It’s common knowledge that threat actors target banks. Not only might these attackers want to directly steal money, by doing this they’re also hitting the customers and the trust in the bank. If a financial institution suffers a loss, even insurance can only go so far to minimize the actual cost to the organization. The cost gets shared and passed on to each stakeholder, and the business model becomes untenable. With the need for security and privacy becoming more apparent, it is up to you to think about how you can improve your financial services cybersecurity posture.
Of course, there are cybersecurity requirements for financial service companies and cyber laws related to banking to ensure the end consumer does not suffer the brunt of the cost when everything is said and done. But banking cybersecurity regulations are not enough. Why? Because even though data may be our most valuable currency today, money is still the next best currency. It’s tangible, it’s needed for trade and without it life comes to a crashing halt. You’ve heard it before and you are going to keep on hearing it: financial cybersecurity is all about risk management.
The Tough Questions for Financial Services Cybersecurity
When it comes to financial services cybersecurity, like any other security, you need to be honest with yourself. You can rely on outside help, but like any improvement, you need to begin and end from within. Before you begin any type of self-assessment, you need to ask yourself these three questions:
Are you really willing to change what you’ve been doing?
Can you think of a better strategy or idea than the status quo?
Can you execute on your chosen solution?
These three questions are core to how you will manage your cybersecurity challenges. For the purposes of this exercise, let’s assume you truthfully answer yes to all three questions. What are the next steps?
Here are five questions that can help guide you. The beauty of these questions is that they are not temporal, so even as financial services cybersecurity evolves, you can ask yourself these questions on a regular basis and they will still apply. They’re also useful questions…