> Cybersecurity for Financial Services
Cipher understands how important cybersecurity is for banks, credit unions, hedge funds and other financial institutions.
Trillions of dollars change hands every day. Trust in the companies people use to handle their money and the markets keeps everything going. Trust is broken if the numbers do not add up. Trust is broken if customer information is breached. Your clients require a safe environment to perform their banking needs. Establish trust by ensuring your systems are secure.
It is not just the massive multinational financial institutions that need to focus on cybersecurity. Small credit unions and community banks are equally as vulnerable
For smaller financial institutions, there are different challenges. Talent may be more difficult to attract and retain outside of large cities. Internal teams might be overwhelmed with other IT projects.
Criminals rob banks because that is where the money is. Likewise, in the digital world, the financial markets are attractive targets. Boston Consulting Group revealed that the financial institutions are 300 times more likely to be attacked than other industrial sectors. Accenture pegs the average cost of cybercrimes per company in finance is $18.5 million, 40% more than other industries. This increased focus on financial institutions makes cybersecurity mandatory, not optional.
Comply with Regulations
Cipher helps financial institutions comply with regulations and laws.
Companies in finance are heavily regulated. The Payment Card Industry (PCI) Council sets the guidelines for companies accepting credit cards. The New York Department of Financial Services (NYDFS) Cybersecurity Requirements went into effect in 2017. The Sarbanes Oxley Act and the Gramm-Leach Bliley Act have additional requirements. There are many other state and federal regulations. Companies that take cybersecurity seriously and thus have proper procedures and systems in place are set up for success in avoiding fines or negative consequences.
Manage and Resolve Vulnerabilities
Ciphers helps banks, credit unions and financial institutions manage and resolve vulnerabilities in their software and systems.
Patching vulnerabilities in your software and systems should be a set process for every financial institution. Hackers take advantage of known vulnerabilities and zero days to attack financial institutions with ransomware, execute data breaches and perform other malicious activity. The time between a vulnerability being announced and discovering your software is vulnerable is key. With Cipher, you can obtain the capability to quickly get notice that your software is vulnerable and patch or go through efforts to respond.