Cybersecurity for Financial Institutions

Every organization faces cybersecurity and compliance risks, but cybersecurity for financial institutions is often faced with additional compliance requirements and regulations. With increasing dependence upon online systems, changing client expectations and a moving target in compliance, financial services cybersecurity is complex and challenging to manage on your own.

ProCircular can help you to identify and address your most pressing cybersecurity challenges in a cost-conscious way. Our security experts navigate complex financial cybersecurity regulations with ease, ensuring your systems are secure and fully compliant. 

Cybersecurity Challenges for Banks and Financial Institutions

Financial institutions have a variety of unique cybersecurity challenges, including:

Protecting Financial Records

Financial institutions store sensitive information such as clients’ personal information, financial records, personal wealth and investment accounts. Because banks and financial institutions handle money and financial information, they are often targeted by hackers attempting to steal valuable data.

Frequency of Transactions

A number of different transactions frequently occur at financial institutions. This includes money withdrawals and deposits, investment transfers, financial filings, loan processing, fund transfers and other activities. Clients are often performing financial activities via banking apps and online portals, all of which are vulnerable to cyber threats.

Adhering to Banking Cybersecurity Regulations

There are many strict financial sector cybersecurity regulations in place in order to keep private data safe. These cybersecurity regulations and compliance requirements come from various outside agencies such as SEC, FFIEC, IRS and FINRA. Financial services cybersecurity must consider all regulatory requirements.

Cybersecurity Threats Facing Financial Services Providers

Threats come to the financial industry from several sources:

• Wire Fraudsters work to steal funds by placing themselves between the client, the financial institution and the recipient of a transfer.
• Ransomware is used to lock up computer systems and impact time-sensitive activities.
• Regulatory Expectations – Although they’re intended to be helpful, compliance guidelines are constantly changing, evolving and occasionally complicating financial services cybersecurity efforts.
• Human Error – All institutions are susceptible to risks associated with human error, and financial institutions are no exception.
• Identity Theft and other targeted attempts to access personal credentials and financial data.
• Other External Threats such as email phishing, card skimming and more.