The need for strong cybersecurity measures is extremely important for the finance industry. After all, it’s the financial institutions that essentially act as gatekeepers for customer PII (personally identifiable information). This private customer information needs to be kept under lock and key, and the right cybersecurity measures are the way to get there. Financial institutions are especially susceptible to cyberattacks and subject to an increasing number of cybersecurity rules and regulations.
Whether you work in the finance industry or not, these cybersecurity fundamentals are applicable to any business. Keep this checklist on hand as you work to revise cybersecurity policies and procedures on an organizational level.
Have a Business Continuity Plan From a secondary internet provider to a cloud-based storage system, think about the critical processes your organization can’t function without. From there, create a “plan B” in case your most critical systems are down. Learn more about creating a disaster recovery plan here.
Utilize Two-Factor Authentication (2FA or MFA) From your file-sharing system to accounting, anyone with login access within your organization should be asked to go through a two-step authentication process (for instance, entering a code) or more, in order to prevent cyber criminals getting in.
Implement Data Loss Prevention (DLP) Some of the most sensitive data is kept within the finance industry. Consider implementing a Data Loss Prevention application, which detects sensitive data such social security numbers or more. DLP looks for suspicious patterns and helps to prevent cyberattacks on a consistent basis.
Have a VPN A Virtual Private Network (VPN) is a private network for employees-only to access files and other information that’s not available from public internet. This way, no one that shouldn’t be seeing company-related information will have access to your private files.
Never Keep Private Information on the Desktop A rule to absolutely include in your cybersecurity policy is for employees to never keep any private information (if any files, at all) on the desktop. Everything should be saved on your designated file-sharing network on the cloud to prevent lost data or cyber criminals easy access. If you do save to your desktop, those files need to be encrypted in order to prevent unauthorized access.
Create Official Company-Wide Policies You should have multiple policies in place for your organization’s cybersecurity plan. From a “file storage policy” setting ground rules for where and when to save files, to a “network access policy” highlighting the backup plan if your primary internet network goes down, our team at MidnightBlue has witnessed first-hand the significant drop in non-secure activities for clients who’ve implemented clear policies.
Our team of experts at MidnightBlue is here to help guide your financial institution in the right direction should you need an extra set of eyes on your cybersecurity plan, or recommendations on the right software to help protect your business. Reach out to us at 412.342.3800 or email@example.com.