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Jun 18, 2024

Steps to Securing Your Company’s Financial Data

Steps to Securing Your Company’s Financial Data

Cyber attacks and data breaches are on the rise, and financial data is a prime target for cybercriminals. With the ever-growing prevalence of sophisticated attacks aimed at company financial data, implementing a robust cybersecurity strategy is more important than ever. Creating a well-rounded security plan involves multiple components, from using data for anomaly detection to creating an incident response plan.

What is Financial Data Security?

Financial data security entails the protection of financial information through a combination of hardware, software, network, storage devices, and user devices. It encompasses a wide range of security practices and technologies designed to safeguard data, such as:

  • Account numbers, including bank account and credit card numbers
  • Credit rating data that may impact an individual’s or company’s creditworthiness
  • Sales data, including sales transactions and revenue figures
  • Purchase history data, including records of past purchases and transaction histories

Financial data security aims to protect against unauthorized access, data breaches, and other cyber threats, ensuring that sensitive financial information remains confidential and secure.

Regulatory Requirements for Data Security in Financial Services

Financial institutions must abide by stringent regulatory requirements to ensure the security of financial data. These regulations include:

PCI DSS (Payment Card Industry Data Security Standard): This set of security standards is designed to protect card information during and after a financial institution.
GLBA (Gramm-Leach-Bliley Act): This act requires financial institutions to explain their information-sharing practices and to safeguard sensitive data.
Sarbanes-Oxley Act: This act mandates strict reforms to improve financial disclosures and prevent accounting fraud, covering provisions for data security.

While these requirements exist for specific companies, all businesses can benefit from adhering to the best practices established by the financial services industry. Implementing these practices helps ensure compliance, enhance security, and safeguard sensitive financial data from potential threats.

Best Practices to Secure Financial Data

An effective cybersecurity strategy designed to protect financial data should include multiple practices, including:

  • Implement systems to detect anomalies: Early detection of anomalies can help identify potential security breaches before they cause significant damage. These systems monitor and analyze user behavior and transaction patterns to detect unusual activities, helping mitigate the risk of security breaches.
  • Educate employees on best practices: Human error is frequently behind data breaches. Regular training on cybersecurity awareness and best practices can give employees the information they need to stay vigilant and reduce the risk of accidental data exposure.
  • Employ anti-malware software: Advanced anti-malware software protects against viruses, ransomware, and other malicious software that could compromise systems and access sensitive financial data.
  • Implement email security measures: Email is a common attack point for cybercriminals, so it’s important to enhance email security to reduce the risk of phishing and other email-based attacks.
  • Develop an incident response plan: A well-prepared incident response plan ensures a quick and efficient response to security breaches, minimizing damage and recovery time.
  • Third-party risk management: Third-party vendors can be a weak link in a financial organization’s security chain. By assessing and monitoring the security practices of those with access to sensitive financial data, organizations can safeguard against potential breaches.
  • Encrypt sensitive financial data: Encryption for data at rest and in transit helps prevent unauthorized access, ensuring that it remains unreadable and unusable to attackers, even if intercepted.
  • Implement strict access controls: By restricting data viewing and manipulation to those who need it, organizations can minimize the risk of insider threats and unauthorized data access.
  • Conduct regular security audits: Routine security audits can help identify vulnerabilities and ensure compliance with security policies, allowing for timely identification and remediation of potential risks.
  • Incorporate robust network security: A secure network, including firewalls, intrusion detection systems, and secure network architecture, lays the foundation for financial data security, preventing external threats from breaching internal systems.

Infiniwiz and Your Company’s Financial Data Security

Developing a robust financial data security strategy requires multiple elements and careful consideration of your organization’s needs. Unfortunately, fitting these pieces together can be challenging. That’s where our network security experts at Infiniwiz come in.

We’re well-versed in the unique challenges the finance industry faces and work closely with our clients to develop customized solutions that accommodate their specific needs. Whether you’re concerned about ransomware threats or data breaches, we’re here to help. Contact us to learn more about how we can help your organization.

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