The financial industry has always been a prime target for cyber terrorists. Why wouldn’t it be? Here is an industry that requires billions of sensitive data points to be passed to and from various people to execute transactions and return informational queries. Keeping this data encrypted and out of the hands of the wrong people is of ultimate importance. 2015 will undoubtedly be full of challenges for those responsible for site security.
Besides being very aware of your company’s cybersecurity risk management abilities, it is also important that your third-party data sources and vendors are following the same cybersecurity best practices. Recognizing third-party risks tops the list of “Top 10 Cybersecurity Trends for Financial Services in 2015,” in an article by ThinkAdvisor.
ThinkAdvisor suggests that companies will rely on third party services to handle “cyber risk mitigation and monitoring.” With all sites relying on cybersecurity specialists to protect their well-being, there will be a minimum security standard certified by an unbiased regulators and not by the sites themselves. This should ease the hesitancy of working with new partners, vendors and other third parties as “security will be built into any product, service, solution or software capability provided by a third party, and will be subject to frequent testing and updates.”
Also on their list of cybersecurity trends and concerns in 2015…
#2 Rise of the “fusion center”
#3 Intense protection of raw data
#4 New targets for hackers
#5 Evolution of cyber crime analysis
#6 Hacktivism infects the Middle East
#7 Developing nations encounter cyber problems
#8 Response preparation improves as a result of cyberwar gaming
#9 Expectation of privacy despite willingness to share data
#10 Increase in cyber insurance premiums
INO.com uses a number of vendors to power our site with quotes and news. We only work with trusted parties that take cybersecurity as seriously as we do. We continuously strive to keep one step ahead of the bad guys and will surpass industry cybersecurity stands to protect our integrity, visitors and vendors and 2015 will be no different!
You may find the above article an interesting read.
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