Cybersecurity for Financial Services
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Finance Cyber Security
IT Networks, your trusted partner in finance cyber security.
As the financial industry continues to shift towards digitization, cybersecurity has become increasingly important to protect sensitive financial information from cyber threats. That’s why our team of expert Cyber Security Consultants, Cyber Security Experts, and Cyber Security Specialists are here to help.
At IT Networks, we understand the unique challenges that financial organizations face in protecting their networks, systems, and data from cyber threats. Our comprehensive cybersecurity audit for financial services covers all aspects of your organization’s IT security, including risk assessments, vulnerability scans, attack simulation, and compliance reviews.
Our team of experienced professionals will work closely with you to develop a tailored cybersecurity plan that fits your organization’s needs, goals, and budget. We will provide you with a detailed report outlining the results of our audit, along with recommendations for improving your IT security posture.
Cybersecurity For Financial Institutions
Risk Assessment: Our team will conduct a comprehensive risk assessment to identify potential threats and vulnerabilities to your network, systems, and data. This assessment will help you understand your organsation’s risk profile and develop an effective cybersecurity strategy.
Vulnerability Scanning: We will perform a thorough vulnerability scan of your network and systems to identify any weaknesses that could be exploited by cyber attackers. We will provide you with a detailed report outlining any vulnerabilities found, along with recommendations for remediation.
Attack Simulation: Our team will conduct a simulated cyber attack on your network and systems to identify any weaknesses that could be exploited by real-world attackers. This testing will provide you with a clear understanding of your organisation’s ability to defend against cyber threats.
Compliance Reviews: Our team will review your organisation’s compliance with relevant regulations and standards, including PCI-DSS, ASIC, and SOX. We will provide you with a detailed report outlining any compliance issues found, along with recommendations for remediation.
At IT Networks, we understand the importance of protecting your organisation’s sensitive financial information. That’s why we’re here to help. Contact us today to learn more about our cybersecurity audit services for financial services and how we can help you protect your organisation from cyber threats.
The Australian Cyber Security Centre’s Essential Eight is a set of mitigation strategies that organizations can implement to reduce their cybersecurity risks. These strategies are especially relevant for the financial services industry, which is a common target for cyber attacks due to the sensitive data and financial transactions involved. The Essential Eight mitigations are:
The Essential Eight mitigations are:
- Application control: Limit the execution of unauthorized software to prevent malware from running.
- Patching applications: Apply security patches and updates in a timely manner to fix known vulnerabilities.
- Patching operating systems: Keep the operating system up to date with security patches and updates.
- Restricting administrative privileges: Limit the number of users with administrative privileges to reduce the impact of security incidents.
- Multi-factor authentication: Use multiple forms of authentication, such as passwords and security tokens, to prevent unauthorized access.
- Backups: Regularly backup important data to prevent data loss in case of a security incident.
- Network segmentation: Separate sensitive data and systems from the rest of the network to limit the impact of a security incident.
- User education: Train users on good cybersecurity practices and how to recognize and report suspicious activity.
By implementing the Essential Eight, financial services organizations can reduce the risk of cyber attacks and minimize the potential impact of security incidents. It is important to note that these strategies are not a one-time fix, but rather an ongoing process of risk management and mitigation. Regular assessment and review of these strategies are crucial to ensuring their effectiveness and relevance to the organization’s evolving cybersecurity risks.
An audit of the Australian Cyber Security Centre (ACSC) Essential Eight for financial services can be a crucial step in ensuring the cybersecurity posture of an organization. The Essential Eight is a set of cybersecurity strategies that the ACSC recommends organizations implement to mitigate cyber threats.
The Essential Eight includes the following strategies:
- Application control
- Patch applications
- Configure Microsoft Office macros
- User application hardening
- Restrict administrative privileges
- Patch operating systems
- Multi-factor authentication
- Daily backups
An audit of these strategies should involve a comprehensive evaluation of their implementation within the organization’s IT infrastructure. The audit should include a review of the organization’s policies, procedures, and controls to ensure that they align with the ACSC’s Essential Eight guidelines.
The audit should also include an assessment of the effectiveness of the Essential Eight strategies in mitigating cyber threats. This assessment should include a review of the organization’s incident response plan, its incident response capabilities, and its ability to recover from cyberattacks.
Additionally, the audit should evaluate the organization’s employee awareness and training programs related to cybersecurity. This evaluation should include a review of the organization’s cybersecurity policies and procedures, as well as the training and awareness programs that the organization has in place to educate employees on cybersecurity best practices.
Finally, the audit should evaluate the organization’s overall cybersecurity posture and identify any gaps or weaknesses that may exist. The audit should provide recommendations for improvement, and the organization should use these recommendations to enhance its cybersecurity posture and better protect against cyber threats.
Overall, an audit of the ACSC Essential Eight for financial services can help organizations ensure that they are implementing best practices to mitigate cyber threats and protect their sensitive data and assets.
Contact us about our Financial Cybersecurity Auditing Services today
At IT Networks, we take pride in being a leading provider of IT security auditing services in Australia. Contact us today to schedule a consultation with one of our Cyber Security Consultants, Experts or Specialists and learn how we can help you protect your IT infrastructure from cyber threats and attacks.
Financial Industry Cybersecurity - Pain Points
Some of the pain points for financial services cybersecurity in Australia may include:
1. Compliance with regulations: The financial services sector in Australia is highly regulated, and financial institutions are required to comply with various regulatory frameworks, such as APRA, ASIC, and the Privacy Act. Compliance with these regulations can be complex and time-consuming, and failure to comply can result in significant penalties.
2. Cyber threats: Financial services institutions are prime targets for cybercriminals, who are constantly developing new and sophisticated methods to breach security systems and steal sensitive information. The increasing use of digital channels for financial transactions has also increased the risk of cyber attacks.
3. Data protection: Financial institutions hold large amounts of sensitive data, including personal and financial information. Protecting this data from cyber threats, as well as from internal threats such as employee misconduct, is a major challenge.
4. Technology complexity: Financial institutions use a wide range of complex technologies, including legacy systems, which can be difficult to secure and maintain. Upgrading systems can be costly and time-consuming, and may require significant investment in new technology.
5. Lack of cybersecurity expertise: Many financial institutions do not have in-house cybersecurity expertise and may struggle to keep up with the latest threats and technologies. This can result in inadequate security measures and increased vulnerability to cyber attacks.
6. AFSL Licensor: Many AFSL License holders have licensee’s use their AFSL. As an AFSL holder, you take the risk for anyone using your AFSL. Have IT Networks ensure that your licensee’s have the appropriate measures in place to comply with relevant regulations, specifically ASIC RG 104 if you are an AFSL holder.