Figures published by the FCA (Financial Conduct Authority) show financial services companies saw a fivefold rise in data breaches, revealing the sector is under unprecedented online security attack.
Financial institutions have always been a target for fraudsters, after all that’s where the most money usually is, but attacks are becoming increasingly successful and sophisticated.
Although banks and other financial service providers were able to prevent around £700m of unauthorised fraud in the first half of last year, cyber criminals were still able to steal more than £500m.
What can be done?
Now, more than ever, financial services companies need to recognise the seriousness of the threat and invest in adequate security processes and procedures across the organisation. It’s a risk that continues to evolve on a daily basis and requires relentless ongoing focus from leadership to maintain a secure environment.
Companies need to recognise that the threat is much more than a technical problem. Introducing technical security firewalls is a small part of the challenge that requires strong cyber security controls to be interlaced across the entire risk management structure. However, also ensuring regular team training is delivered concurrently to ensure that processes remain robust is paramount.
The specialist team at Net Defence works closely with banks and other companies in the sector to evaluate their security, identify weaknesses and provide workable solutions. This often involves controlled stress test of systems and processes, reporting potential failures and risk management considerations. They work with clients to develop effective daily procedures and processes that mitigate the risks of security attack and create the most information secure environment possible.
It is a process and accreditation that gives clients the confidence that they are managing data effectively and in full compliance with current legislation.
You can read more about our work with a bank who had been finding it a challenge to get a reputable IT security company to work with here.
BANKING IT SECURITY EXPERTISE
As well as testing services for banking, Net-Defence also provide Governance, Risk Management & Compliance consultancy and health checks for regular peace of mind of aspects such as GDPR as well as IT Security. In addition, we provide Social Engineering awareness sessions for staff and Boards to ensure the ever increasing sophistication of threat is kept to a minimal risk.
If you would like to discuss support for your bank or financial organisation, contact us to arrange an appointment with one of our specialist team. Our track record with UK and USA law enforcement and Trusted Partner Status with the SBRC underlines our expertise in this area.