If you’re a bank, insurance provider or other financial services institution, cyber threats are probably already one of your top priorities. You strive to protect your own assets and data, as well as those of your customers.

So, ask yourself, are you doing all you can for your organization and its assets?

For financial services to be successful in this age of increased regulatory requirements and complex digital threats, cyber resilience is no longer just about remediating the attack itself; it’s about maintaining a reputable and trustworthy brand and product for our customers. 

Organizations must prioritize by building a resilient operation, so when any disruptions occur, whether from a cyberattack or otherwise, the impact is as minimal as possible and does not affect the customer experience or result in major non-compliance fines.  

It’s essential to keep up with the most frequent types of attacks to prepare your organization adequately:

Business Email Compromise (BEC)

Cybercriminals can spoof executive email addresses and request payments making it difficult to discern if an email is legitimate. 

Distributed Denial-of-Service (DDoS)

DDoS attacks spiked in 2020 following the digital shift brought about by the pandemic. DDoS attacks can also act as a distraction to mask fraud that is taking place behind the scenes.

Phishing

In late 2020, it was reported that 1 in 4 Americans received a COVID-19-related phishing email. Phishing emails were so problematic that the American Bankers Association launched the #BanksNeverAskThat campaign to provide the public with information to arm them against scams.

Ransomware

The ransomware crisis threatens every financial services company and their customers. And a major ransomware attack could cause the next great financial crisis.

Financial organizations can take simple steps to defend themselves from cybercrime, and notably, human error plays a significant role in mitigating cyber threats. Simply training employees on cybersecurity awareness can make a huge difference. Employees should understand the signs of a scam, remain vigilant, and swiftly report phishing attempts.

The financial institutions industry has experienced significant disruption since the pandemic. From the CARES Act and PPP loans to the shift to a virtual environment, institutions must be nimble and proactive to overcome each challenge they encounter.

Protecting your organization’s information has never been more challenging. The support of a trusted technology partner is a crucial ingredient in any successful cybersecurity strategy. Contact the professionals at B Suite Cyber Security (312) 600-5610 for your FREE consultation. 

 

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