PREVENTIVE MEASURES TO CYBER THREAT OR ATTACK IN FINANCIAL SECTOR

Cyber threats and attack are never simple subjects and are the root of many concerns when it comes to protecting customers’ sensitive data and assets in any financial sector.

CHAMAN LAW FIRM

5/20/2022 2 min read

PREVENTING MEASURES TO CYBER THREAT AND ATTACK IN FINANCIAL SECTOR

Cyber threats and attack are never simple subjects and are the root of many concerns when it comes to protecting customers’ sensitive data and assets in any financial sector.Although some financial institutions involve their employees in cyber security awareness training, but they really need to all spend more time on teaching their employees and training them on how their customers and institutional information can be well secured and protected.

IMPLEMENTING STRONG CORPORATE POLICIES: In any financial institution, ensuring that customers’ data are well protected should be their priority.

EDUCATING THEIR EMPLOYEES': Employees’ education and training is particularly important to save their information from being infected by a malicious program through an unknown source. This can be achieved by ensuring employee safety regulations and implementing proper checks on their activities.

INCREASE TECHNOLOGY SUPPORT AND UPDATE: IT department must make sure that every workstation and Internet-enabled device used in the company has a firewall that enables blockings of all communication from unauthorized sources. The Department must ensure that security updates are made on the operating system on all PC’s regularly.

ADOPT ADVANCE TECHNIQUE TOWARD CYBER CRIME DETECTION: Advanced level of authentication is required to secure financial transactions. As hackers are constantly innovating means to crack confidential credentials, merely setting complex usernames and passwords is not enough. Banks should deploy advanced techniques that detect cyber crime on the basis of the patterns detected in website navigation or transactions.

VIGILANCE: Regular reviews of your cyber security plan and regular training for your employees must be schedules as cyber criminals never rest.

INCREASE CUSTOMER AWARENESS: Cyber threats must be fought at all levels and it is crucial that customers be made aware of any unscrupulous activity related to their bank accounts. Every bank must send out alerts and automatic messages to customers confirming the validity of a transaction. Customers must be provided with guidelines for checking the authenticity of any sources that are asking for account details. Customers must also be provided with guidelines for taking precautions while using the bank’s websites.

Building up a cyber security is must a continuous process. Systems need to be continuously monitored through surveillance technologies to identify any loophole that has been generated. Risk management plans need to be continuously updated by conducting risk assessments and identifying new risks. Software and hardware need to be updated and upgraded as new and improved versions often address the vulnerabilities present in previous ones. Patch management must be given prime importance and security patches must be installed frequently.

NB: This article is not a legal advice, and under no circumstance should you take it as such. All information provided are for general purpose only. For information, please contact chamanlawfirm@gmail.com

WRITTEN BY: CHAMAN LAW FIRM TEAM

E-MAIL: chamanlawfirm@gmail.com

Tel: 08065553671, 08024230080