utah.bank 18 Banks and other financial institutions handle some of the most sensitive parts of an individual’s life. We hope that our information is safe with these organizations, but unfortunately, breaches happen far too often. In fact, 62% of breached data came from financial services in 2019. And companies in the financial services sector can suffer dramatically if a breach occurs. So, what should banks and other organizations do in the aftermath of a data breach? There are a few steps these organizations should include in their data breach response plan to mitigate damage and retain customers. Protecting Banks from Cyber Attacks Data breach response plans will help financial institutions find their footing after a data breach, but banks should also have measures in place to prevent cyber-attacks and breaches in the first place. To do this, leaders and decision-makers need to understand and implement strict cybersecurity policies throughout the organization. This includes safeguards like password policies. Put together a formal password guide, informing employees what types of passwords are the strongest, setting password expiration dates, and requiring the use of multi-factor authentication. Even this small step can add a level of protection to your organization. You’ll also want to ensure your organization utilizes a firewall and other cybersecurity solutions. One thing organizations often overlook in securing their data is mobile devices. Many financial services companies use laptops, tablets, and smartphones for their employees. If these devices contain company information and are not protected, you are opening a door for hackers. To give your business the best chance at preventing data breaches, you must do an entire risk assessment to determine the best cybersecurity solutions. If you don’t have internal IT resources to provide this assessment, you can always reach out to a cybersecurity provider and have them help you. Some companies even offer free assessments for this very situation. Putting Together a Data Breach Response Plan No matter what cybersecurity measures you have in place, if you experience a data breach, you’ll want to have a response CRUCIAL STEPS IN A DATA BREACH RESPONSE PLAN FOR FINANCIAL ORGANIZATIONS By James Fair, Sr. VP of Technical Operations, Executech
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