These attacks target less-secure elements of a supply chain to compromise systems.
Due to the interconnectivity of the financial services sector, this means that, as well as your own systems, you also need to collaborate with your suppliers and providers to ensure that the third parties you deal with have appropriate security in place, especially if you share sensitive client data with them.
For instance, when identifying approved users, do your partners employ multi-factor authentication? What additional security measures are in place for those who have privileged account access or need to see sensitive client data? What procedures do they have to remove users when they no longer need access?
9. Keep your software up to date.
Make sure you implement updates from your technology providers as soon as possible across all your firm’s systems, laptops, tablets and phones.
And consider upgrading any devices or software that is no longer supported by the provider, as they offer a weak spot for hackers to enter your systems.
10. Plan, replan and stay flexible.
Having robust procedures in place that ensure everyone knows what to do and who to contact in the event of a cyber attack, including any regulatory reporting requirements, will put your business in the best position to avoid issues, or deal with them if the worst happens.
However, the cyber security landscape is constantly evolving, so you will need to review and test your plan regularly to identify weaknesses and stay on top of new threats.
The pandemic has made our industry more vulnerable to cyber security threats than ever before.
Firms need to take the business risk seriously and make sure you and your partners have the best processes in place to keep your systems secure.
Nick Eatock is chief executive of Intelliflo
