Cybersecurity Alert: Safeguarding Financial Services in the Digital Age

According to this article in Digit News, the finance industry is facing an unprecedented surge in cyberattacks, ranking as the third-most attacked sector, with a staggering 119% year-over-year increase in web application and API attacks from Q2 2022 to Q2 2023, totaling around 1 billion attacks.

There’s a multitude of measures that must be in place to comprehensively protect your IT security, one significant area is making sure your policies are anchored throughout the organization.

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💡 Here are a few tips on how to reinforce your IT security from a governance perspective. Starting with these policies that provide a good foundation.

·      Risk Management Policy

·      Information Classification and Handling Policy

·      Information Security Policy

·      Access Control Policy

·      System Security Policy

Let’s dig deeper into these policies:

‍Risk Management Policy:

This policy outlines how an organization identifies, assesses, and mitigates risks related to cybersecurity and data protection.

Information Classification and Handling Policy:

This policy establishes guidelines for classifying and handling sensitive information to protect its confidentiality, integrity, and availability.

‍Information Security Policy:

The information security policy serves as a comprehensive framework to safeguard the organization's digital assets, data, and information, guiding employees and stakeholders in maintaining the highest standards of confidentiality, integrity, and availability.

‍Access Control Policy:

This policy governs who has access to an organization's systems, applications, and data and specifies how access is granted, monitored, and revoked.

‍System Security Policy:

The system security policy outlines the guidelines and procedures for securing the organization's technology infrastructure, ensuring the confidentiality, integrity, and availability of critical systems and data.

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‍Policies are greatly important to strengthen our cyber security, but they must be anchored throughout the organization to serve their purpose.

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Companies who seek help with this, contact us. Our policy management software enables companies to establish, maintain, and anchor governing documents, reducing risks, and increasing likelihood of successful business outcomes.

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