In today’s hyper-connected world, banks serve as custodians of critical data, the lifeblood of our global financial system. Breaches of this sensitive information are not mere possibilities, but a constant reality in a rapidly evolving threat landscape. Malicious actors, driven by financial gain, relentlessly target the financial sector. According to Maximize Market Research, cybersecurity in banking, financial services and insurance (BFSI) industries is expected to reach USD 195.54 billion by 2029.
With the number of cyber-attacks increasing almost 300% in recent years, protecting your digital information and assets – as well as those of your customers – should be a top priority for any financial institution. Omega Systems is a trusted MSP and MSSP to community, regional and enterprise banks and offers comprehensive managed cybersecurity solutions to defend against security threats in the banking industry, so you can focus on your day-to-day priorities.
By impersonating trusted entities, often through meticulously crafted emails, cybercriminals routinely deceive employees into divulging sensitive information or exposing themselves to malware. These phishing scams and business email compromise (BEC) attacks leverage social engineering tactics to bypass traditional security measures, posing a significant risk to data integrity and operational continuity.
Operating with ruthless efficiency, ransomware actors deploy malware that encrypts critical data, effectively holding it hostage. Access is then restored only upon payment of exorbitant ransoms, jeopardizing not only financial stability but also public trust. The increasing prevalence of ransomware attacks, as evidenced by the recent targeting of Banco de Venezuela, underscores the urgency of robust data protection and incident response protocols.
As banks increasingly migrate to cloud-based systems, their attack surface expands. Cloud infrastructure becomes a potential target for malicious actors seeking to inject malware, manipulate data, or disrupt operations. This shift necessitates a reevaluation of security approaches, requiring the adoption of cloud-specific security solutions and rigorous access control measures.
Exploiting weaknesses within third-party vendors and service providers, supply chain attacks offer backend access to a banking institution’s core systems. Compromised software or embedded malware within seemingly trusted vendor offerings can present significant risks, highlighting the importance of thorough vendor due diligence and comprehensive supply chain security assessments.
For the most comprehensive cybersecurity protection against today’s evolving threats, banks should consider a fully managed security service, which combines several critical cyber safeguards to ensure protection across multiple layers of the attack surface, including networks, endpoints, email and users. Bundled security packages, such as Omega’s Smart Secure service, help to shield banks against advanced attacks, mitigate compliance burdens, and minimize risk. 24/7 security monitoring, expert mitigation, and tailored solutions mean banks of any size can quickly and comprehensively secure their data, operations, and reputation against harmful threats.
Banks should regularly evaluate internal and external vulnerabilities through in-depth security audits. These cybersecurity assessments identify weak points within your network, prioritize areas for improvement, and inform the selection of appropriate security solutions. IT audits are also frequently required as part of bank compliance standards, so if your institution is subject to FDIC, GLBA or other regulatory compliance guidelines, you can leverage IT risk assessments to benchmark your security program against specific requirements.
To keep pace with the evolution of sophisticated threats, banks should look to deploy equally sophisticated tools that gather real-time security data from your IT infrastructure. Managed detection and response (MDR) solutions provide continuous insight into network activity, log security events through managed SIEM capabilities and work alongside expert Security Operations Center (SOC) teams to enable rapid incident response and remediation of security threats.
If MDR services aren’t in your bank’s 2024 IT budget, endpoint detection and response (EDR) tools are worth exploring. EDR technology helps fortify individual devices like laptops, desktops, and mobile phones with endpoint security software. This frontline defense shields against malware, phishing attacks, and unauthorized access, protecting sensitive data at the point of entry.
Unfortunately, even banks with the most robust cybersecurity tech stacks can still fall victim to cyber-attacks if employees are not properly educated and trained. Equip your employees with the knowledge and vigilance to recognize and combat cyber threats through routine security awareness training and simulated phishing exercises. A combination of regular training programs and in-the-moment simulations help build a human firewall, fostering positive security hygiene practices and reducing the risk of human error-induced breaches.
With cyber-attacks on the rise and the financial services industry a prime target, it’s imperative for banks to prioritize security. Omega Systems acts as a strategic IT partner for banks and offers advanced security and compliance solutions to combat both known and emerging threats, as well as help banking institutions contend with growing regulatory pressure and expectations.
To fortify your bank’s resilience, we take a proactive approach, first engaging in regular IT risk assessments to identify a bank’s vulnerabilities and implement appropriate security solutions that fill gaps and fortify weaknesses. Our banking customers rely on us for advanced monitoring and SIEM alerting, endpoint protection, and SOC incident response expertise for a multi-layered defense. And because human awareness is key – we empower your bank’s employees through regular cyber awareness training, fortifying the first line of defense against evolving threats.
Take charge of your bank’s cybersecurity – partner with Omega Systems for a secure digital future. Contact our sales team today to learn more about our managed security solutions and other banking IT services.