How Banks Can Reduce Their Cyber Breach Risk

Cyber attacks are on the rise throughout the world with no signs of stopping anytime soon. As banks hold some of the most complex and numerous assets, they are specifically targeted during cyber breaches. As hackers continue to evolve, so should your cyber strategy. In this post, we’ll discuss some critical ways your bank can protect itself from cyber-attacks. Most importantly, protect your operation from the pitfalls of a breach with a customized Cyber Liability Insurance policy.

Proactive manage your assets and information.

Chart your bank’s data life cycle. Identify how it is collected, stored, accessed and, if sensitive, protected. Collect only what’s necessary. Keep data that needs to be available secure and manage access vigilantly. Move data that doesn’t need to be accessed to a location with limited or no external access. Securely dispose of data that is no longer needed, recommends Bank Tech.

Evaluate your risk.

You won’t know where you’re lacking security if you don’t review your full scope of risks in detail. Work with a data security adviser to pinpoint weak spots and create a protection plan before your confidential information is exposed.

Invest in data security.

An IT department should not be reliable for securing the networks. They know the ins and the outs of the business, but that doesn’t mean they have the necessary tools or resources to protect the entire company. Instead, invest in an information security management company who you can report to at least 4 times a year to ensure compliance and confidentiality. Remember, both parties are crucial in understanding and protecting your data, so don’t be shy about spending money to protect your assets.

Educate employees.

Do you want your workers to be individual points of exposure or protection? Provide them with knowledge and procedures to execute your security plan. And don’t stop there. Publish monthly or quarterly reminders to keep security top of mind. Soon these practices will become part of your bank’s culture. Security needs to be routine so it becomes “just how we work”.

Limit access.

The entire team of bankers doesn’t need to have access to every portal. Instead, limit access to only those who require access to do their daily jobs. A two-step authentication feature with a high-security pass code is recommend to gain access to this information. Create and enforce policies to accessing data in your employee handbook so that the necessary precautions are always taken.

About Financial Guaranty Insurance Brokers

Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.

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