As working from home being the new normal now and financial industry’s senior leaders are wanting confidence from their employees that the information will remain secure since the discussions of work are happening online. As a part of cyber security strategy for the year 2021 , 50 percent of UK organizations wants Cyber security to be updated in its every business decision. Mentioning as ‘urgent business priority’ many organizations have highlighted that they will take up cyber resilience in 2021 . as only 36 percent of the ones who responded believed to have a strong return from the expenditure of their cyber systems but the rest of the respondents that is 56 percent say that they have had plans of increasing their cyber budgets this year.
Forcepoint conducted a survey recently partnering with WSJ intelligence about the companies’ security breaches , the survey revealed that 71 percent of the global CEOs were having troubling going forward in the fear of their next security breach in the company. By this it can be known that in the coming years setting up effective cyber security is highly on demand. The agenda for the 2021 is effective cyber security.
Hackers can see and read the data and hear the conversations and this information can be of a high price value for a fellow competitor , a criminal or a nefarious entity. The risk of security breach while discussing sensitive information or financial records should be avoided at all costs. The company will have to bare a huge loss as the company falls in the data breach fine if the hacker succeeds and the commercial damage is unrepairable as it’s a question of reputation and productivity. The potential threats caused by the breach must be known to the financial institutions as it poses a great risk to their business. Cautions must be taken while attending online video calls, while messaging or while using file sharing platforms to protect their company and its interests.
The problem is so case sensitive that the ones protecting the files are not only protecting the internal company data but also their complex chain of suppliers and clients. Only half of the companies reviewed their cyber security system regularly and more companies relied on video technology for remote working which makes the risk rate even higher. There are many technologies which we use on a daily basis which keeps us connect and lets us work remotely but the actual question is which of the platforms are safe for the financial industry. So it is crucial for the financial industries to keep in check with all the systems they have moved with the times and keep on reviewing the technology they use to communicate further.
Few of the measures which can be taken were suggested by John Parkinson OBE, former UK police chief and Senior National Counter Terrorism Coordinator. Avoid the unofficial social media platforms by following a simple step of policies in check where the employees are insisted to use the system approved platform to have business related communications instead of using other media sites. Using an Advanced Encryption Standard 256-bit encryption supported system which meets end to end encryption. Integrate all applications in a single feature. Investing in training the staff on cyber security ‘s financial sphere implementation so that they are aware of the risks and contribute towards keeping the company safer. Analyzing the cost in terms of productivity , reputational damage and the fines rising from data breaches select the features which avoid all these fuss and educate yourself , your company and even the clients for a safer environment says Mr. John.
