Cybersecurity Checklist for the Financial Industry

The financial industry has strict cybersecurity regulations in place to protect customers. Banking is a primary target for cybercriminals, so the federal government has various cybersecurity policies that technology and business leaders at firms must comply with. Working with an expert cybersecurity provider like Agio can make the process of securing your data fast and easy, but there are simple steps you can follow on your own.

Cybersecurity Compliance

The federal government requires that all financial institutions have an incident response plan (IRP). An IRP is essentially a document that outlines how the institution will respond to and mitigate a cyberattack. This document should include the business’s cybersecurity policies and disaster protocols.

Agio offers cybersecurity services that can identify security weaknesses and establish protocols to protect your firm’s data, but we’ve also outlined a checklist to get you started.

Three Steps to Stay Secure

A financial institution’s security checklist should contain these three essential steps to protect itself from possible attacks.

Step 1: Identify Risks

Work with your chief information officer (CIO) to identify the top cybersecurity risks and develop policies to close the gaps. It’s equally important to train your employees to understand cybersecurity best practices. You should also inform your clients of ways they can protect their personal and financial information.

Make a habit of testing your backup and security systems, and update them as necessary. You can successfully prevent most cyberattacks b y being proactive with your security.

Step 2: Mitigate Damage

A security breach in your finance department can cost you money and your reputation, but there are ways to recover. Clarify your IRP so that employees and partners are aware of their responsibilities in the event of an attack.

You should have procedures in place to mitigate any possible damage if a cybercriminal targets your business. Identify a point of contact so that employees know who to report to first when they detect a cyberattack.

Step 3: Reassess Vulnerabilities

Your cybersecurity procedures should include regularly reassessing your susceptible areas. Monitoring your systems for possible attacks and conducting security audits after major transactions will make your systems dependable and up-to-date. You should also work with a cybersecurity provider to run a full assessment to see where you’re vulnerable to attacks.

Partner With the Cybersecurity Professionals at Agio

Develop the cybersecurity checklist your company needs by partnering with the experts at Agio. Our knowledgeable team will design a custom solution based on your unique specifications. Get in touch with us today.