As the finance industry has become more reliant on digital record keeping – with everything from company processes and procedures to financial data to employee data – so the need for cybersecurity has increased. Cyber attacks are more prevalent than ever, targeting businesses from all industries as they search out weaknesses to exploit in order to infiltrate, exploit, and destroy company or financial data.
The most rampant threats against the finance industry are targeted ransomware attacks. These attacks account for the majority of known threats as bad actors try to leverage holding critical business information hostage in exchange for money, usually in the form of untraceable crypto-currencies. Important to realize is that while these may be the most common attacks, they are in no way the only attack vector that is exploited.
It is important for companies in the finance industry to take a 360 degree comprehensive view of their cybersecurity practices to ensure that their environment and data are fully protected against cyber breaches and threats. The best way to protect your business is to start with a cybersecurity assessment to provide a baseline state of your environment with recommendations as to where weaknesses can be found. The next step would be to organize cybersecurity awareness training for your employees to provide them the tools, training and knowledge to combat the cyber threats most common to the finance industry.