Posted By Jessica Weisman-Pitts
Posted on October 7, 2024
Furqan Siddiqui, SOC Operations Officer at Obrela
Furqan Siddiqui, SOC Operations Officer at Obrela
As custodians of sensitive financial data, banks and financial institutions face several cloud security threats that demand security controls and mitigation strategies.
Data breaches are a primary threat as malicious actors may infiltrate cloud systems to gain unauthorised access to confidential customer information such as account numbers, passwords, and transaction histories. Additionally, insider threats pose risks, where disgruntled employees or negligent staff members might compromise sensitive data.
Furthermore, the reliance on third-party cloud vendors introduces another layer of risk, as these entities may themselves become targets of attacks, or inadvertently expose data through misconfigurations or vulnerabilities in their infrastructure.
So, what can be done? Banks have a huge responsibility to operate within the relevant compliance framework(s), and to also reassure clients that their personal and sensitive data is protected. Robust cybersecurity measures are now essential for continued operation in the digital era.
To mitigate these growing threats, banks can adopt the following security controls to ramp up cloud security.
Implementing robust encryption protocols ensures data remains protected both in transit and at rest within the cloud. Meanwhile, ensuring strong access controls and authentication mechanisms are in place helps ensure unauthorised individuals cannot gain entry to sensitive systems and data.
Regular security audits and vulnerability assessments help identify and address any weaknesses in the cloud infrastructure. A third-party assessment ensures honesty, neutrality and often, a higher level of expertise.
Employees must be kept aware of current and potential security issues. Invest in comprehensive training programmes and employee awareness activities regarding security best practices and the importance of safeguarding sensitive data.
And there’s no avoiding the fact that 24×7 monitoring enables banks to promptly detect and respond to potential security threats in their cloud environments, ensuring continuous protection of sensitive financial data. You need to ensure round-the-clock monitoring is in place, whether in-house or outsourced, manual, automated or hybrid.
Finally, banks need a robust incident response policy to swiftly address security breaches and mitigate the potential impact on both customers and the institution’s reputation.
To combat these evolving threats, the banking and financial sector must adopt a multi-layered approach to cybersecurity, including advanced threat detection, response tools and cybersecurity awareness training for all staff. Collaboration and information sharing between industries and governmental bodies are also crucial for staying ahead of emerging threats.
Robust data backup and recovery plans, and a zero-trust architecture are also imperative.
While the sector remains one of the most targeted by cyber criminals, getting all the above in place means we have a chance to foil attacks before they’ve even taken root.
