How finance companies can keep data secure
Financial companies have a responsibility to protect their customers’ money and sensitive information. For this reason, they are often held to a much higher standard for data security, and rightly so.
A data leak or cyberattack could destroy a financial organization’s reputation, market position, and finances. What’s more, a business might face serious legal consequences for negligence.
However, there are various innovative solutions and tactics available to protect files, communications, and trade secrets. Learn how finance companies can keep data secure.
Introduce two-factor authentication
Two-factor authentication is an essential security method, especially if a financial company uses cloud-based email or customer-facing applications. It can prevent hackers from stealing sensitive data, as they will struggle to gain access to a platform. Even if they find or guess an employee’s password, they cannot access an account without the correct fingerprint or a passcode sent to a smartphone device.
System access monitoring
Both banks and other financial organizations must monitor system access to protect sensitive data. It is essential to remove an employee’s access should they leave the business. Plus, you must monitor behavior to avoid or detect privilege misuse.
Don’t forget to inform every employee that all system activities are monitored to identify fraudulent transactions, which could make an employee think twice about attempting to steal or leak sensitive data.
Secure instant messaging
Clear communication is essential in the financial sector, which is why many firms have turned to instant messaging platforms. However, as financial companies deal with sensitive information, they must introduce a secure, dependable open-source collaboration platform.
A workplace messaging platform should feature encryption to keep data safe, allow a business to retain full control of data ownership, and pull together compliance reports for user behavior and conversations. Protect your data by investing in software similar to Slack but that will provide you with tighter security features.
Phishing prevention training
The financial sector has become a major target of phishing scams in recent years. According to a 2018 report, an incredible 35.7% of phishing scam attempts were aimed at the industry. Therefore, finance companies of all sizes must provide their employees with phishing prevention training. For example, you must educate a team on the signs of a potential phishing scam, such as a:
- Generic greeting
- Sense of urgency
- Request to update important information
- Deceptive email address
- Deceptive link (hover over it to double-check the URL)
Banks and financial companies must also increase their customers’ cybersecurity awareness, which will ensure they don’t fall victim to a phishing scam disguised as their brand.
In addition to tracking employee behavior and data misuse, financial organizations must monitor their systems for suspicious activity. For example, they could adopt malware protection to spot and stop a botnet, DoS attack, or malware attack. It could prevent a data breach and ensure a company doesn’t fall victim to a serious cyberattack, such as ransomware.
Introducing the above systems and tactics could protect a financial organization from a data breach and prevent financial, legal, and reputational repercussions.