Financial industry has always been a place where cyber-attacks and data breaches happen, due to the massive amounts of customer data it holds. How can financial institutions deal with the ongoing cybersecurity issue to build digital trust? Let’s get started!
Based on Norton’s latest report, it is estimated that more than 800,000 people are under the threat of cyber-attacks per year. And according to a research done by Security Intelligence, financial industries have suffered roughly $5.72 million in losses directly connected to data breaches in 2021. That means financial services companies are currently facing an increasing cyber-attacks and are more vulnerable than ever before.
What is Cybersecurity?
In short, cybersecurity is the practice of risk conversation on organisations measuring and mitigating risks. Cybersecurity is the core of the digital journey, and is particularly essential for financial institutions.
How do financial institutions improve their cybersecurity?
Here are three main measures to effectively improve companies’ cybersecurity:
- Implement Zero Trust
The Zero Trust methodology can ensure only those who are authorised can obtain data in the system. This strategy will reduce the number of hackers accessing the companies’ data.
- Right and agile strategies in place
For example, it could be delivering timely threat identification and response through situational awareness and threat intelligence.
- Scenario planning and resilience
Establish a strategic plan that includes measures that need to be implemented when cyber-attacks happen. For example, it could be the responsibility or communications policies of different departments.
Investing in infrastructure of cybersecurity technology and implementing agile strategies are crucial, but are they enough? We need education on cybersecurity as well!
Education: the key to building the digital trust
With the cyber-attack issues becoming more serious, providing employees with cybersecurity training is the fundamental strategy to enhance their cybersecurity knowledge and awareness.
Get ready to learn all the skills in cybersecurity, with Danny Lopez, the CEO of Glasswell. Explore the course now!
