The financial services sector is suffering from a wave of attacks from cybercriminals who view these organizations as a target-rich environment. The high potential for gain overcomes the difficulty of hacking through the additional security measures, leaving financial firms vulnerable to attack from all sides. CFOs in the financial services sector need a solid understanding of the various threats that are facing their organization and how they can mitigate the risk.
Dangerous Times for Financial Firms
Cyber security threats are increasingly complex and nuanced, leaving some financial services firms only finding out that they have been infiltrated long after the fact. The lag time between a security breach and remediation can cause customers to lose trust in your organization. Hackers have more tools at their disposal than ever before, and the problems are exacerbated by organizations who are utilizing varied technology platforms to perform day-to-day activities. Integrating these solutions in a way that is fully secure can be a challenge for even the most dedicated security officers and technology staff members.
A Customized Approach
Unfortunately, there is no “one-size-fits-all” approach that will work for any type of financial services firm. Instead, each organization needs to be assessed individually for strengths and weaknesses before putting comprehensive security and recovery procedures in place. It can be challenging to measure what a “good” security profile looks like, as there are major differences to be found in centralized and decentralized business models, risk appetite, employee behaviors and portfolio size. There are also significant differences by organization when you consider the overall maturity level of the business.
Organization and Governance are Critical to Success
The role of the CFO has morphed over time with the expansion of technology into every facet of the business. If your organization does not have a Chief Information Security Officer, many of these duties are likely to fall to the CFO. Having the right information to make decisions for your business is critical to ensuring that you not only remain compliant at all times but also are able to ward off cyber attacks as efficiently as possible. Having the right organizational support and governance models in place will help protect your organization as you manage through the complexities of today’s financial services organizations.
Comprehensive Security Strategies
Adopting comprehensive security strategies for your business is the first step in creating a walled garden around your customer data and other important information. Regardless of whether you have your primary data storage in the cloud or on-premises, it is crucial that you are considering each facet of your business as you develop your security posture. At Coretelligent, our security professionals have worked extensively in the financial services vertical, and are able to leverage our CoreArmor solution to create a cohesive view of your organization’s digital assets. Our protection includes:
- Vulnerability assessments
- Intrusion detection
- Response and remediation
- Behavioral monitoring
- Compliance and asset discovery reporting
- Agile integration of various platforms
- Aggregation platform for reporting and security review
- SIEM and log management
Our 360 protection offers you Defense-in-Depth, a strategy that places multiple levels of security controls throughout your information technology systems.
Your ability to innovate rests on having a dependable technology stack that allows you to focus on creating new solutions before your competitors. The financial services community is extremely competitive in nature, and when you are allocating most or all of your internal technology resources to cyber security, innovation can fall by the wayside. Alternatively, a focus on innovation can mean that your security could potentially slip — a possibility that cybercriminals will be quick to take advantage of.
When you work with Coretelligent, you are gaining the valuable support of an organization who truly understands the security needs of the financial services sector. The complexity level involved with securing your customer data will expand as customers demand more information online and via their mobile devices. Free your team to innovate at scale when you partner with Coretelligent to provide your financial services organization with the White Glove Support that you require. Contact us today at 855-841-5888 or fill out our online form to receive a quick return call.