Banks still vulnerable; plug cybersecurity leaks to protect assets

TLDR:

Key points:

• As banks grow, their cybersecurity risks increase due to outdated systems and lack of expertise.
• External and internal threats, such as weak passwords and legacy protocol abuse, can compromise bank security.

In this article, Scott Weinberg, CEO & Founder of Neovera, highlights the vulnerabilities in bank cybersecurity and provides 15 advanced steps to mitigate these risks. Some of the key elements include:

• Implementing continuous security awareness training and simulated phishing campaigns to educate employees on common threats
• Using multi-factor authentication (MFA) and strong encryption to protect sensitive data
• Implementing network segmentation and security controls to impede malware spread and unauthorized access
• Monitoring and responding to potential threats with Advanced Threat Detection and Incident Response Planning
• Adopting a Zero Trust Architecture and Behavioral Analytics to ensure strict verification for every user and device
• Implementing physical security measures to protect physical assets and facilities

By following these advanced steps, financial institutions can establish a culture of security, protect customer data, and continue to grow while minimizing cybersecurity risks.