CFO Concerns About Cybersecurity

Financial institutions have gone from 400 cyberattacks per year in 2012 to 1,500 in 2020, according to a study by the International Monetary Fund. This is an alarming figure, considering that many of these attacks succeed in their goal: stealing users’ banking data. Ginp, Ghimob… are some of the most common banking cyberattacks today.

Given this scenario, one of the main concerns for Chief Financial Officers (CFOs) is the protection of their clients’ personal data and all confidential information of the banking institution, including that of their employees.

The increase in cyberattacks is a fact, which is why every company has the obligation to have cybersecurity specialists or IT security solutions that allow them to safeguard their systems against cybercriminals. Failing to do so can lead to consequences such as fines and loss of customer trust.

What Are Your Cybersecurity Concerns as a CFO?

Your main concern as a CFO is undoubtedly that no cybercriminal can infiltrate your systems and steal your clients’ banking data. However, since you are not a cybersecurity specialist, you probably don’t know all the elements you should consider to protect your systems. That’s why it’s important to work alongside a cybersecurity expert.

Here are some questions that can help you assess your system’s security level:

• Are all devices used in the company protected?

• Is someone monitoring these devices?

• Do we use data encryption?

• Do we have antivirus solutions implemented?

• Do we have ransomware protection?

• Are our electronic communications secure?

• Do we have an anti-phishing system?

• Are periodic vulnerability assessments conducted?

• Are devices and systems updated whenever required?

• Is there a contingency plan to handle cyberattacks or IT crises?

Do you have clear answers to these questions? If not, it’s time to implement a cybersecurity strategy.

How to Protect Your Financial Institution from Cyberattacks

A comprehensive cybersecurity strategy involves several actions that will help maintain the security of your system.

Point 1: Have a Cybersecurity Department or Specialist

Having a person or team specialized in IT security is essential to ensure the protection of your systems. They will work daily to resolve any incidents or threats that may arise and ensure the operation of your entire IT infrastructure 365 days a year.

Point 2: Understand Your System’s Needs

Before implementing cybersecurity solutions, it’s important to understand your system’s weaknesses and vulnerabilities. What gaps exist that cybercriminals could exploit?

For example, at ESED, to identify these security gaps, we conduct controlled attacks on the system—a methodology we call ESED Attack.

Point 3: Implement Solutions Based on System Needs

Once you know the vulnerabilities of your financial institution, it’s time to implement cybersecurity solutions to address them.

This should include:

• Firewalls to monitor incoming and outgoing traffic and block any threats.

• Endpoints or antivirus software to prevent malware from entering the system.

• Anti-phishing solutions to detect email-based cyberattacks.

• Data encryption so unauthorized parties cannot read stolen information.

• Backup solutions that allow you to recover data immediately in case of an attack or theft

Plus any other solutions the cybersecurity specialist considers necessary to protect your financial institution. Every company is unique, and its cybersecurity must be fully tailored to its needs.

Point 4: Have a Disaster Recovery Plan

A Disaster Recovery Plan is a set of technical and human resources and actions that establish protocols for responding to incidents.

It defines how you will proceed if your financial institution is attacked, minimizing damage, restoring normal operations as quickly as possible, and at the lowest cost.

Point 5: Raise Awareness and Train Your Team

Raising awareness and training your team against cyberattacks is critical so they know how to prevent attacks and avoid malware entering the system.

Did you know that a company’s CEO is often the main cause of malware entering a system? This is due to a lack of knowledge and awareness.

Do you think we can help? You can contact us via the following link.