Why Financial Services Must Focus on High-End Cybersecurity

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It is the financial firms that are witnessing a maximum number of threat from the cybercriminals. In an official blog of PWC, one of the premier financial service providers, it is suggested “As attacks increase and regulators take closer notice, the pressure to act mounts. By recognizing that hackers will find vulnerabilities, leaders can improve the way they design and deliver services, manage risks, and train their teams.”

Cybersecurity is the main agenda of 2018 T3 Enterprise conference-

Cybersecurity was the main discussing point of the 2018 T3 Enterprise conference, held in Las Vegas, Nevada. On a daily basis, the average financial services company handles thousands of complex and critical transactions processed through mammoth data centers and numerous third-party vendors. Quite obviously this makes them prone to the security theft. Perhaps the highest profile of recent cyber-attacks – the WannaCry ransomware attack that infected more than 230,000 computers around the world – served as a wakeup call for many organizations, especially those in the financial services sector.

What Financial Firms can do to Prevent Cyber Attack-

Because cyber-attacks are continuously evolving, financial institutions must permanently implement new controls for cyber risk to address the growing threat and need to adopt a cybersecurity gameplan against the increasingly sophisticated cyber-attacks. An adaptable security governance framework is essential as a guide to a sustainable security program. This framework can encompass various security structures within a financial institution.
The vast amount of customer data and financial assets held by banks makes them natural targets—nearly a quarter of all cyber attacks are directed at them. According to the cybersecurity experts, there’s never been a better time to start reducing threats to the confidentiality, integrity, and availability of your business processes and data.

Final Advice-

Fundamentally, the current “protect, detect, react” approach is no longer fit for purpose. Financial services must focus on infrastructure upgrades, network defense and breach prevention. Financial institutions need to keep in mind that improving defense requires new products, systems and the assistance of cybersecurity professionals.

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