Financial companies hold valuable information within their web application; therefore, they are the prime target for cybercrimes. As technological advances, there will be an increase in the number of cyber-threats. When your business is on a legacy website, they no longer resist the sophisticated cyber threats. Enabling cyber hygiene can help you secure digital transformation, and all financial organizations must prioritize this. Reliable cyber hygiene practices can help the organization to detect and remediate vulnerabilities. A financial firm must meet customer demands for innovation without compromising security or compliance.
Let’s discuss the potential cyber threats
1. Ransomware
Ransomware is one of the most popular attacks for cybercriminals. There are monetary benefits to this form of malware that encrypts files on victim systems.
2. DDoS attacks
A Distributed Denial-of-Service (DDoS) attack is due to the overloading of traffic that flows into a site affecting its overall operations. When there is a DDoS threat then the website becomes vulnerable to other attacks as the web application will have little to no resistance.
3. Phishing
Phishing is another malicious activity that cybercriminals are prone to do. They send out emails to trick employees into downloading malware payloads disclosing sensitive information. A phishing kit usually appears to be information sent from a trusted source; therefore, the employee opens the message and follows the instruction. Educate your employees about fraudulent emails.
4. Web Application Attacks
Just like all businesses, the financial organization also relies on a web application to conduct its business operations. Whether you like it or not, most web applications are subject to malware threats due to the misconfiguration of security applications.
How to Improve your Web Security?
1. Update your website
Enhance the accuracy and efficiency of your website for threat detection. It is must be your priority to improve your cybersecurity hygiene. Updating your website to an advanced version can help you monitor the performance of your cybersecurity.
2. Monitor Third-Party Risk
Your business must manage all the third-party vendors for your cybersecurity. Conduct a third-party risk assessment that helps you to identify the potential risks. Generate a tolerance statement to help understand which of the vendors can cause a potential threat to your business. Your web application must classify third-party vendor information and send alerts related to your compliance.
3. Securing Data
For every financial organization, data security is a critical business. Online banking surging on a day-to-day basis, and therefore you must provide data security. Prioritizing all potential risks is curtailed, and it is ideal for your business to provide classified information. Your web application must classify information by its type, the sensitivity of the data, etc to help enhance your web security.
4. Leverage Cyber Security Data
Integrating cybersecurity data tools enables you to understand the past and potentially prevent future attacks. Understanding your website insights prevents you from network vulnerabilities and helps you to stay ahead of other threat factors. With growing technology, cyber threats also are evolving, a business must take proactive steps to secure your data.
5. Compliance
A financial web application must have total control of data that gets stored on their website. They must also ensure to wipe out data that gets stored, and it is critical for communication and financial regulated industry. MiFID II enables you to manage your security information that gets archived. The emergence of GDPR demonstrates you to secure a compliant web application.
Encryption is the key to the security of an enterprise. Encryption helps you control system security, enables compliance of employee communication, protects all the data that gets stored in a financial organization. It is critical for businesses to up their cybersecurity to reduce the chances of cyber threats. Every day the cyber incidents in the financial sector, every organization must take steps to enhance their cybersecurity. If you are seeking help to optimize your web applications’ security programs to remain protected moving forward then, do contact us.
