Financial Services Security

Financial services security takes center stage as more cyber attacks target valuable corporate networks. Protecting data centers that house crucial and confidential information has also become a mission critical priority.  IT managers are solely responsible for preventing such security breaches which implies an in depth understanding of the digital environment in which their company functions. Virtually all tech assets are prone to such attacks. And breaking into data centers is more often than not the prime objective of these attacks.

This is particularly true in the case of financial organizations. Which is why such institutions invest heavily in financial services security as high availability of data and systems is crucial for serving their customers. A lot of concerns have been raised about consumer data management across industries owing to the rising incidence of security breaches in addition to high competition and the emergence of online banking. Even minor service interruptions garner a lot of attention in the news, leading to repercussions which cost time, money and reputation.

Financial services security is compromised primarily through cyber attacks. IT managers need to constantly stay prepared for such incidents as they can occur any time. Protection begins with developing a detailed blueprint of your company’s network infrastructure and detecting system vulnerabilities in order to adopt the appropriate security measures.

IT managers are concerned about research studies that confirm that financial services security incidents have increased exponentially in recent times. Data breaches and cyber attacks figure most frequently among these incidents as adversaries constantly look to gain access to high-value information. The impact of financial services security breaches can range in millions of dollars which is a significant expense for most organizations.

Financial Services Security Measures

At a foundational level, financial services security is about protecting physical infrastructure. Data and assets are often distributed across data centers and edge facilities that span vast regions. Harmful malware can disrupt functionalities or services.

Business assets that connect with networks are many and varied and increasingly susceptible to threats that expose vulnerabilities and non-compliance with regulatory norms.

Despite the impact that compromises to financial services security can have on business, many companies still lack a comprehensive assessment of their existing hardware, software, firmware and their respective versions that are currently active. If left unattended, systems can be exposed to network infiltrations, day to day planning and asset optimization issues.

Conclusion

IT infrastructures today are extremely complex given the volume of data and the number of assets on the company’s corporate network. In an ever changing technological terrain, assets can quickly become outdated. This problem can be tackled through a centralized dashboard for management and control with a granular level of visibility into the infrastructure. This can further optimize the performance of various components on the network as incidents of outdated software or those with pending updates are quickly resolved.