only require to physically secure one area of the office. You can then employ a badge system to grant specific employees area access. This system also grants you the ability to do an audit trail which provides you the time and day any staff member physically entered the area to use the server equipment. This is useful if you ever need to do an investigation.

Conducting background checks on employees

When a financial institution places emphasis on dealing with financial information of users, it’s absolutely crucial that you know who is truly handling the institution’s customer data. It is not enough to rely solely on references and other employee’s reassurances. Conducting background checks on employees is a useful way to establish a firm environment for your customers. It is not enough to rely solely on references and other employee’s reassurances. Conducting background checks on employees is a useful way to establish a firm environment for your current and future customers.

All enterprises possess its own threshold for what they will permit when recruiting employees, though you need to toughen your tolerance for problems like theft and dishonesty. You confide customer data with your employees. Also, your customers always carry the expectation that your financial institution has the best security when it relates to protection their highly sensitive financial data.

Auditing your customer records is another vital activity that needs to be embraced. Just because an employee background check shows up as clean does not rule out the potential for the employee to do something shady. Hence, all employees and contractors that perceive data must leave a footprint. The duration of the day, date, and the staff member account name ought to be logged for future reference.

A better security implementation is to log everything that occurs in a customer record. This provides the benefit of knowing what data was accessed if you ever need to do some auditing of records. Some enterprises already do this.

Annual activity

Always remember that businesses of all industries and not just financial institutions must review their networks for security risks. Technology itself is increasingly becoming more complicated, and there will always be new threats introduced. Therefore, cybersecurity is an annual activity.

Every antivirus software installed on user desktops must be reviewed and updated. The business’s router firmware and security systems always have to be updated. All malicious signatures for Intrusion Detection Systems and Intrusion Prevention Systems ought to be updated. The tips discussed thus far are merely a couple of risk assessment requisites for financial institutions. Cybersecurity is a ceaseless effort, but it’s imperative to earn the confidence of customers and protect user data.

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