The Importance of Cyber Security In Finance

Quite often, those who are involved in finance can get so caught up in the fine details that they forget about some of the bigger picture. For instance, there’s the importance of cybersecurity. With so much digitized information flowing through the web and various networks, it’s more important than ever to make sure yours is tightly guarded, especially if you’re handling monetary data. This will help you to better understand the importance of cybersecurity in finance.

Why/How Financial Networks Are Attacked

A cyber-attack on online banking websites or other financial networks has an easy explanation. Hackers want to access funds, so they’ll find ways to get through barriers to a quick payday. Most often, they’ll hunt for authenticating information such as usernames and passwords. Though these attacks can seem like they just happen in a flash, hackers get by on being stealthy. They could be in your network for days before you even notice something is remotely awry. Lots of attacks come about by preying on employees by sending them emails with attachments that might seem legitimate but are actually full of malware.

The Cost of Cybersecurity Attacks

Saying that you can’t afford to up your cybersecurity game is absurd, because you really can’t afford not to. The price of a strong defense system is pennies compared to the price of recovering. The infamous Equifax breach put millions of peoples’ private information out in the open. To deal with the fallout, the credit bureau has spent more than $1 billion. A congressional investigation found that a lack of proper security in relation to the copious amounts of data Equifax handled is largely responsible for the breach. Even if a breach can’t occur without someone to try to access the information, companies still deserve some blame for putting themselves in such a vulnerable position and for taking the security of their client’s information so for granted.

What Can Be Done

Cleaning up the mess of a cybersecurity attack is exhausting and costly. The best thing to do is to take preventive measures. You want to make sure you have a cybersecurity system that’s fully operational, including quality endpoint protection. With quality endpoint protection, the possibility of attacks can be greatly reduced. You should have your IT department regularly checking for any vulnerabilities in your system.

Employee Discretion

The best way to keep your cybersecurity in check and protect sensitive financial data is by training your employees to sniff out any attempts of infiltrating your system. One of the easiest ways to do this is by instructing them to not open any attachments to emails from unfamiliar senders or ones they have misgivings about. Should they be unsure about something, have them ask you. Either you or someone on your IT team should examine it. Typically, if something seems questionable, it probably is.

No Sure Thing

If you don’t want to be the victim of a cybercrime, there’s only one thing you can do, and that’s to never use a computer, smartphone, or any other digital device that stores personal information ever again. However, that’s unfeasible for anyone working in the modern world, especially in a field like finance. You need to take all the measures you possibly can and be vigilant about any threats.

Handling any amount of financial information and records means that you cannot take any chances with cybersecurity. Your reputation is on the line, and anything that betrays the trust of your clients can do permanent damage. Protect your data and theirs with your life and show that you are serious about your use of cybersecurity.

Post Author: Jennifer Slegg

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