Five Technology Solutions To Prevent Cybersecurity Threats

As awareness continues to grow, cybersecurity is emerging as a top strategic priority for individuals and businesses. And in the banking and finance sector, its importance cannot be overstated.

Precisely because financial institutions work so closely with highly sensitive data, they have become a frequent target of cybercriminals, who compromise the information and use it for financial fraud, identity theft, and other malicious activities.

With factors such as increased digitalization, remote working, and changing technologies, cybersecurity is becoming even more critical. Financial services companies must take a proactive stance.

Nearly 50 percent of banks view reducing and preventing cyberattacks and fraud, along with protecting sensitive data, as their top challenges.* Cybersecurity solutions to prevent modern threats are vital to keeping such institutions and their customers protected around the clock. These include strategies focused on the following technologies.

Multi-factor Authentication (MFA): A layered security approach requires a combination of two or more credentials to verify a user’s identity. It should be used on all accounts, especially for high-privileged users, to help protect critical systems.

User Activity Monitoring (UAM): Tool that monitors and tracks end-user behavior on devices and networks and helps detect and stop insider threats (whether unintentional or malicious).

Data Encryption: Security method rendering information (in transit or at rest) unreadable when accessed without proper authorization, making it much more difficult for cybercriminals to steal data.

Data Loss Prevention (DLP): Set of tools that ensures sensitive data is not lost by blocking it from leaving the network unauthorized. DLP prevents the accidental or malicious sharing of data that could put the organization at risk.

Threat Intelligence Feeds: Resource that provides awareness of trends in malicious activity, typical cyberattacks, and habits of attackers within networks to help organizations stay current and prepared for the latest threats.

The Human Factor

Identifying and implementing the right technology tools will help keep customer data safe and avoid losses of resources and reputation. And while these measures are key to cybersecurity, it is people who ultimately make such strategies effective.

Building a culture of security through ongoing education and training is one of the best defenses against cyberattacks and part of the holistic approach needed in today’s environment to keep banks and financial institutions safe. Next month, we’ll focus on that part of the security equation. 

*source: 2022 OneSpan Global Financial Regulations Report