According to Juniper Research, 146 billion records are expected to be exposed in data breaches between 2018 and 2023. IBM and the Ponemon Institute estimate the global average cost of a data breach is $3.6 million. In addition to high risk and the costly damages faced by all organizations, financial institutions face stringent regulatory and compliance standards.
Many leaders across the finance industry find themselves needing increased information security but having to fulfill that need within budget constraints. Additionally, cloud computing and digital transformation add layers to the need for a more sophisticated and integrated information security strategy.
A Managed Service Provider (MSP) like FNTS, which ZDNet named a top cloud provider for financial services, can limit exposure to threats by working with corporations to pinpoint goals, which is the first step in crafting a security strategy. There is a perfect storm of considerations including increased operational complexity, regulations, data flow and exposure. Here some considerations to keep in mind:
- Align Information Security with Business Objectives: It is important for Information Security teams to align with objectives and security programs in place and work to identify and address concerns, implement added safeguards and ensure the technical teams that are managing the day-to-day administration understand company policies and procedures.
- Select an MSP: MSPs work closely with businesses on an ongoing basis to ensure security is ingrained into all business practices and that all proposed solutions do not raise the overall risk posture of the organization.
- Define a Risk Appetite: Companies should be aware of the risks they are willing to take to meet strategic objectives by having a pre-defined risk appetite that consists of security policies, procedures and controls, which are important in protecting against threats. An MSP can customize security solutions that are unique to business objectives by utilizing internal risk appetite as a baseline and performing a gap analysis to identify strengths and vulnerabilities.
- Safeguarding Sensitive Data: Businesses ultimately own the data in the cloud and are responsible for controlling where, how and when it is stored or accessed. An MSP with in-depth knowledge on security requirements for mission-critical workloads can help financial institutions safeguard sensitive data, such as financial transactions, and create risk-based cybersecurity programs to help financial teams comply with regulatory requirements.
- Complete an Assessment: Building an IT security strategy requires careful planning, thorough testing and a full assessment once complete. There is no one-size-fits-all solution, but with proper due diligence, enterprises can ensure all risk mitigation techniques are met or exceeded.
FNTS' Information Security webinar discusses security trends, distinguishes relevant security services from market hype and shares new risk mitigation tactics to consider when building a cost-effective IT security strategy. View the webinar at http://bit.ly/FNTSInformationSecurityWebinar.