Let’s face it, financial firms are at high risk for data breaches, but this doesn’t mean you have to wait to take action. Whether you're a small or midsize financial firm, you must be extra cautious about security and more specifically how you manage digital security needs. Though every situation is different there are some standard ways you can strengthen your security plan:
1. Monitor All Devices
The era of 'Bring Your Own Device' to work, (BYOD) has introduced scores of benefits to both your financial firm and your employees, BUT there are some basic security precautions that need to be implemented. First, any device that touches your network, whether it’s a tablet or a phone, needs to be inventoried and secured. Many third-party apps allow you to implement basic security requirements such as passcodes to access the device and remote data wiping in the event a device is lost or stolen.
2. Train Employees Annually
Having a security policy is one thing, enforcing it is another. Make sure both are being done by training every new employee and providing a yearly refresher for everyone else in your firm. This training should cover safe passwords, information that can be shared over the phone and in person, and security regarding all devices, including tablets, phones, and flash drives. The device inventory should be updated during this refresher as well.
3. Consider Cloud Data Storage
Yes, this one may seem self-serving because we are a cloud-based service provider, but the fact is that data storage centers have more security than nearly all on-site servers. Your security budget simply isn’t going to match that of a completely secured facility with multiple layers of physical and digital security, encryption, and redundancy. Data centers offer the best level of security but remain affordable because you only pay for what you use. Cloud-based storage can be accessed from anywhere in the world via secure credentials, which your yearly training will ensure are properly secured and not shared with anyone. It simplifies your security policies and it’s a higher level of security than most firms can provide on their own.
Hackers are looking for a weakness they can exploit. They are patient, cunning, and opportunistic. Oftentimes, they access a system via information they gained from a person over the phone or credentials they stole from a device. Monitor your devices, train your employees, and let us take care of the rest.