One of the catchphrases we hear so much about these days is the “Internet of Things,” also known as...
It may not come as a surprise to professionals who work from the financial services cloud, but the industry’s institutions are the second-most targeted by hackers.
On a global scale, financial services organizations suffered nearly 19 percent of all cyberattacks in 2022, second only to the manufacturing sector. The average cost of a data breach in the U.S. stood at a reported $9.44 million in 2022, and that figure is expected to skyrocket. Given that upwards of 60 percent of financial services organizations with a minimum of $5 billion in assets were attacked over a 12-month period, cybersecurity solutions are sorely needed to protect data in the financial services cloud.
Cybersecurity Strategies for the Financial Services Cloud Users
Garden variety hackers are more likely to target small and mid-sized operations with weak defenses and less valuable data. They regard them as low-hanging fruit that can easily be plucked. But the primary reason some of the world’s most determined and sophisticated hackers invest time, tools, and energy into breaching cloud-based financial data is that it ranks among the most lucrative to steal.
Advanced persistent threats typically have the resources and heightened skills to go big game hunting. If financial institutions are to prevent the world’s most determined threat actors from pilfering off digital assets, they need to weigh cybersecurity risks and implement solutions such as the following are necessary.
Implement a Cloud Security Services Strategy
It’s critical to enlist the support and advice of a cybersecurity consultant to evaluate your risk management strategies. The same basic cybersecurity principles apply to cloud-based systems as on-premises data storage and transmission. By orchestrating a risk assessment, gaps, and vulnerabilities can be identified and cured.
Schedule Ongoing Cybersecurity Testing
Business leaders outside the managed IT cybersecurity trades are not always aware that new threats emerge almost daily. Each time a cybersecurity professional creates a countermove to a malware deployment, phishing scheme, brute force attack, or vulnerable unpatched software, cybercriminals devise new schemes.
What this ongoing chess match means to companies is that financial services risk mitigation is a never-ending process. The only way to maximize your defenses is to have a third-party cybersecurity expert test and update your system on a regular basis.
Comprehensive Cybersecurity Solutions
Financial sector organizations not only need cloud security services, but they also need to harden defenses at every network entry point. This means prioritizing cybersecurity regarding endpoint devices, implementing zero trust user profiles, multi-factor authentication, enterprise-level antivirus software, 24-7 threat monitoring, and the ability to respond and repel threat actors in real-time.
Benefits and Risks of Utilizing the Cloud
A majority of companies have pivoted to the cloud in recent years. The most common reason for leaving on-premises hardware behind is cost. Not having to purchase new servers or pay for repairs enticed business leaders to integrate cloud services into their budgets. It’s also not unusual for companies to employ a multi-cloud approach as part of their risk mitigation and cybersecurity strategy. These are other pros of using the cloud.
- Data Centralization
- Enhanced Data Recovery Options
- Unlimited Data Storage
- Remote Cloud Security Services
While the benefits of a cloud-based network typically outweigh the cons, these are issues financial sector outfits need to keep in mind.
- Reliance on Wi-Fi Connection
- Increased Use of Endpoint Devices
- Software Incompatibility
It’s also critical to recognize operations will likely need to expand their cybersecurity solutions footprint to monitor all the moving parts and players. Financial institutions experience inside threats more than many other sectors due to the wealth of accounts and digital assets. When that information is housed in the cloud, only determined cybersecurity can prevent a data breach.
CyberTeam Delivers Cybersecurity Solutions for Financial Services Organizations
At CyberTeam, our managed IT and cybersecurity consulting experts have the experience and technology to protect your company from an on-premises or cloud-based data breach. We start by conducting a risk assessment to gain a clear understanding of your system’s strengths and vulnerabilities. Then we take the findings and present them to your leadership team to develop a comprehensive cybersecurity strategy. Schedule a risk assessment with us and begin the process of improving your defenses.
