You must have a comprehensive cybersecurity framework to protect your financial organisation from cyber threats. This framework should cover the standards required and recommended by regulatory bodies and measures for protecting data in today's digital era.
Identify Your Cybersecurity Risks and Compliance Requirements.
Developing a comprehensive cybersecurity framework requires one of the first steps to recognise any potential cybersecurity risks your financial organization may be exposed to. First, it would be best to determine which standards and requirements you must face, such as PCI DSS, GDPR, and NIST 800. Once you know what type of security protection is needed, you can begin to craft a customised framework for your organisation.
Establish Security Policies and Procedures.
A successful cybersecurity framework's critical components are the creation and regular enforcement of security policies and procedures. Organizations should develop detailed guidelines for all operations that involve working with data, such as onboarding new employees, handling customer information, setting up cloud storage services, and restricting employee data access. Organisations should also regularly review their security policies and make changes when necessary to address newly identified risks or changes in regulations.
Protect Your Network Infrastructure and Connections.
One of the most critical steps a financial organisation can take is establishing and maintaining a secure network infrastructure. This typically means using firewalls, Virtual Private Networks (VPNs), and other protective methods to secure any remote access points that may permit access to your internal networks. Additionally, incoming and outgoing traffic monitoring should be conducted regularly to detect malicious intrusion attempts.
Implement Data Security Controls.
Data security controls are an essential part of any cybersecurity strategy. These critical measures protect the integrity and confidentiality of data within a financial organization. To ensure compliance with regulations, assessing potential threats when processing sensitive data is necessary. Data security measures such as encryption, access control policies, user authentication requirements, and auditing procedures can help mitigate potential risks and secure financial information from malicious actors.
Upgrade Authentication Processes and User Access Management.
Implementing proper user access management along with two-factor (2FA) or multi-factor authentication is essential for a secure financial environment. 2FA should be implemented whenever possible, as it provides an additional layer of security by asking users to provide two different forms of credentials when signing in. In addition, access policies must be regularly reviewed and updated to ensure they apply to all users within the organisation and enable IT teams to monitor user accounts and ensure that only authorised individuals have access to sensitive data.
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