Date posted: 29th May 2015
The cyber security risk is real and the cost is real. Cyber crime and lack of focus are costing financial services firms money and trust. Over the past few years some of the largest financial services firms in the world including Citigroup and JP Morgan Chase have been the victims of cyber attacks. These attacks have caused billions in direct losses due to platform outages, lost customer data and compliance penalties. On top of that there are immeasurable impacts to customer trust, negative PR and brand association.
If the hackers are hitting only the top banks do I need to worry?
Yes, you do. Well publicized, major data breach incidents such as those that occurred at Citigroup and JP Morgan Chase are only part of the problem. Smaller and midsized Financial Services firms should also be prepared for the growing security threats popping up every day.
It’s not hackers only!
Current and former employees, contractors, suppliers and others that you let into your system with consent can also leak data. In fact according to recent research by pwc over 70% of incidents in the financial services industry are originated by a source that did not “hack” into the network from the outside.
In the past year over 60% of SME sized Financial Services firms have experienced at least one incident. Over 20% of firms in the space have seen over 10!
The impacts here vary from stolen customer and employee data to rogue trades, and proprietary business information breached.
PWC research found that 80% of incidents cost Financial Services firms at least $50,000 in direct expense
Your customers and employees trust you with sensitive data. One single incident can irrevocably remove that trust overnight causing funds to be pulled which for a smaller firm can be deadly
Since the 2008-2009 financial crisis regulatory and compliance policies have increased in the United States. The U.S. Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) have policies in place to fine or bar trading desks that do not meet compliance standards for cyber security.
What can be done? The Netfast Approach to Cyber Security for Financial Services
Our consultative, business first approach allows us to provide vendor-agnostic solutions that improve business agility, reduce security risk and improve profitability. Netfast partners closely with firms such as Palo Alto Networks, Barracuda, and Symantec to help provide best-in-class solutions for our customers. We work with you as a trusted advisor every step of the way to understand threats, find hole and secure your environment.
Our Cyber Security consulting process starts with a network and infrastructure vulnerability assessment
Our certified engineers will work with you every step of the way to identify the risk, understand the threat and resolve problems before they become the next major news story.
Our second step is Penetration Testing
Penetration testing is designed to replicate the actions of a hacker by actively attempting to hack a system. The intended goal is to hire a good-guy hacker to breach the network before a bad-guy gets in.
There are three main areas of penetration testing
After the three areas are complete your Netfast consultant will provide a detailed report that will outline threats found and resolution suggestions. They will then work with our engineering services team and our best-in-class partners to implement remediation if needed.
In conclusion the threat gets worse each day and the risks to business are huge. Financial services firms such as yours are in business to make money and retain profit, so are hackers. Let Netfast come in today to analyze your environment, and solve problems before they becomes tonight’s news.
About Netfast Technology Solutions
Netfast is paving the way for the next generation of IT innovation. We are disrupting the industry with an IT automation platform providing a vendor agnostic approach to solving complex business challenges. Netfast executes and delivers consultative IT solutions with a core mission of improving business agility and profitability for our customers.
Netfast Technology Solutions – 989 Avenue of the Americas, 4th Floor New York NY 10018
Data Source: The Global State of Information Security Survey 2015
Data originally posted by pwc on May 25, 2015