Banks are a prime target for cyberattacks. Banks store and utilize a large volume of confidential data surrounding their client’s personal information, account information, and other data. For bank leaders, it’s important to understand the unique challenges and regulations you must meet to protect this data. Attacks may range from malware, phishing or DDoS, to sophisticated compound attacks that use multiple methods at once to infiltrate the organizations and compromise security. You must be prepared to prevent, detect, and remediate any potential security incidents.
Banks, credit unions, and other financial institutions face major challenges when protecting financial data in today’s threat landscape. In addition to protecting consumer data and financial records, IT security teams also deal with auditing mandates for GLBA, FFIEC, SOX, PCI, and a patchwork of federal, state, and other industry regulations. In 2014, the Federal Financial Institutions Examination Council announced a new effort focusing on cyber security, including an audit of an organization’s ability to manage cyber security and mitigate cyber risk. The task of monitoring thousands of network and system events can seem overwhelming. EiQ’s SOCVue® hybrid SaaS security services help overcome these challenges by providing the right people, process, and technology in order to deliver increased security visibility and guidance to effectively reduce cyber risks and meet compliance requirements.
We’ve been having a lot of conversations recently with banks and financial organizations about not only meeting GLBA and PCI-DSS requirements, but also making sure they are prepared for the FFIEC examinations. On the heels of the release of the FFIEC Cybersecurity Assessment Tool this summer, financial organizations are recognizing shortcomings and gaps with their current security processes and systems and looking for ways to correct the issues within constraints of limited budgets, time, and other resources.
Continuous security monitoring has become the new norm for employers as they battle today's growing cyber security threats. Not only do they have to worry about threats from the outside, they have to be concerned about internal risk from employees as well. With so much to do in IT security already, how can employers alleviate some of the burdens? Working with EiQ Networks is an optimal way to resolve your company's IT security concerns because we have the right people, process, and technology in place to make it happen.