In a world where our technological capabilities are rapidly advancing and creating new and exciting opportunities, there is also an element of security that needs to be strongly considered and given the appropriate resources. An ever-expanding Internet of things is making it virtually impossible to secure every route and door to the Internet and your information. The latest cyber attack to make big headlines the WannaCRY incident has shown a lot of people just how vulnerable they really are. Big organizations like Target, Sony, FedEx, and the Uk’s NHS have been attacked successfully. Now it is more important than ever, especially for individuals and organizations that work in the financial industry to be dedicating enough time and energy to protecting their systems and information.

The WannaCRY Incident 

Last month, over 200,000 computers in 150 different countries were affected by a cyber attack. The WannaCRY attacks focused on a weakness in the Microsoft Windows operating system and locked people’s information and computers. The virus demanded a ransom payment in BitCoin in order to unlock the computer and the information stored on it. Fedex, Telefonica, and the UK’s NHS are just a few of the big name organizations to be hit by this attack. Payment of the ransom did not result in the release of the lock on the computer and information.

Systems attacks like the WannaCRY incident are all too common. However, professionals working in the financial sector cannot afford to lose their or their clients information to cyber attackers so easily. It is very important that cyber security is given the utmost importance in all fields, but especially in the financial industry.

What You Can Do About It

  • Make sure all of your computers and connected devices are up to date with the latest software and security programs. It is imperative to ensure that all computers and devices being used on your network are vetted and approved. It can be hard to do this since so many people have their own personal devices that they bring to work, but it is essential to make sure any and all access points to your network and information are secure.
  • Spend more time and resources on creating a fast-response plan rather than trying to create a security plan that focuses solely on total prevention. Total prevention of cyber attacks on today’s Internet is just not realistic. A number of different devices that can potentially access the Internet is overwhelming. Instead, security should be mainly focused on detecting and reacting to different cyber attacks as quickly as possible.
  • Share your data. The financial industry like all industries is very competitive, but it is in everyone’s best interests to share the data they have on cyber attacks that have been attempted on their networks, servers, and computers. The proliferation of data is a great way to stop cyber attackers from gaining the upper hand. Institutions need to be able to share cyber attack data freely so that they can recognize and react quickly to all incoming attacks. If a financial institution were to lose control of its information or its systems, it would be devastating.

There are still a lot of companies that do not take cyber security that seriously. The world of technology is evolving at a very rapid pace and most if not all of our information is being digitized and uploaded to the Internet. If you can gain control for even a few minutes of someone’s network and information, you could wreck serious havoc. Financial institutions do not have the luxury of taking cyber security lightly. Please contact us to learn more about the services we offer the financial industry.