Why Cyber Security is Important for the Finance Industry

Why Cyber Security is Important for the Finance Industry

The tech world has grown to the point that multiple connected, but separate industries exist. It’s about more than just computers, servers, cables, and printers these days.

Multiple types of networking, numerous programming techniques, physical security, signal/radio wave security, and a multitude of other subjects make up the cyber world.

Cybersecurity covers protecting every part of the digital world against real and theoretical threat, primarily since many cutting edge hackers work in the world of theory.

Theory doesn’t just mean mind-boggling math and programming. Many recent compromises involve tapping into psychology; what are people not paying attention to these days, and what did they forget about from yesterday?

A good cybersecurity defense is not about becoming 100% unhackable. It’s about knowing the current threats, defending as best as possible, and having a plan for compromise to make sure your systems snap back into productivity quickly.

Why is Cybersecurity is Important for the Finance Industry?

What is money today? It’s digital.

This isn’t a lecture about cryptocurrency like BitCoin, although that’s a massive cybersecurity topic in its own right. If anything in a financial system is digital, it can be copied, faked, or deleted to an extent.

Accounts can be drained by impostors putting in fake orders and transfer. While there are systems in place to stop hackers from simply changing a decimal place to get more money, it’s still possible to change account ownership for rarely-maintained accounts.

Financial institutions also hold vital privacy information. Hackers don’t need to gain big winnings by directly hacking accounts; they can siphon unlimited information from financial systems for analysis, and can launch any number of attacks later.

Protecting data, recovering from breaches, and tracking down culprits are critical to financial systems.

How to Maintain Strong Cyber Defense

Personnel training and system security are the main areas that all finance industry actors need to consider as new technology emerges.

Do your employees, colleagues, contractors, investors, and even clients know the best ways to stay safe with technology? Do they know how to browse the web safely, or how to verify authenticity when asked to share sensitive information?

It’s not just about education. Ego and complacency can be the problem as well, since some tech users either think that they’re above the rules or that the hacks won’t happen to them.

Complacency is a danger in almost every plan, and it’s an issue that can undo and system no matter how well you plan. While businesses can secure their systems to keep most employees away from critical threats, a high-ranking ego could undo it all.

Learn more about threat hunting software and implement the tool into your systems, so your technology is always protected. Automation is key, and you need a good mix of people who can analyze security threats along with software that can track and report security trends.

Digital monitoring, along with cybersecurity professionals and a cyber-educated workforce, can drastically reduce your tech risks. With enough training, financial businesses can even earn income as they provide industry-specific consulting.

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