Banks increased their cyber security budgets. How is your security?

Banks increased their cyber security budgets. How is your security

There is a huge concern over IT security in the financial sector. As banks increased their cyber security budgets, many others have ignored it.

Government agencies, IT security professionals and clients have been pressuring banks for improved cyber security.  The financial sector is responding with an increase of three times spending on cyber security according to Kaspersky Lab.

Cyber security has become a high priority for financial institutions as over 64 percent will improve their IT security especially as many of them are expanding for more mobile access.  Approximately 42 percent predict the overwhelming majority of their customers will be using mobile banking in three years.

The biggest IT security concern has been phishing with an impressive 46 per cent of banks claiming their clients are being attacked on a daily basis.  In addition, over 70 percent of banks reported financial fraud incidents from cyber criminals that have led to the loss of money.

Banks increased their cyber security budgets and here are some network security tips for your business:

  1. Employee Awareness. Employees should be educated on and trained in on the various network security measures within the organization. This should include how threats can affect the network and security. If they work remotely or connect via WIFI, they should be aware of the risk to the network.
  2. Data back-ups. A data backup is an extremely important part of your disaster recovery process in the event of a security breach, ransomware, or loss of data. There are many backup options to fit all budgets however there should always be an onsite and offsite backup.
  3. Strong Passwords. A simple password is easy to remember however easy to break. A secure password is a great line of defense versus cyber criminals. Employees should create a long password with different characters and symbols for maximum protection.
  4. Limit Access Control. This one is simple but the fewer people that can access a network, the less prone you are to a cyber attack. Access control can be restricted by location, or they can be limited by computer and data. All access control is useful and while prove helpful in network security.

Banks increased their cyber security budgets as the security of data and network can be part of your long-term success.

Our complimentary network and security assessment can show you the risk of ransomware and if your disaster recovery strategy works properly.

365 iT SOLUTIONS is a leading IT consulting and managed service provider (MSP) boutique in Toronto.

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