Cyber attacks are a serious threat to financial IT services, as they can compromise sensitive data, disrupt operations, and damage reputation. To protect your business and customers, you need to be proactive and vigilant in detecting and preventing cyber attacks. In this article, we will share some tips and best practices on how to do that.
The first step is to identify your critical assets and risks, such as data, systems, networks, and devices. You need to know what you have, where it is, who has access to it, and how it is protected. You also need to assess the potential impact and likelihood of cyber attacks on your assets and risks, and prioritize them accordingly. This will help you develop a security strategy and allocate resources effectively.
From my experience to detect and prevent cyber attacks in financial IT services you need : Robust Network Security: Implement firewalls, intrusion detection systems, and use advanced encryption. Regularly update systems to patch vulnerabilities, employing solutions like next-generation firewalls for continuous monitoring. Employee Training and Access Control: Conduct regular training on cybersecurity best practices. Implement strict access controls and authentication. Proactive Threat Management: Stay informed about emerging cyber threats and regularly update security policies. Utilize AI and machine learning for detecting unusual activities and have a prepared incident response plan for swift action in case of breaches.
The second step is to implement security controls and policies that match your security strategy and objectives. Security controls are measures that prevent, detect, or respond to cyber attacks, such as encryption, firewalls, antivirus, backups, and patches. Security policies are rules and guidelines that define how your staff, customers, and partners should use and protect your assets and risks, such as passwords, authentication, access rights, and incident reporting. You need to ensure that your security controls and policies are updated, enforced, and audited regularly.
Ensuring means that you need to monitor the evolution of your risks and their controls. This will also allow you to quantify such risk in terms of losses or investment to reduce such risk by implementing those controls. Why would you spend money on controls treating a very low risk related to your business ? Having an automated platform collecting all your assets data and vulnerabilities then consolidate it and benchmark it with your followed regulation (standard or framework) would help a lot. Such Cyber Risk Management platform is called Integrated Digital Risk Technology. It allows a 360 degree view of your cyber risk as well as its quantification.
The third step is to educate and train your staff on cyber security awareness and best practices. Your staff are your first line of defense, but also your weakest link, as they can be targeted by phishing, social engineering, or insider threats. You need to make sure that your staff know how to recognize and report cyber attacks, how to use and protect your assets and risks, and how to follow your security policies. You also need to provide them with ongoing training and feedback to keep them informed and motivated.
The fourth step is to monitor and test your systems for any signs of cyber attacks or vulnerabilities. You need to use tools and techniques that can detect and alert you of any abnormal or suspicious activities, such as network traffic, system performance, user behavior, or data breaches. You also need to conduct regular tests and audits to evaluate the effectiveness and compliance of your security controls and policies, such as penetration testing, vulnerability scanning, or risk assessment. You need to analyze and report the results and take corrective actions if needed.
The fifth step is to respond and recover from incidents in a timely and coordinated manner. You need to have a clear and documented incident response plan that defines the roles and responsibilities of your team, the steps and procedures to follow, and the communication and escalation channels to use. You also need to have a backup and recovery plan that ensures the continuity and availability of your services and data in case of a disaster. You need to learn from the incidents and improve your security posture and resilience.
Learning from the incident involves conducting a thorough root cause analysis, updating documentation and technology controls, enhancing security awareness programs, and integrating lessons into a continuously improving incident response plan.
The sixth step is to collaborate and share information with other stakeholders in the financial IT sector, such as regulators, peers, vendors, or industry associations. You need to be aware of the latest trends and threats in cyber security, and the best practices and standards to follow. You also need to share your experiences and insights on cyber security incidents and solutions, and seek feedback and support from others. This will help you enhance your security capabilities and reputation, and contribute to the collective security of the sector.