Assess Your Bank’s Infrastructure and Its Cybersecurity
Your infrastructure and software systems form the basis for most of your business, holding your data within your databases and helping to make sure the day-to-day functionality of your operations and services runs smoothly.
The infrastructure of your business must accommodate the needs of your current requirements. Still, it must be designed in such a way as to accommodate the future needs of your business, fostering seamless system upgrades that will allow your company to grow. Seamless system upgrades are especially helpful with IT security.
Infrastructure for your company’s IT infrastructure should respond quickly to security issues that will safeguard computers from developing vulnerabilities and help make sure that networks remain robust.
Independently and through outside security firms, your system needs to be reviewed regularly to identify strengths and weaknesses and areas that need strengthening and improvement. This will help organizations stay on top of emerging threats because they’ll be able to bring them to your network administrators’ attention quickly. This will help you remain in agreement with industry best practices through security.
Establish an Enterprise-wide Security Policy
When drawing up a cybersecurity policy for a banking organization, it is essential to prioritize the assets or locations of the highest importance to the organization, such as handling sensitive information or regulated products.
Each valuable asset must be reviewed, and a plan for optimal handling should be formulated to secure that asset. The business should define a method for all employees needing access to that asset records to know what actions should be taken to protect the asset.
A preventive policy should be created to secure assets based on the principle of least privilege, preventing anyone from accessing their assets or operating their apparatus than the law requires them to. This strategy prevents malicious or unintended actions or security incidents caused by improper access or mistakes.
The policy can also ensure that employees are reminded of how cybercriminals conduct social engineering attacks, an important consideration for every company. The vulnerability and ignorance of software developers are exploited by hackers, who often employ social engineering vectors like e-mail phishing.
Implement Logging and Monitoring
Financial services institutions should employ logging and monitoring technologies so they can identify malicious activities and prevent them. The penetration testing conducted by IBM Trusteer Mobile Security and IBM Internet Security & Risk Manager can provide the security monitoring technology and other support necessary to detect suspicious network traffic patterns.
Security professionals should use the information obtained through real-time threat detection to identify, correlate, analyze and take action on attacks before they reach critical infrastructure or business processes.
As businesses adopt cloud computing solutions, they must ensure that those systems are secure from cyber-attacks.
Create a Disaster Recovery Plan
Financial organizations should maintain a program that addresses the issues that could lead to data loss and the consequences of such an incident. This should address how to handle any data loss and what data would need to be safeguarded, how the site is protected from any cyber-attacks, how backup plans are implemented and how recovery activities can be carried out.
A plan has to cover all aspects of a business, from its network to its environment, from IT infrastructure (hardware and software) to applications.
Encrypt Your Data: Encrypting sensitive data at rest and in transit is a key factor to identify the risks and mitigating them. The use of encryption technologies allows organizations to prevent unauthorized access, disclosure, or alteration of data in transit while at rest on hard disks, tapes, or other media.
Encryption can be applied both at rest and in transport. At rest, encryption can be used as part of storage security strategies to protect data from malware by eliminating or reducing exposure to malware code (viruses). Encryption may also protect against physical attacks on the data center. If a physical attack occurs, encryption prevents an attacker from accessing data.
The data is protected from man-in-the-middle attacks where transport encryption is used because encryption secures information as it travels over a network and decrypts it only at the targeted destination. Encryption technologies include Transport Layer Security (TLS), IPsec, SSL and Secure Socket Layer (SSL). Some are more efficient than others, so it’s important to assess the impact of encryption on performance.
Implement Multi-Factor Authentication
To ensure the highest level of security, organizations should implement a multi-factor authentication strategy. This includes using biometrics or security tokens that query a user’s authentication credentials via an authentication token such as RSA SecurID or Duo Security, which currently offers Dual Factor authentication.
Multi-factor authentication can be carried out in several ways, including hardware token devices or software-based authenticator systems. In either case, the user’s credentials still need to be verified by using factors such as a PIN code or biometric identifiers such as fingerprints.