financial services

Financial Services

Cyber Criminals frequently target financial services institution because that’s where the money is. FSI require the most stringent cybersecurity.

Financial services institutions recognize the changing consumer landscape, fueled by mobility, digitalization, IoT and avoiding data breaches is their primary target along with banking and regional regulations. Financial institutes hold extremely sensitive information like PII, CI, check routing data, global stock and investment algorithms in their data stores. Loss of this data can have a major impact on their brand reputation and customer loyalty.

When consumers place their trust and their money in a banking institute, it is responsibility of the financial organization to keep cyber security at par. Regulations and standards such as the General Data Protection Regulation (GDPR),PCI DSS, New York State’s DFS Cybersecurity Regulation and newly introduced California Consumer Privacy Act being in play, are putting ever greater pressure on data protection for business operating in financial sector.

Regardless of every attempt to remain secure, FSI make up to 30% of all data breaches that happens globally, giving it the ill-fated title of most-breached industry in the world. These events remind both business leaders and consumers of the weak nature of cyber security measures put in the industry.

KEY CYBER SECURITY SOLUTIONS AND STRATEGIES FOR RETAILERS

Protect Web Facing Applications

Online services platforms offered by a banking institute are the most vulnerable and desired entry points for hackers. Utilize Web Application Firewalls solutions along with behavioral firewall to block cross-site scripting (XSS) attacks to protect your application data from cyber-attacks and fraud. A web application firewall solution can detect and stop various web attacks before fraudulent transactions can even occur. Auditing your databases regularly is essential to identify and deal with any vulnerabilities before they are exploited.

STOP DDoS attacks

DDoS (Distributed Denial-of-Service) attacks slow down websites by making them unavailable to users. These attacks go a long way to make websites unavailable that a hacker is targeting that eventually disrupts the business flow. DDoS attacks are inexpensive and usually cost $150 to run a week-long attack on darknet, and, therefore, prolific. Utilize filtering options like RTBH (Remotely Triggered Black Hole) and reputation-based blocking to prevent malicious traffic before it hits the network.

Partner with Cybersecurity Experts

For a business operating in FSI their landscape is spread over geographies and so as their network. Securing all entry and exit points can be challenging task. Unavailability of cybersecurity resources is a problem even with retailers that are PCI compliant. By partnering with a Managed Security Services provider , retailers can achieve 24/7 monitoring and response from experienced teams. A Managed Security Service provider can help mitigate business, financial and reputation risk from a data breach with a cost-effective model.

Baseline your Cybersecurity Program with Regulatory Needs

Baseline your cybersecurity program with your regional regulatory and compliance requirements like PCI-DSS, SOX, HIPPA and EU GDPR requirements to safeguard sensitive and personal data processed by your business in your data centers and cloud infrastructure. CyberGen Governance, Risk and Compliance Assurance Services consultants will help you baseline your cybersecurity program in accordance with required regulatory frameworks. This will give help you run and demonstrate effectiveness of your cybersecurity program while meeting required compliance norms.

Evaluate your Third, Fourth- and Fifth-Party Vendors

You may finally have strong protections in place now to protect your own network, but when you work with other vendors it widens your risk landscape. You must also assess the cyber security threats to financial services of your third, fourth- and fifth-party agreements/ contracts. Businesses operating in FSI must initiate appropriate levels of cybersecurity controls within their supply chain landscape by implementing comprehensive Third-Party Risk Management (TPRM) Programs to include cybersecurity requirements for all collaborators and contributors.

Addition to above it is recommended to have a Data Loss Prevention (DLP) solution to detect, monitor, protect and manage PII and CI wherever it is stored or processed, augmented by an encryption solution (MFA) to protect data on mobile endpoints, or to trigger Safe Harbor exemptions in cases of suspicious data movement. CyberGen experts will help you to cover all nine yards of cybersecurity in retail landscape.

Talk To An Expert

CyberGen Advantage for Financial Services Institutions. Why choose CyberGen?

We are “CyberGen”?

Cybersecurity is our DNA. CyberGen’s research team is among the most talented and experienced in handling real time cybersecurity incidents and offers exceptional insight into both published and unpublished security threats

Managed Security Services Provider

CyberGen’s managed security services are an extension to your existing IT security staff. We provide turnkey solutions including security solution monitoring & management, managed endpoint security services, anti-phishing, and anti-malware services.

Experts at your service for PCI-DSS requirements

CyberGen’s consultants will lead you through the PCI DSS journey from initial review to full alignment with the standard in the most efficient and least intrusive manner possible. This will ensure your business can continue to operate while maintaining a secure payment processing environment.

Distinguished On-demand Cybersecurity Consulting

CyberGen offers comprehensive on-demand cybersecurity consulting solution for banks and financial institutions. CyberGen’s team of highly trained network security engineers will be at your disposal to help you fight fraud and cyber-attacks with high-efficiency and a powerful range of tools and services.

CyberGen Consulting Services for Various Industry Sectors and Technologies

Guard against and respond to cyber threats that your enterprise and its systems face. CyberGen will help you identify and/or mitigate intrusions faster and with less interruption.