5 key considerations for security strategies adopted by financial organisations in 2017 -

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HomeAboutTech & BusinessLIFESTYLEPhotography/FashionPOETRY Tech & Business 5 key considerations for security strategies adopted by financial organisations in 2017 April 12, 2017

The costs associated with cyberattacks on the financial sector are rising as organisations face increasingly sophisticated threats. New research by Kaspersky Lab and B2B International reveals the scale and impact of attacks, with financial firms facing losses of nearly a million dollars ($926,000) on average for each cybersecurity incident they face.

The study shows that financial firms seek to address security challenges by getting more threat intelligence and conducting security audits, with 73% considering this measure effective. However, organisations from the financial sector are less inclined to use third-party security services with only 53% of those surveyed perceiving it as an effective approach.

Kaspersky Lab’s experts recommend five key considerations for security strategies adopted by financial organisations in 2017.

·         Beware of the targeted attacks

Targeted attacks on financial organisations are likely to be conducted through using third parties, or contractors. These companies can often have weaker or no protection at all and can be used as an entry point for malware or a phishing attempt.

·         Do not underestimate less sophisticated threats

Fraudsters can strike at mass and benefit from the scale using simplest tools. Social engineering might contribute to 75% of fraudulent incidents while only 17% could be caused by malware.

·         Do not pick compliance over protection

Budgets are usually allocated in favor of compliance, but strengthening security and introducing new protection technologies requires a more balanced approach to the allocation of resources.

·         Do regular penetration testing

Unseen vulnerabilities are real nevertheless. With implementation of sophisticated detection tools and penetration testing, vulnerabilities and incidents will emerge. Ensure your eyes are open to all weaknesses and threats – before it’s too late.

·         Pay attention to insider threats

Employees can be exploited by cybercriminals — or decide to become ones. Effective security strategies should go beyond perimeter protection to include techniques that can detect suspicious activity within organisations.

 

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