Top 3 Tips for Cybersecurity in Finance  

Cybersecurity in Finance

The recent advances in internet banking such as mobile banking, instant payments and payment apps all invariably increase the finance industry’s attack landscape and introduce new vulnerabilities. With the exponential growth of malicious acts by cybercriminals, it’s becoming increasingly important to prioritize cybersecurity in the finance industry. Today, the average financial firm experiences upwards of 125 cyber-attacks each year, costing the industry millions of dollars a year. 

Besides the disconcerting effects of security and information being breached, cyberattacks on finance systems can also affect the financial well-being and safety of clients. Financial service providers such as banks, credit card companies, and investment firms are entrusted with the personal information of every customer and client. Unfortunately, many financial institutions are not allocating enough resources to protect their bottom line. However, without a strong cybersecurity plan in place, the cost in revenue and even clients’ financial lives will be even higher. 

The Ramifications of Attacks in Finance

There are several ways that cyberattacks can affect financial institutions. First, cybercriminals often steal and sell clients’ financial and personal information because they can make a quick profit on the dark net. Another big problem for finance is ransomware, which is exacerbated in the financial realm. Finance organizations are often willing to pay the ransom because cyber criminals have locked down client financial information and critical back-office systems. Finally, there are many financial devices that are connected to the internet that can be susceptible to tampering. 

The problem is bigger than ever. More than 93% of finance organizations have experienced a data breach over the past three years, and 57 percent have had more than five data breaches during the same time frame. Woefully inadequate security practices, weak and shared passwords, plus vulnerabilities in code, exposes finance institutions to perpetrators intent on hacking treasure troves of client data. 

Combating Cyber Attacks on Finance  

There are three things that finance organizations must prioritize if they are going to prevent this proliferation of cyberattacks. 

Increase Visibility with Consolidation  

Although finance institutions might think they are doing the right thing in monitoring their on-premises networks to ensure clients’ safety, what they can’t see can hurt them. With more assets to secure, confidence in security goes down, and multiple management consoles obscure visibility. Finance institutions must be able to monitor every endpoint, gaining insight into the entire network, which includes remote assets.  

To this end, our Difenda Managed Extended Detection and Response (MXDR) service with 24/7/365 endpoint visibility will give financial institutions the security they need with a company they can trust. 

Set Up Intelligent Early Warning Systems with Microsoft Security 

If you want to mitigate cyberattacks or thwart them entirely, you need a well-defended system that is monitored 24/7/365. The longer a threat actor has access to the system, the longer their activities will go unnoticed, and the more damage they can do.  

Difenda meets you where you are on your security journey and can create a roadmap from where you are today to where your need to be to meet business goals, including compliance. 

Make Security and Awareness Training Mandatory for all Employees  

When it comes to security, every single person needs to be involved and aware, or else cybercriminals can sneak their way in via the one open door. However, according to Osterman’s Research, a full 24% of finance workers have not received any security awareness training at their workplace. Because a finance organization’s online presence is so vast, there are many places where cyberattacks can occur. 

All employees should be aware of viruses, malware, and ransomware issues, as well as phishing and social engineering problems. Phishing scams account for 90% of cyberattacks. Along with these elements, employees should receive training on how to create safe internet habits, as well as password education and training through Security Awareness Training.  

Proactive Preparation 

With the financial industry being a prime target for cybercriminals due to the sensitive data they possess, it’s important for finance organizations to be proactive in their cybersecurity measures. This includes regularly updating their systems and software, implementing strong password policies, and providing cybersecurity training for all employees. 

When working with important personal information, mortgages, and investments, the situation is urgent. Cybersecurity in finance needs to be taken seriously and organizations must be proactive in their approach. With cyberattacks on the rise, it’s not a matter of if an attack will happen, but when. By being proactive and taking the necessary steps to protect themselves, financial organizations can avoid devastating financial and reputational damage. 

Protect client investments and company from cyber threats. Download your copy of our Microsoft security roadmap template to learn more about our 5 step process. 

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Ken Perkins

Biography coming soon.

Megan Miller

Megan Miller’s energy and passion for learning flow into all aspects of her work. As the Growth Manager, North America, she brings a background in sciences which she has transitioned to the tech sector in her role at Difenda.

With a Bachelors of Science in Geology, Megan is a lifelong learner who is voracious about learning anything she can get her hands on about cybersecurity. Her positive energy has built a sales strategy with a focus on expanding in the United States while nurturing the Canadian presence. She is responsible for recruiting and training the sales team. Together with the company’s leadership, she creates the sales process and the company’s product strategy in order to better serve the customer base. This ensures that our customers have a highly trained and highly motivated team to help them every step of the way, Megan has completed Microsoft SC-900 training and working towards mastering Microsoft.

Whether at work or play, Megan is fully committed. She took her love of hockey all the way to the semi-professional level as a competitive hockey player. Megan loves all things sports including water skiing, scuba diving, cycling, and snowboarding. She also enjoys time with family and reading about alternative energy, innovation, and cybersecurity.

Natasha Phanor

As the Microsoft Partner Manager at Difenda, Natasha Phanor is responsible for driving growth within our Microsoft Partnership. With six years in the industry, she offers a fresh, energetic approach, and the ability to focus on our customer’s needs throughout the entire process. Natasha has the innate ability to foresee customer needs and solve problems before they arise, which creates a smooth road for each customer she encounters.

As the recipient of the Outstanding Services Partner of the Year Award in 2018, it is clear that Natasha responds quickly to customer needs, creates a platform for understanding a customer’s business requirements, and walks them through the process to ensure their complete satisfaction.

In her spare time, Natasha is as energetic and passionate as she is on the job. A self-proclaimed foodie-extraordinaire, she enjoys dinner parties, traveling, downhill skiing, hiking, biking, and reading. Natasha has a Bachelor of Fine Arts, specializing in Dance, from Ryerson University.

Lisa Templeton

Lisa Templeton is the perfect combination of human empathy and technological prowess. In her role as People Services Manager, she takes care of our team members to support them in their daily work, as well as on their personal life paths. Happy employees make for happy customers, and Lisa excels in giving our employees the tools they need for success in order to become the best possible versions of themselves. Along with employee formation, she shines in the service delivery support domain to continuously improve the process. Her 24 years of experience in IT Operations and Service Management help her create quality and efficiency at Difenda.

Having attended the Information Systems Management certificate program at Ryerson University, and with various other certifications to her credit, Lisa is perceptive and innovative when it comes to information technology, but also sensitive to the needs of her human constituents. Responsible for achieving the first privately owned company HDI Support Center certification in Canada, she has also designed and implemented Service Management excellence programs and 24×7 IT Operations departments for multiple IT organizations, and has created corporate rewards and recognition programs to keep her employees engaged and motivated.

On the personal side, Lisa passionately supports the cause of breast cancer research, having lost her mother to the disease. She reads voraciously in her spare time, and enjoys the art of home renovation. The summer months also bring time on her boat and exploring new hiking trails.

Miranda McCurdy

Miranda McCurdy uses her myriad super powers in all aspects of her job and personal life. As the Marketing Director at Difenda, Miranda McCurdy brings over a decade of experience to the table, which includes expertise in all facets of operations, brand management, and content marketing, as well as a multitude of successful strategies for the ever-expanding digital world. She is an expert at simplifying the message the company is trying to send, filling in gaps in the information, and strengthening the content in order to create compelling narratives that strengthen the brand and developing programs that bring teams together.

With several Addy Awards issued by the American Advertising Federation Cleveland to her credit, and her never say die attitude, Miranda understands both the broader picture and the minute details that are needed to successfully market a product. With her abilities to harness both the talent needed to spread the message, as well as to create the message itself, she is an integral cog in the company’s ability to communicate with customers and other stakeholders.

When she is not building a brand, she shares her ability to fill the gaps in her community by volunteering with Habitat for Humanity, the Special Olympics, and the Charleston Food Bank. In her spare time, Miranda spends time with her family, enjoys fitness and health, paddle boarding, reading, and arts and crafts.

Juliana Zaremba

Connections are the name of the game for Juliana Zaremba. As Strategic Partnerships Director, she is responsible for Difenda’s channel partnerships and the development and ownership of the channel partner program. She is also responsible for the global Microsoft Partnership, including the creation of strategic plans with MSFT contacts that will facilitate the continued growth of the business and establish certification and training protocols in all security technologies. Her role is multifaceted, as she acquires partners, manages relationships with them, and develops strategies that will provide cutting edge security solutions to our customer base. Another integral aspect of her job is to facilitate growth.

With a Bachelor’s in Math from the University of Waterloo and 14 years of experience from her previous roles at Herjavec Group and CDW, her cutting edge focus and ability to develop long-lasting relationships and strategies provides world class security solutions to our customer base.

Juliana thrives on connections outside of work as well. She is a philanthropist and contributor with Women4Change based in Hamilton. This group of local women is passionate about supporting local causes, and she focuses her efforts around Women in STEM. She is also a member of Club Italia in Niagara Falls and supports their youth events throughout the year.

When not managing the Microsoft Global partnership, Juliana enjoys reading, often reading several books at once. Juliana enjoys exploring the Niagara Escarpment with her family, as well as sharing meals and experiences with her extended family. Juliana’s competitive nature has her always trying new things, like Whoop band challenges and Peloton.

Jeffry Jacob

Biography Coming Soon