Cyber Attacks: Is Your Business Protected Against A Data Breach?

Data breaches, malware, and ransomware attacks are being seen in the news more and more frequently as hackers advance their techniques in getting into the very heart of both large and small businesses within the financial services sector. Their crippling effects of hacking were all too clear to see in the recent global cyber attack that was felt at the very heart of the NHS. Operations had to be cancelled, patient records went missing, and the vital functions of the national health service were in disarray. It has become more important than ever to ensure that your data is as secure and as protected as possible.

Accessibility

Every business within the financial services industry has highly sensitive data of one sort or another, whether this is personal information, monetary forecasting or some form of market analysis. To protect this data, it is vital that only those who need to view it have access to it. By managing who is viewing and using your company’s data via different levels of employee access, you are limiting the opportunity for an account with access to highly sensitive information becoming compromised.

Plan For The Worst

Even with the most enhanced data security on the planet, there is always a risk that your security could be breached. In the event of this occurring, it is important to have a plan in place detailing what to do in a data compromised situation and focus on roles and responsibilities within the company regarding data accessibility.

By outsourcing your security requirements to a finance technology specialist, you will be preparing yourself for the new GDPR regulations that will be imposed in in May 2018. These companies will create a bespoke data security policy with you, provide cyber security training for your staff team and ensure that all data security processes meet the ISO 27001 regulations.

Backup

To be truly prepared for a data breach, it is vital that you backup your data daily so that you can retrieve company information should your business be hacked in some way. You will also need to ensure that your backup data is secure by utilising encryption and storing this information on different servers.

Increase Complexity

It goes without saying that passwords across your financial organisation should be strong. This does not mean mixing random words together or including a number within your six characters. Passwords need to have a level of sophistication not seen before. Ensure each password is unique and contains a mixture of lowercase, uppercase, numeric and special characters, and make sure they are at least twelve characters in length.

Cyber security is quickly becoming a top concern for the financial services sector. No company wants to be the victim of a phishing attack. However, it would be worse to be the victim of a phishing attack because security was lax, data was not protected, and your company had no resistance to the data breach. It is time to give cyber security the attention it deserves to ensure that you deter would be hackers and create the most secure environment for your data as possible.

 

Michael Foote

Michael Foote, founder of Quote Goat, has over 13 years experience working in the finance, insurance and currency sectors, gaining a financial qualification in 2010-2011. LinkedIn Profile

Cyber Attacks: Is Your Business Protected Against A Data Breach?

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