Cybersecurity is a big deal, and you shouldn’t just assume your IT department has it all handled. It involves more than just protecting your systems and data; cybersecurity means safeguarding the reputation of your institution.
When it comes to data breaches and cyberattacks on sensitive information, the question isn’t if you’ll ever have an incident—the question is when. Malicious software is developed every day, and attackers are getting more savvy through outlets such as social engineering and phishing of personal accounts. Could you survive having all operations shut down, dealing with fearful customers and having millions of dollars spent on operating without incoming revenue? This could be your reality after a breach.
How Do I Protect My Financial Institution?
Creating a culture of security is crucial to making sure your financial institution is doing everything possible to minimize risk. This culture is driven from the top down through executive decisions and internal promotion of good cybersecurity hygiene, such as implementing policies to avoid phishing attacks, staying aware of recent hacks and scams and learning how to protect yourself from ransomware.
Many businesses also choose to outsource their IT and rely on the expertise of external organizations to handle their protection. The best thing you can do, though, is be proactive—you don’t want to wait until you’re reeling from an incident to focus on cybersecurity.
Risk Assessment Tool
Eide Bailly has developed a Financial Institutions Cybersecurity Risk Assessment (FICSRA). This risk assessment will assist your financial institution in measuring inherent risk and cybersecurity maturity. This questionnaire is designed to help your organization understand baseline requirements for mitigating cybersecurity risks and evaluate additional controls as you mature in size and complexity.
You’ll want to plan for two hours to complete this questionnaire, which examines inherent risk and baseline maturity level controls, but the insight produced from the results will be well worth your time.
You Must Consider Cybersecurity at your Financial Institution
Financial institutions house a great deal of personal and private data, which makes them key targets. Make sure you’re prepared and ready to move forward when an incident occurs. The more prepared you are, and the more you’ve trained your team to have a culture of security, the more likely you’ll be able to rebound quickly from an attack.
Not ready to take the full assessment? Learn more about how cybersecurity can impact your business.