The Biggest Threats Facing Financial Services Firms in Denver

Innovative technologies are creating an entirely new experience for consumers looking to stay informed about their financial investments. Recent studies show that nearly 40% of financial services firms are making digital improvements wherein they’re looking to provide a more advisory approach in their services – offering a personal, customized experience for each client they work alongside. But naturally, new technology creates new challenges for financial services firms around the world. There are three major threats to consider:

Unsecure Third-Parties

First and foremost, we have unsecured third-parties. Virtually all financial services firms work with third parties, such as credit unions or other organizations, to some degree. When working with third-parties, it’s important to ensure they’re properly safeguarding any sensitive data they have access to. How do you do this? Start with properly vetting all third-party organizations and contractually binding them to the technical and administrative safeguards you expect.

Internet of Things and Mobile Devices

Our world is incredibly connected nowadays. Most of us are using connected devices – from smartphones to fitness trackers and everything in between – in our personal and professional lives. But keep in mind, if they’re entering the workplace, they need to be secure with proper policies and technologies in place. All connected devices should be kept up-to-date with the latest updates and patches, as well as security settings to prevent data disclosure.

Lack of Awareness Amongst Staff

Lastly, we have a lack of awareness amongst staff. Your employees are your first line of defense, and if they’re not aware of how to detect and respond to malicious activity, they shouldn’t be accessing sensitive information. It’s important to make sure you’re training your team members on a regular basis and emphasizing the importance of best practices in terms of the internet, mobile devices, passwords, and other sensitive topics.

A Few Simple Tips to Minimize the Risk of Threats Resulting in Data Loss and Disclosure

Here are a few simple tips to help you minimize the risk of the threats listed above resulting in data loss and/or disclosure:

Map Out a Cybersecurity Framework

If you don’t already have a cybersecurity framework in place, it’s time to map one out. This not only accounts for every person, device, and access point within the organization but also shows your staff members that you’re taking cybersecurity seriously and expect the same for them. Your cybersecurity framework should cover policies and procedures relating to all people, devices, and access points within the organization.

Provide Ongoing Training to Staff Members

Although it’s fantastic to enforce policies and procedures, the average employee needs guidance when it comes to following them. If you’re not providing ongoing training in terms of how to detect and respond to malicious activity, what a phishing attempt looks like, and how to avoid dangerous websites and/or areas on the internet, they won’t be able to stay ahead of your cybersecurity framework.

Implement Enterprise-Grade Cybersecurity Technologies

Every organization nowadays needs enterprise-grade cybersecurity technologies, including anti-virus software, firewalls, intrusion detection software, anti-spam filtering software, encryption, and more. This should be implemented in a multi-layered fashion to protect all endpoints and keep sensitive data safe. In addition, around-the-clock monitoring and regular maintenance are necessary to prevent vulnerabilities from being exploited.

Elevate Services Group can provide you with these services. Our team of well-versed cybersecurity experts can help you stay safe.

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