Cyber Security for Banking & Finance Industry

Background :

Every customer and client's personally identifiable information is given to financial services providers such as banks, credit unions, credit card companies, and investment businesses. Home address, Social Security number, banking information, phone number, email address, and income information are all included. Because of the great value of this data on the darknet, fraudsters are attracted to this area.


Key Challanges:

  • Cybercriminals are aggressively targeting the sector, and the current surge in Covid-19-related phishing assaults is escalating the situation. Theft, corruption, or breach of a bank's network and customer or proprietary data must be prevented.
  • Financial services companies create enormous volumes of data, which is frequently fragmented and misused.
  • The growing threat of data access via mobile applications: as more people use banking accounts through mobile apps, which aren't always secure, banks should take steps to avoid identity theft and other criminal acts.
  • Breach through third-party institutions: Once financial data is exchanged on third-party networks, hackers pay more attention to it since it is less safeguarded.
  • Because it's yet unclear in this industry how to deploy cybersecurity software fully, the pace of attacks in the ever-changing cryptocurrency business is increasing.

CyberNX's experience in Banking and Finance:

CyberNX has worked with banking and financial institutions, assisting clients in addressing the industry's most pressing concerns. We can assist you in thriving even in the face of adversity. We work with you to solve problems, find opportunities, and provide value to your company.


Solutions proposed:

  • Security Incident & Event Manager (SIEM) for the Banking industry
  • Phishing Exercises
  • Managed Security Services
  • Security Operations Center for Security Monitoring
  • Managed Detection & Response

Benefits:

  • No more data breaches
  • Financial loss to customers was reduced
  • Safety of Customer data
  • Alert of any malware or any cyber attacks
  • Digital banking and financing were simplified, and few errors were removed.
  • Goodwill of the firm increased.

Conclusion:

Cybersecurity in banking is an issue that must be addressed. Both industries have become more vulnerable to cybercriminal threats as digitalization has increased. As a result, a flawless Cybersecurity system is required to protect data and infrastructure against all types of cybercrime - from ransomware to mobile apps to customer data and identity theft.

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