Cybersecurity Risk Management Solutions for the Financial Industry

The financial services field is the industry that’s number one most commonly targeted by cybercriminals, which means that the financial industry has to take intensive cybersecurity measures and precautions. For financial firms that are building out their cybersecurity risk management strategies, here’s what you need to include.

Risk Assessments

In order to manage your company’s cybersecurity risks, you have to know and understand them. As such, regular risk assessments are a critical component of any robust cybersecurity risk management strategy. In a risk assessment, your company’s technology, systems, and protocols will be analyzed in order to determine vulnerabilities, identify threats, and assess disaster and recovery preparedness. This information is necessary in order to design and implement appropriate risk management solutions.

Compliance Framework

However, no good risk management strategy is purely reactionary or defensive. While risk assessments are crucial for identifying and responding to looming cyber threats, once the immediate concerns have been addressed, it’s time to implement systems. You must have cybersecurity systems in place to ensure consistency and security. Following a compliance framework, such as the NIST framework, is one of the most straightforward and reliable ways to implement this structure.

Security Program

The structure of your cybersecurity framework must be further supplemented by an internal security program. A cybersecurity program is an initiative in which a company dedicates resources to design measures and protocols that will protect the business. It involves evaluating existing processes, referencing recent risk assessments, developing documentation, and conducting training sessions for staff. Your internal security program will help keep your whole team on the same page regarding cybersecurity policies and protecting the company’s interests.

Expert Assistance

It’s highly advisable to consult with trusted experts in the cybersecurity field regarding your firm’s cybersecurity risk management solutions. Access to expert guidance can make a critical difference in favor of your security. A cybersecurity solutions provider can be a great and highly flexible resource that your firm can rely on as much or as little as needed.

Some financial services firms hire cybersecurity experts to conduct their risk assessments, implement their security frameworks, design their security programs, and provide ongoing managed services and support. Others merely seek expert input when designing their programs. Depending on your company’s needs and whether you have cybersecurity experts in-house, your relationship with your solutions provider will vary.

CyberTeam

CyberTeam is an established team of experts in the cybersecurity industry with over twenty-five years of experience. Our services include compliance, risk assessment, IT, and cybersecurity. Our passion for technology, detail-oriented approach to cybersecurity, and emphasis on customer satisfaction have earned us our reputation as a reliable and effective cybersecurity solutions partner.

If you’re interested in working with us to protect your business and its assets from cyberattacks, you can contact our team today.