7 Effective Solutions to Cyber Warfare in Banking

The number of data breaches and cybersecurity threats are increasing on a daily basis. Banks are a major target for cyber attacks. So how can such institutions protect themselves in the long run? These 7 effective solutions can help.

Cross-industry Collaboration

To combat cyber threats of today, banks need to change the way they keep their cyber strategy a close guarded secret. Seeing how threats exploit an ecosystem easily, looking for an individual link in the chain is pointless. Banks need to look for weak points throughout, from one end of the chain to the other. The correct response is to work as an ecosystem via cross-industry cooperation.

Scenario-based Testing

Scenario testing and structure exercising are by far one of the best ways for the financial and banking sector to protect themselves from all kinds of cyber threats. This only works if these forms of testing and exercises are carried out throughout the industry.

By carrying out exercises, you can recreate scenarios to understand where you lack and where you do well. This gives a thorough understanding of what needs to be integrated into your resiliency and cyber process.

These tests and exercises need to be carried out with everyone in your organization, including and not limited to operations, legal, and compliance.

Actionable Awareness

The banking and financial industry looks for ways to get more actionable insights, but that is not just for their security analysts alone, but also for other people in their business model. Due to this, responses may be acquired by the most relevant people, especially those who strive in an environment where breaches might happen at any time.

Taking the payment system as an example, it is important to create intelligence and spread the word so that someone who really needs it gets it. This actionable intelligence serves as a common language, alerts people to take the steps, necessary to tackle specific situations.

Communication and Intelligence

Fraud and cyber security threats evolved to a holistic approach. But this has done wonders for communication and intelligence sharing.

It not only comes down to technology, but processes and people as well. With communication and intelligence sharing, cyber security analysts easily shift their focus from cyber controls and technology to understanding the business and having conversations with its customers.

Incorporate Multi-Layered Defense

Banks need to adopt multi-layered defense instead of relying heavily on perimeter security. Realizing this sooner than later is necessary, since cyber threats eventually get in, and when they do, identifying them and responding to them appropriately with a multi-layered defense is more of necessity these days.

Employee Training

Apart from cyber security policies, you need to place great emphasis on employee training as well. They need to know how to identify and deal with threats effectively. To make this possible, start security awareness training compulsory for each and every employee. The training should not only focus on different cyber threats, but it should provide them with the means to defeat these threats as well.

Provide strong examples of actual threats, and perhaps even set up fake attacks so that you can easily monitor employee behavior. Once your employees are educated regarding preventing strikes, the chances of cyber-attacks may decrease by leaps and bounds.

Adopt ATP

ATP, short for Advanced Threat Protection, serves as a combination of security solutions to prevent hackers from getting their hands on private and confidential data. There may be some differences in ATP solutions that are normally adopted by different organizations, but they all include the following common solutions:

  • Endpoint agents
  • Network devices
  • Email gateways
  • Malware protection
  • Centralized management platform

By adopting ATP solutions, it aids in the prevention, detection and mitigation of threats that could compromise a banking institution’s data. While cyber-attacks continue to increase, the need for solutions similar to ATP are more of a necessity for banking and financial institutions that want to minimize risk and bolster their security efforts.

There are just a few solutions to cyber warfare that can aid banking and financial industries to take the fight to cyber criminals and hackers. Of course, there are many other solutions out there, but they should be investigated, and upon approval, should be adopted as well. But exercise great caution no matter what, since cyber threats are constantly evolving. They should not be taken lightly, and should be dealt with the utmost care without fail. If you feel as though you are lacking, then get a cyber security consultant right away!

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