Banks and financial service companies are a major target for hackers. And as the financial services industry is becoming more mobile and distributed, the target is getting bigger.
Banks increasingly are using the Internet of Things (IoT), adding more connected devices -- including sensors, Bluetooth low-energy beacons, IP-connected cameras and others -- to their network environments. And when people are connected to devices and machines, vital information becomes more accessible.
The financial service industry is expected to protect sensitive data. Its customers expect their privacy and information to be kept secure. A breach could mean loss of customers, loss of assets, regulatory fines, lawsuits and costs of remediation.
Concerns are Real
And based on Verizon’s Mobile Security Index 2019, respondents in the financial services sector are concerned. Forty-two percent of them reported having had a security breach -- resulting in downtime or lost data – and involving mobile devices within the past year. Sixty-two percent of those described the event as “major,” and 41 percent said the event had lasting repercussions.
Emerge IT services, a Cisco partner, offer banking and financial service clients help and peace of mind. There are many tools we can use to improve your wireless network. In addition to strong encryption and second-generation firewalls, banking and financial service wireless networks can be improved with:
Fast Detection and Response
Continuous monitoring of the environment is critical. The faster a problem is detected, the faster it can be stopped. Cisco Active Threat Analytics (ATA) has raised the bar. The industry’s average to detection traditionally has been weeks, and in many cases, attackers within the network have not been detected for months. ATA has been successful in reducing time to detection from months to hours.
Isolates IoT devices and lessens the risk that one part of the network will be able to interfere with or harm other parts of the network. If the IoT devices are attacked, that problem can be confined to one controlled part of the network.
Cisco® Borderless Network Architecture
Borderless networks help a bank or financial service business evolve its infrastructure to deliver secure and seamless access, regardless of new and shifting borders. It’s designed to help IT balance demanding business challenges and changing business models promoted by the influx of consumer devices into the business world.
Cisco Generation 2 Integrated Service Routers
Part of the Cisco Borderless Network Architecture that enables secure growth and business across all remote sites. The next-generation architecture meets performance requirements for the next generation of WAN and network services. It provides cost-effective delivery of high-definition collaboration at the branch office with a secure transition to the next generation of virtualized and cloud network services. You can find more details about how Cisco routing, security and application platforms help financial institutions here.
Consult an expert
Beyond having the correct applications and equipment, Emerge helps clients implement correct maintenance procedures. When it comes to security, regular and appropriate penetration testing is important.
Banks also need to ensure that the same security applications used for their wired networks and computing equipment also are applied to their remotely managed IoT networks. In addition, companies need to recognize that connected devices often need to be replaced before their useful lives end. If the device is outdated and no longer compatible with updates, it has become a weak link in the network.
Emerge holds the Cisco Master Service Provider Certification for Cloud and Managed Services, and is uniquely qualified to assist and manage security solutions for its banking and financial service clients.
For more information on how we can help protect your wired and IoT networks, give us a call at 859-746-1030.