Cyber attacks involving data breaches are growing in number and sophistication. As a financial institution holding funds and private data on consumers and commercial entities, your organization is especially vulnerable.  Learn how to minimize your risk in case of a cyber attack.

Set a Plan To Avoid a Cyber Attack

Manage your risk for a cyber attack through allocating appropriate resources and properly training your employees. Directors and senior management should regularly discuss cybersecurity issues and clearly define roles and responsibilities for identifying, assessing, and managing risks. Training programs must be regularly updated to respond to changing circumstances. Monitor and share information among relevant sources through sharing forums like the Financial Services Information Sharing and Analysis Center (FS-ISAC) and points of contact with law enforcement and regulators. Keep event logs to analyze cyber events after they occur, and find trends and potential vulnerabilities down the road.

Invest in Security

Assemble an internal team with security expertise and designate authority to each member in case of an attack. Choose a team leader to act as point of contact for directors, officers, employees, and third parties. Secure outside counsel and other industry experts with expertise in dealing with cyber attacks, including regulatory compliance, privacy, and consumer protection. Regularly monitor, update, and test your information security systems to ensure continual effectiveness. Train your employees on safe Internet use, including how to recognize and not open suspicious email, and internal system practices, such as identifying and reporting unusual client transactions. Prepare strategies to address each issue as it occurs, and amend your overall plan accordingly. Be ready to brief regulators, law enforcement, your legal team, and other experts on the crime itself and steps you took to minimize damage after an attack. Practice your plan regularly so everyone knows their role and steps to take in case of a data breach. A delay in responding to an attack may be seen as lack of preparation, indecisiveness, or incompetence – so make sure everyone moves quickly.

Utilize Technology

It’s imperative you have up-to-date technology to fight cyber attacks. Securely configure your systems and services, encrypt consumer information, and implement anti-virus and anti-malware tools. Routinely scan IT networks for vulnerabilities and suspicious activities. Test your systems for further exposure. Develop and test processes for stopping unauthorized access and fixing damage to your IT systems. Ensure you continually update your technology as cyber attacks become more complex.

Leaders in Financial Compliance Recruiters

Because of the cost to your clients and businesses after a data breach, you need to have a plan, security, and the latest technology in place to help prevent a cyber attack. For more help with preparing your organization for the unexpected, contact the financial recruitment professionals at CarterWill Search & Flex today!