Financial services organizations can no longer afford to ignore the impact of technology on their bottom line. Mobile applications, web-based services and cloud resources are critical to meet client expectations and drive ROI. Yet banks also face rising cyber risk as malicious actors recognize the value in compromising financial networks and exploiting IT vulnerabilities. Recent data suggests the global impact of financial cyber crime ranges from $375 billion to $575 billion each year.
As a result, cybersecurity in banking plays a critical role in defending current infrastructure and preparing banks, credit unions and other financial institutions to anticipate new attacks. Here’s how HALOCK can help.
Companies now recognize the value of information security in the banking and financial industry and are willing to spend. Experts predict global security spend to surpass $120 billion in just two years. Still, this growing market presents a challenge: Where are organizations best served by IT security investment?
At HALOCK, we offer a range of security services designed to help financial institutions improve their cybersecurity posture without reducing productivity, including:
- Security Management: Our team of security experts can help finance industry organizations assess their current IT risk and develop strategies to minimize potential cyber security incidents.
- Compliance: Bank PCI compliance, GDPR compliance, HIPAA compliance, CCPA compliance, PATRIOT Act compliance — the list seems endless. HALOCK’s compliance teams streamline the process management and ongoing assessment necessary to meet compliance standards.
- Penetration Testing: You need to be certain your network is secure. HALOCK’s financial network penetration testing services measure the effectiveness of current safeguards and recommend critical remediation and upgrades.
- Incident Response and Forensic Services: Incidents happen. When they do, banking and financial firms need to know everything they can to catch those responsible and prevent incidents from occurring again. HALOCK’s incident response process, management and forensic services can help.
- Third Party Risk Management (TPRM) /Vendor Risk Management – Ensure third-party partners are aligned with your organization’s risk controls. Vendors and contractors serve as an extension of your group. They represent you and should operate under your business requirements. HALOCK can help build and manage a specific TPRM program for your environment.
- Risk Assessments – Regulations require your safeguards be reasonable to your organization, customers, and partners. With many frameworks available, how do you establish your acceptable risk? The Duty of Care Risk Assessment (DoCRA) helps you define a reasonable security strategy factoring in compliance and safeguards based on your specific mission, objectives, and social responsibility.
- Privacy – CCPA is the most sweeping legislation to date in the U.S. that concerns the protection of personal information. It broadens the definition of what constitutes personal information and gives California citizens greater control over what companies can do with their personal data. The California privacy law includes the right to exempt their own personal information from being shared or purchased on the open market. Understand the impact this change and other states’ requirements have on your organization. Know what private information you manage and where it is located to properly secure – conduct sensitive data scanning to ensure you have a current data inventory of sensitive information.
- Cyber Security Awareness Training – With many employees now working remotely, they are targets for hackers. Ensure they understand the potential threats they may experience and best practices to prevent cyber attacks on your bank, institution, or customer data. Security Awareness training will provide guidance on how to detect suspicious activity and what to do in the event of a security incident.
- Security Engineering & Tools: Ensure you have the proper infrastructure to defend sensitive data of your clients, employees, and more. Conduct sensitive data scanning, security architecture reviews and implement threat monitoring programs to proactively secure against cyber threats.
Financial information security is often perceived as a necessary expense — an unavoidable cost that financial institutions must bear to avoid legal ramifications and PR disasters. In practice, effective implementation of cybersecurity in banking can save money and empower banks to better manage and defend their networks.
By leveraging HALOCK’s experts to create agile security strategies, banks, credit unions and fintech firms can better prioritize IT spending and reduce technology sprawl.
Discovering potential weakness across existing network applications and ensuring that current IT practices meet industry compliance standards is also critical. Our highly skilled pen testing teams can help financial services firms track down vulnerabilities in open-source and third-party components; while our compliance experts provide the critical oversight necessary to identify and remediate regulatory challenges.
Finally, incident response and forensic services can help banks discover emerging attack patterns and track down critical risks within their organization — such as insider threats or misconfigured IT services.
“The team was fantastic, we could not be more pleased from our side. Testing was well planned and results really well documented.”
– Insurance Company
At HALOCK, we empower cybersecurity in the banking industry with purpose-driven protection. Our clients get custom-built solutions that meet both current needs and help protect against evolving threats. By combining prescriptive expertise and implementation excellence, we’re able to meld critical thought leadership with deep technical skill to find ideal balance between security spend and organizational imperatives. Establish reasonable safeguards based upon your mission, objectives, and obligations.
Contact us today and discover how HALOCK can help.
Develop a reasonable security strategy to address your changing working environment and risk profile due to COVID-19. HALOCK is a trusted cyber security consulting firm, compliance, and penetration testing company headquartered in Schaumburg, IL in the Chicago area servicing clients throughout the United States.
Defining Reasonable Security for Financial Services