Cybersecurity and the Financial Industry
It doesn't take much imagination to get a good idea of why the financial industry is frequently targeted by cyber-attacks. With so much currency in the system, and with so much personal information at play, it makes for an inviting target. For the financial industry to stay current with evolving dangers, it's critical that corporations partake in the sharing and use of cyber threat intelligence. This can mean everything from communications to cyber defense.
The most common form of attack in 2016 was phishing, because for an attacker, it is low-risk, but has a high upside if successful. Phishing technology has grown to become pervasive and relentless. Other frequent areas of concern per financial industry experts are email invasions, ransomware (which bloomed in late 2016), and distributed denial of service attacks (DDoS).
To respond to this growing list of threats, information security can take many courses of action. Vulnerabilities can be sealed off with steady data analytics, thorough system controls, and relentless planning. Additionally, keeping security controls and protocols in the right hands is vital. Breached passwords, security keys, and log-ins can be the easiest way for a system to be quickly compromised.
Outsourcing also brings issues to the forefront as, once again, the more widespread your system's structure, the more susceptible it can be. Your vendors need to be on the same page as your security department, their protocols must match yours as closely as possible.
The financial industry is such a keystone component of worldwide infrastructure that outside forces will continue to prod it, which is why it's important to be diligent to ensure your business is as secure as possible. This will include calls for increased public and private sector communication on cybersecurity, better overall public visibility, and more responsibility.
Because of all this, the value of cyber threat intelligence will grow. A recent survey found that 54 percent of financial industry-based businesses will look to spend more to put muscle behind mobile cyber defense. And 52 percent of responding businesses said they already have real-time monitoring services as part of their security network.
Cyber threat intelligence sharing is the foundation of a well-protected organization. Knowing the threats opens the door for better security and better responses once in an attack phase. As the financial services industry matures in its position as a potential leader in cybersecurity, so must the technology and know-how of the experts that support it. NC4 is on the forefront of this emerging trend, our platforms and services supporting world-class ISACs and ISAOs.
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