What financial services sector needs to know about cybersecurity

Financial services companies contribute over £100 billion per year to the UK economy. Due to large amount of revenue financial services are often targeted by cybercriminals. A November 2020 survey that 62% of financial service providers suffered a breach in the past 12 months.

With the mass shift to home working in the UK, the risks are continuing to rise. Since the increase in remote work, 40% of UK financial services firms say they’ve noticed a rise in cyberattacks.

Below are key security questions, financial firms should be able to answer:

• How are you protecting your firm’s data?

Firms must have a robust data protection policy in place for both customer and internal information. Financial services companies should have features like email encryption, multi-factor authentication, and conditional access in place.

• What is your response strategy for a customer information breach?

Employees should know how to respond in a worst-case scenario. They should assume a breach will happen at some point and be able to respond to protocols in order to quarantine and report threats.

• Do you have a robust cyber insurance policy?

A cyber attack not only damages reputation – it could come with lost of extra costs, fines, litigation costs, settlements, investigation costs, and more. Firms should have a good quality cybersecurity liability insurance that clearly outlines the situations it covers. If you follow the recommended security guidelines that a breach is inevitable, it only makes sense to know your insurance plan like the back of you hand.

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