Cybersecurity for Financial Service
Business sectors worldwide struggling with the shortage of cybersecurity professionals, and the financial service sector is a high-profile target that needs more qualified cybersecurity skills.
Financial institutes are subjected to following cybersecurity rules and regulations. To protect their brand reputation, regulatory agencies pressure financial firms to improve cybersecurity responses across the sector.
There are two types of financial service companies, the ones who experienced cyber attacks and the ones that are about to. So it is challenging to protect customer data for financial institutes. Cybersecurity service brings financial firms great benefits.
Importance of Cyber Security in Financial Service
Sensitive Data Protection
The data and information from financial institutions are not only important to the customers but also to cyber criminals. To protect this information those organizations use various cybersecurity tools. From encryption and secure networks to robust authentication, only accessible members can authorize them. Thus minimizes the potential damage or data breaches.
Prevention of Financial Loss
Cybercrime in financial institutions is increasing day by day, this causes financial losses. With cyber security, you can prevent these losses through network security, malware protection, and other cyber security measures, to prevent cyber attacks.
Maintaining Consumer Trust
Trust is the important in financial industry, breakage of trust through a data breach can damage their reputation and customer relationship. Cybersecurity helps build and maintain trust by assuring customers that their data and money are safe.
Regulatory Compliance
Financial institutions follow strict regulations to ensure the security and integrity of their customer. They include the Bank Secrecy Act, Dodd-Frank Act, and other standards. With cybersecurity these regulations become mandatory.
Cybersecurity Threats within the Financial Service
Below are the important cybersecurity threats in financial services. By integrating cybersecurity services you can financial organizations can overcome them.
- Phishing and Social Engineering Attacks
- Malware and Ransomware
- DDoS Attacks
- Insider Threats
- API Vulnerabilities
Challenges faced within the Financial Service
The main concern for the financial service industry is cybersecurity because that's where the money goes. Thus this becomes quite appealing to cyberattacks, as it becomes easy to divert funds from someone's account into their control. As the attacks increase, finding solutions for the problems also increases pressure among the regulators in the industry. Here are the cyber security challenges faced within the financial industry, hiring a cybersecurity company can assist financial institutes to face them.
Skill Shortage
The demand for cybersecurity professionals in the financial industry is rising, thus this surpasses the supply and increases the gap in skill shortage.
Legacy Systems
Many financial institutes still need to rely on legacy systems like outdated technology. This is not designed with cyber security threats in mind, thus increasing cyber risks and vulnerabilities.
Balancing Security and User Experience
It is really a challenging task to keep the right balance between security and user experience in a financial institution.
Supply chain Risks
Threats can come from any point in the supply chain world, so continuous monitoring becomes necessary.
Third-Party Vendor Management
The challenge is ensuring that third parties are following the same cybersecurity standards because outsourcing has become common.
Cybersecurity Solutions for Financial Services
Financial services use cyber security to safeguard their customer's information and data from cyberattacks, here are some important cybersecurity solutions that work as a defense,
- Web Application Firewall (WAF)
- DDoS Protection
- Anti-Fraud and Online Fraud Prevention
- Identity and Access Management (IAM)
- Advanced Threat Protection
- Vulnerability Assessment and Penetration Testing (VAPT)
- Security Awareness and Training Program
- Data Activity Monitoring
- Data Risk Analytics
Osiz - A Cybersecurity Service Provider
Osiz provides cybersecurity services for banks, insurance companies, financial organizations, and payment providers. With our cloud security, network security, and cybersecurity solutions, we ensure regulatory compliance and protect financial firms from the web, cyber attacks, and theft. Advantages of choosing Osiz,
- Data Privacy Compliance
- Data Monitoring and Protection
- Cloud Transition Support
- UnifiedThreat Reporting
What are you waiting for? Contact our cybersecurity consulting experts, and safeguard your financial services from cyber bullies by deploying cybersecurity services.
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