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IT Security & Cybersecurity

The Importance of Cybersecurity Solutions for the Financial Services Industry

Rates of Ransomware are on the Rise

Financial institutions face mounting challenges. They are tasked with adopting innovative technologies for their clients while also maintaining heightened levels of IT security and compliance. Many banks struggle with maintaining a balance between security and cutting-edge technologies for their clients.

Financial institutions are also massive targets for cybercrime. Between extortion, fraud, and theft, cybercriminals can take advantage of the various avenues for profit. Meanwhile, cyberattacks are amongst the most dangerous business risks facing financial institutions today.

One of the most popular methods of cyberattacks is known as phishing. A phishing attack is a form of social engineering that sends a spoof email to trick users into revealing sensitive information. Phishing attacks can be dangerous because they often initiate the installation of malware on the targeted computer system.

The Importance of Cybersecurity Solutions for the Financial Services Industry

Malware is malicious software designed to damage or destroy computer systems. Ransomware is a type of malware that can be particularly damaging. During a ransomware attack, cybercriminals lock victims out of their computers by encrypting their system or data. The victim is then required to pay the ransom to regain access to their data/system. However, there is no guarantee that access will be restored even if the ransom is paid.

Rates of ransomware attacks on financial institutions are on the rise. According to Security Magazine, the banking industry experienced a 1,318% increase in ransomware attacks in 2021. A ransomware attack can cause devastating operational disruptions, data breaches, financial loss, and long-term damage to a bank’s reputation. Without a strong cybersecurity posture, financial institutions stand to lose everything.

Fortunately, there are IT services for the financial industry that offer cybersecurity solutions. Some of these services like Dark Web Monitoring for personally identifiable information (PII) or Business Continuity Planning & Disaster Recovery can insulate financial institutions from ransomware attacks and provide a backup plan in case of a breach. The best cybersecurity strategy will layer different services to present several layers of protection.

Here are some of the most popular cybersecurity solutions for the financial industry:

  • Firewall Network Security
  • DNS Web Filtering Services
  • Vulnerability Scanning
  • Vulnerability Management
  • Business Continuity Planning & Disaster Recovery
  • Endpoint Security & AI Based AV/EDR
  • Multi-Factor Authentication
  • 24/7 Network Monitoring
  • Security Patching & Management
  • Dark Web Monitoring
  • Security Policy Creation & Administration
  • More

IT Solutions for Financial Services

At NOYNIM IT Solutions, we specialize in delivering outstanding IT support and services to financial institutions utilizing strategic processes that can help your organization outperform its competition. NOYNIM’s IT experts have over a century of combined experience, making us capable of providing end-to-end IT solutions for financial services sector. From cybersecurity to compliance regulations to day-to-day IT tasks, we aim to build a trusting partnership focused on personalized service.

Financial institutions recognize the value of having a dedicated group of IT professionals available 24/7 to address their every IT need. Contact us today to learn more about how IT consulting services can protect financial institutions from mounting cyberthreats.

 

Date Published: February 11, 2022

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