Cyber Defense eMagazine March Edition for 2022

• Stay ahead of fraud. Fraud costs U.S. financial institutions $35 billion a year. Choose a
cybersecurity provider that can integrate Information Security and the Bank Secrecy Act (BSA) –
also known as the Anti-Money Laundering (AML) law and Fraud departments in a unified platform
to prevent losses and protect account holders from the growing threat of fraud.
• Extend internal cyber teams and expertise with highly skilled and trained security experts.
Not every financial institution has the resources to adequately monitor and protect their networks,
particularly outside of “banking hours.” As such, many partner with a certified cybersecurity
provider that monitors and investigates alerts and provides around-the-clock protection that aligns
with a company’s specific escalation process. By being that “extra set of eyes,” financial
institutions can focus on their core business.
• Keep up to date with compliance. Choosing a cybersecurity provider that also provides cyber
compliance makes it simple and seamless for financial institutions to stay up to date, even though
regulatory requirements seem to be always changing. The right provider allows financial
institutions to leverage an always-on policy and control engine to make sure when compliance
requirements change, organizations can comply.
• Provide ongoing cybersecurity education. An organization is only as secure as its weakest
link. Therefore, employee education should be a top priority. Employees should understand how
to do things like choose passwords wisely and know how to detect phishing attacks – and what
to do when a questionable email comes their way.
Leveraging a trusted cybersecurity partner
The current administration has prioritized cybersecurity as a national security threat. The mandate aside,
cybersecurity should be a priority for everyone and every business.
Financial organizations failing to address cybersecurity could face major damage that includes monetary
loss, legal consequences, and reputational damage – leading to a loss of customers.
Keep in mind, financial institutions face more than 70 million cyber events a day. And most small- to midsized
financial institutions simply don’t have the staff to manage the volume of incidents that can be
generated by these events, particularly those occurring after hours.
An experienced cybersecurity provider can help ensure financial institutions are threat-ready and secure.
The right one can consolidate data from all sources and without volume limits – providing real-time
visibility into the entire network. It can eliminate false positives and prioritize events so you can address
the threats that matter the most.
Because here’s the thing: There are two types of organizations – those that have suffered a data breach
and those that will.
And like the price of gold that keeps rising, so, too will the cost of falling prey to a cyber breach.
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