The internet has been a great boon to the financial industry as it revolutionized many processes here. However, just like other industries, the finance world has also been facing many cyber threats from hackers and cyber terrorists. Hence, cyber security is important to safeguard sensitive data as well as the finances of all individuals.
Three types of cyber-related threats the financial industry faces
1. Sensitive data theft
Data theft is one of the biggest security concerns in the online world. Especially when security is low, stealing the credentials of individuals becomes an easy task for hackers. These hackers then misuse the data for their own illegal benefits. What’s more, when the hackers gain access to sensitive credentials, companies worldwide are unable to differentiate between the hackers and customers.
2. Data breaches
Data breaches occur due to low security, compromised access and the lack of verification tools for customers signing in. There are various kinds of data breaches that happen regularly. They are:
DoS attacks
Phishing attacks
Ransomware
Malware
3. Cyber warfare
When cyber terrorists attack websites and digital organizations for their personal gain or to seek revenge, it is termed cyber warfare. Apart from the financial industry, almost every software development company faces cyber attacks. However, by attacking the finance sector, hackers stand a chance to cripple entire nations.
Importance of cyber security for customized financial software solutions
Clients seek to give business only to organizations that have high security. By providing your financial software solutions with heightened cyber security, organizations protect themselves and their clients.
Organizations must protect their physical and digital assets. It is essential to ramp up cyber security for your customized solutions to prevent hackers from misusing personal information.
Having robust cyber security solutions in place can help organizations circumvent any kind of cyberattacks.
Cyber security solutions can even pinpoint and defeat any attacks or threats that pop up within the organization.
Top recommendations to protect your customized financial software solutions from cyber threats
Implement firewalls
By implementing firewalls, organizations can protect their digital assets by blocking access at the door and preventing unauthorized access. It constantly monitors every single transaction in the process. This works well to negate the security risks.
Back up sensitive data regularly into secure locations
Regularly backing up sensitive data into secure locations can protect you from ransomware attacks.
Two-factor authentication (2FA)
2FA is popular because it is a highly effective, proven method against cyber terrorism. Regardless of how strong passwords are, they are still vulnerable to breaches. 2FA adds a second layer of protection wherein the user must confirm their biometrics or answer secret questions.
Use password management tools
Password management tools are robust systems that suggest and maintain your passwords securely.
Conclusion
Financial institutions are the most targeted in the world by cyber terrorists because when they take over, they get access to a huge amount of power. So, by investing in cyber security, organizations can protect digital data and assets. To know more visit Octos Global Solutions
Three types of cyber-related threats the financial industry faces
1. Sensitive data theft
Data theft is one of the biggest security concerns in the online world. Especially when security is low, stealing the credentials of individuals becomes an easy task for hackers. These hackers then misuse the data for their own illegal benefits. What’s more, when the hackers gain access to sensitive credentials, companies worldwide are unable to differentiate between the hackers and customers.
2. Data breaches
Data breaches occur due to low security, compromised access and the lack of verification tools for customers signing in. There are various kinds of data breaches that happen regularly. They are:
DoS attacks
Phishing attacks
Ransomware
Malware
3. Cyber warfare
When cyber terrorists attack websites and digital organizations for their personal gain or to seek revenge, it is termed cyber warfare. Apart from the financial industry, almost every software development company faces cyber attacks. However, by attacking the finance sector, hackers stand a chance to cripple entire nations.
Importance of cyber security for customized financial software solutions
Clients seek to give business only to organizations that have high security. By providing your financial software solutions with heightened cyber security, organizations protect themselves and their clients.
Organizations must protect their physical and digital assets. It is essential to ramp up cyber security for your customized solutions to prevent hackers from misusing personal information.
Having robust cyber security solutions in place can help organizations circumvent any kind of cyberattacks.
Cyber security solutions can even pinpoint and defeat any attacks or threats that pop up within the organization.
Top recommendations to protect your customized financial software solutions from cyber threats
Implement firewalls
By implementing firewalls, organizations can protect their digital assets by blocking access at the door and preventing unauthorized access. It constantly monitors every single transaction in the process. This works well to negate the security risks.
Back up sensitive data regularly into secure locations
Regularly backing up sensitive data into secure locations can protect you from ransomware attacks.
Two-factor authentication (2FA)
2FA is popular because it is a highly effective, proven method against cyber terrorism. Regardless of how strong passwords are, they are still vulnerable to breaches. 2FA adds a second layer of protection wherein the user must confirm their biometrics or answer secret questions.
Use password management tools
Password management tools are robust systems that suggest and maintain your passwords securely.
Conclusion
Financial institutions are the most targeted in the world by cyber terrorists because when they take over, they get access to a huge amount of power. So, by investing in cyber security, organizations can protect digital data and assets. To know more visit Octos Global Solutions