Cyber risks in financial institutions are evolving, and servicers must adapt to stay safe. A new whitepaper from Proctor Financial covers the top risks to cybersecurity, and how your business can protect itself.
Some of the most common cyber risks today include malware, ransomware, phishing, social engineering, and denial of service. Ransomware, Proctor notes, has been especially lucrative to cyber criminals recently. It encrypts the information systems of a victim organization, requiring a ransom payment to restore the data.
“Cyber criminals no longer have to steal your business’s data in hopes of selling it on the black market. They have a built-in buyer in the victim organization: you.”
With many now working remotely, employees are now more vulnerable than ever. On March 13 the U.S. Department of Homeland Security, Cybersecurity and Infrastructure Security Agency (CISA) issued an alert recommending a heightened state of cybersecurity as companies utilize remote work options. Items of consideration included VPNs, malicious phishing emails, and multi-factor authentication (MFA).
Employees could benefit from additional cybersecurity awareness training related to increased cyber risks and access privileges could be limited to job roles requiring access to certain networks or information, Proctor notes. Depending on how tech-savvy newly remote employees are, they may benefit by changing the DNS server on their home router in terms of speed and security.
In financial institutions, cyber Insurance can provide financial restitution in the event of a breach, and many cyber carriers also provide expert breach response services.
“Unforeseen external risks such as increased remote workforce can test the cybersecurity of any organization. Cyber insurance can mitigate those risks through broad coverage, partnership in breach response, and evolving coverage to address new risks.”