Cybersecurity for Financial Institutions
Protecting the very guardians of our wealth.
Safeguarding against financial fraud.
Building trust and confidence in financial systems.
RedLegg: Fortifying the security of vital financial data
The Importance of Countering Cybersecurity Threats to the Financial Sector
Financial institutions are high-priority targets for cyberattacks due to their sensitive data and critical systems.
The banking and financial services industry is built on the foundational pillars of trust and credibility. A cybersecurity incident hits at this very foundation and can erode customer confidence in the financial institution, resulting in loss of business, reduced market share, as well as more long-term consequences from reputational damage.
The costs of a data breach are a compelling reason to implement state-of-the-art cybersecurity in banking and finance institutions. Finance firms lose approximately $5.9 million per data breach, 28% higher than the global average. Sustained problems with data security or identity fraud can harm the integrity and fundamental survival of a financial organization.
Secure and reliable financial services are essential for a country's economic growth and market stability. Real-time threat monitoring, threat detection systems and swift incident response procedures are all immensely important to prevent fraudulent activities and mitigate the damage from security incidents.
A robust cybersecurity strategy is the first line of defense against malicious threat actors targeting banking and financial systems.
RedLegg Cybersecurity: Safeguarding Data, Mitigating Risks in Banking & Finance
Our cybersecurity solutions address specific challenges in protecting financial assets and data. At RedLegg, we have in-depth experience and expertise in implementing cybersecurity best practices for financial institutions. Our team is always up-to-date with emerging and evolving threats to banks and financial institutions, and cutting-edge cybersecurity industry standards.
Data Breaches and Infosec:
In the world of finance, the stakes are high when it comes to the risk of data breaches and information security practices. Financial institutions are legally required to employ robust data encryption, stringent access controls, and secure data storage practices. Regulatory compliance standards ensure that financial data remains confidential, intact, and accessible only to authorized personnel.
Regulatory Compliance:
A comprehensive cybersecurity policy with the implementation of security best practices helps financial institutions navigate complex regulatory frameworks, such as PCI DSS. Adhering to compliance standards avoids potential legal consequences and builds credibility for the institution in the minds of customers and partners alike.
Watch our on-demand webinar on GDPR for the Financial Professional.
Advanced Threat Detection:
Financial transactions are executed in real-time, using complex paths through cloud-based and premise-based software systems and real-time authentication and verification processes. They require seamless connectivity between banks, third-party systems, and customer interfaces, most often accessed via mobile devices. Early detection of any suspicious activity or anomalous usage patterns is key. You need advanced threat detection to support the financial system without introducing latency into the transactional systems.
Advanced Persistent Threats:
With vast amounts of sensitive data, including customer information, transaction records, and proprietary financial models, financial institutions are high-value targets for Advanced Persistent Threats (APTs). The rewards of financial data theft are hefty—so attackers are willing to spend time and effort orchestrating sophisticated attacks, often lurking within the target system or network for extended periods before initiating the final attack. Security incidents cause irreparable reputational harm and create a burden of economic repercussions.
RedLegg's Specialized Solutions: Cybersecurity for Financial Institutions
Our advisory teams have a thorough understanding of the challenges of cybersecurity for financial institutions. They are well-poised to guide you on safeguarding digital assets within a stringent regulatory compliance environment for banking and finance.
- vCISO Custom-Tailored Strategic Security Program
- Tabletop Exercises for Financial Institutions
- GRC Gap Assessment
- Cloud Security Assessment
- GDPR Assessment
RedLegg offers Managed Security Services tailored for financial institutions. We prioritize the threats specific to your industry and support you with actionable information. We empower your team to achieve their goals—while we take care of security.
- SIEM
- Threat Intelligence
- Incident Response
- Managed Detection & Response
- Automation-as-a-Service
Penetration tests are a reliable way to identify any weak links in your security posture. Simulated attacks expose vulnerabilities, and we can then recommend tactics to keep sensitive financial data safe and critical systems free from disruptions.
- Vulnerability Scanning
- Application Testing
- Physical Pen Testing
- Network Pen Testing
Financial transactions require real-time authentication systems. Identity fraud or unauthorized access to financial data has broad consequences for markets and the economy. Our Identity and Access Management (IAM) solutions balance convenience with stringent access control.
- Identity & Access Management
- Identity Governance & Administration
- Privileged Access Management
The Benefits Of Working With Redlegg as Your Cybersecurity Partner
Holistic Security:
We adopt a holistic approach, merging the benefits of automation and human intelligence to craft a comprehensive and forward-thinking security strategy.
Operational Optimization
Through automation, we streamline workflows, expedite response times, and provide easy access to actionable data and real-time reporting, enhancing decision-making accuracy.
Proactive Vigilance:
We enable continuous monitoring of your threat landscape to identify and prioritize vulnerabilities. Early detection of weak links allows for prompt adjustments to your security posture.
Customized Automation:
Our Automation-as-a-Service offering is highly adaptable, ensuring seamless integration into your existing security framework while offering a personalized touch.
Trusted Partnership:
RedLegg serves as a reliable partner, providing custom tools, insights, and expertise tailored to address the specific threats your financial institution may encounter.
FAQ's
How can financial institutions protect themselves from ransomware attacks?
Financial institutions need a proactive cybersecurity strategy to safeguard the valuable financial information they hold. With high stakes involved for large financial organizations, malicious actors are usually backed by sophisticated, organized cybercriminal organizations with deep pockets. They use sophisticated tools and techniques to gain access to networks and systems and can hold financial institutions to ransom with DDoS attacks or by threatening to release sensitive data into the public domain.
Financial institutions must use a comprehensive set of TTPs (tactics, techniques and procedures) to deal with ransomware attacks. This includes:
- Stringent access control measures prevent unauthorized access and track-and-trace user activity to mitigate insider threats.
- Continuous monitoring of the threat landscape and advanced systems to identify suspicious activity early is the cornerstone of a proactive defense to safeguard critical financial data.
- Security best practices must be implemented to ensure network segmentation, regular backups, applying the latest fixes and patches to operating systems and apps and other such safety protocols.
- Employee training is essential to prevent unintentional data leakages or prevent employees from succumbing to phishing attempts.
Speak with a RedLegg cybersecurity expert for comprehensive tips and recommendations to enhance security for financial services organizations.
How can financial organizations protect themselves against insider threats and employee negligence?
Insider threats, whether malicious or unintentional, pose significant risks to financial institutions as insiders have authorized access to sensitive data. Here are some tips from RedLegg's advisory team to mitigate the risks of insider threats:
Set clear rules for the safe use and access of sensitive data and systems. Articulate the penalties for violations of rules to ensure employees understand that there can be serious consequences for mishandling data or negligent use of critical systems and apps.
Train employees to understand cybersecurity best practices and learn to identify phishing attempts, safe email usage, and the importance of setting strong passwords and changing passwords regularly. Ensure they know that even unintentional data leaks or identity masking can lead to severe consequences.
Monitor privileged user accounts with elevated access levels, as these are most vulnerable to malicious actors and can have the highest impact. Learn more about Privileged Access Management here.
Conduct regular tabletop exercises to validate your incident response plan and ensure everyone understands their role in the event of an incident.
Simulate phishing attacks and showcase examples of how malware can slip through security measures due to employee negligence.
These practices can help employees better understand and prepare for the pitfalls of negligence and unintentional data leakage, as well as thwart any malicious attempts by insiders.
What should financial institutions consider when selecting a cybersecurity provider or solution?
For banks and financial institutions, cybersecurity is an essential service. Here's a quick and easy checklist to use when choosing a cybersecurity services provider for your financial organization:
- Ensure the service provider has significant experience and proven expertise in implementing cybersecurity solutions tailored for the financial sector.
- Look for an MSSP (Managed Security Services Provider) who understands the regulatory compliance standards that financial institutions must adhere to, as there is a heavy price to pay for non-compliance.
- Choose an MSSP with advanced systems for early threat detection, continuous threat monitoring and swift incident response capabilities, which are all crucial for high-stakes financial data and critical transactional systems.
- Finally, pick a company with a strong reputation and is known for a customized approach to cybersecurity.
See if RedLegg is the right-fit MSSP for your financial institution!
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