How Cyberprotect Helps Financial Institutions Prevent Data Breach Investigations? – Cybercriminals employ numerous schemes to steal or damage data, so implementing comprehensive digital risk protection measures helps lower the risks associated with catastrophic data breaches.
An integrated solution combining backup with next-gen, AI-powered antimalware offers effective cyber protection while freeing up human resources.
Security
With human society becoming more digital, protecting critical systems and personal information from cybercriminals has never been more essential. Security measures include backing up data, implementing user authentication policies that balance security with usability, activating firewalls to thwart malware attacks and installing anti-virus/anti-malware software on devices in order to reduce their risk.
However, it’s important to keep in mind that not all cybersecurity threats can be avoided. Some may be mitigated through user training and awareness programs; other threats, like social engineering attacks where hackers try to gain sensitive data by impersonating trusted sources are beyond anyone’s control – becoming increasingly sophisticated as time goes on and more damaging for both businesses and individuals.
Cyber attacks can cost businesses millions of dollars and be extremely damaging, including reputational harm and the potential loss of customers, which is particularly devastating in financial institutions. Cyberattacks can often happen quickly without warning; with proper tools, 24/7 monitoring, and swift remediation measures put in place it may be possible to stop a breach from ever taking place.
Due to increasingly sophisticated cyberattacks, financial institutions must have a top-of-the-line Security Operation Center (SOC), investing significant time, money and infrastructure. Many organizations find it more prudent to partner with an MSSP that offers staff expertise as well as technological and service offerings required to effectively defend against advanced cyber attacks.
CyberProtect SM from Fiserv provides intelligent security designed to keep pace with an ever-evolving threat landscape. This solution unifies backup, disaster recovery, next-gen anti-malware protection, security endpoint management capabilities into one service that allows IT resources to focus on strategic opportunities rather than on monitoring multiple cybersecurity modules. Developed by security experts who understand your institution’s vulnerabilities, start today using this protection platform specifically created to ward off today’s targeted and fast-moving attacks!
Compliance
Cybersecurity compliance is an integral component of any successful cybersecurity strategy, helping reduce data breaches and maintain customer trust. But keeping pace with ever-evolving cyber threats can be challenging; one way organizations can ensure compliance is by training all employees on best security practices such as phishing attacks and handling sensitive information safely. Furthermore, it’s wise to designate a team responsible for overseeing their company’s cybersecurity measures to make sure everything stays compliant with regulations.
With so many cybersecurity regulations, it can be challenging to keep up with them all. An automated solution can make this task simpler and save time while providing customized reports and dashboards tailored specifically to meet your business’s requirements and standards.
A checklist may be a good way to monitor progress – using it can give your peace of mind that all regulations have been fulfilled and security remains in good order.
Compliance can have a direct effect on both your business and its reputation, with cyberattacks potentially damaging its standing and resulting in loss of revenue. By adhering to compliance regulations, however, companies can reduce the risks of data breaches and any subsequent adverse repercussions for themselves and their clients.
Compliance with regulatory bodies can help your business protect its reputation and maintain an edge. In addition to mitigating security risks, compliance can help attract new customers while keeping existing ones loyal and avoid penalties or fines that might otherwise come your way.
Financial institutions rely on advanced security solutions that can keep up with ever-evolving threats, like Fiserv’s CyberProtectSM platform, designed to outwit and defend against sophisticated attacks. By using multiple advanced technologies to detect, respond, and recover quickly from threats accelerated threats will help financial institutions focus on core activities while still offering exceptional customer service without disruptions.
Identity Management
Identity management refers to a set of tools used to authenticate and regulate access to systems, networks and data for users. This process involves identifying users based on business and compliance requirements as well as their roles and permissions that they possess based on policy enforcement across systems, data centers and cloud environments.
IAM solutions can assist enterprises in mitigating risk related to brand damage, leaks of personally identifiable information (PII), theft of proprietary information and unintended access. This is accomplished by seamlessly linking all types of identities across an enterprise while associating each with specific access levels for auditing.
Privileged Access Management (PAM), as an integral component of Identity and Access Management (IAM), ensures that only authorized personnel have access to data they require at any given time. This is achieved by protecting privileged accounts against compromise while simultaneously isolating them from regular accounts to reduce damage caused by overly broad permissions.
Identity governance allows administrators to administer access policies across an organization using tools such as single sign-on (SSO), multifactor authentication enablement and machine learning identity analytics. These tools help identify any unauthorized account creation as well as increase authentication using secondary verification controls.
A centralized and integrated directory service identifies and manages users across an enterprise, providing a foundation for access management. Connectors in IDM systems allow them to integrate seamlessly with applications or systems using native protocols like LDAP, SQL or REST and are nonintrusive as they don’t require modifications of target systems or applications.
Cyberattacks have become more sophisticated and frequent. To minimize damage, mitigate risk, and ward off regulatory fines effectively, financial institutions require an effective defense that includes 24/7 detection and response – Cyberprotect offers this layered defense in one comprehensive solution, protecting from business continuity interruption or data breach that may cost money or result in reputational loss for any size financial institution. Our world-class cybersecurity expertise paired with industry best practices offers unmatched protection to this sector.
Reporting
Cyberprotect is an innovative solution designed to allow financial institutions to proactively detect, assess, and manage security threats 24/7 in one comprehensive solution. Instead of having to build, staff, and manage a Security Operations Center (SOC), or invest in multiple expensive cybersecurity modules – executives can focus on running their core business while Cyberprotect and BlueVoyant handle monitoring, detection, and response of threats.
An integrated approach to data protection is paramount. In the past, resources were directed toward protecting against the biggest known risks while lesser-known and emerging threats went undefended; this approach no longer suffices in today’s ever-evolving threat landscape; an effective proactive defense must now be established to keep pace with it all.
With more data in a company environment comes increased risks of cyberattacks. This can include data theft, manipulation and leakage; therefore a strong information security program must protect sensitive data against all these threats to maintain its privacy and safety.
Cyberattacks present organizations with many threats, from lost data and downtime, to disruption and disruption. Building a robust cybersecurity and data protection strategy enables businesses to prepare for these types of events by testing their ability to remain operational despite cyber attacks. Business continuity and incident response (BC-IR) should form key parts of an effective cybersecurity plan.
One of the primary indicators of an organization’s cybersecurity effectiveness is their response time when faced with cyberattacks or data breaches – known as Mean Time to Resolve (MTTR). Quick responses can significantly mitigate an attack’s effects and limit exposure of personally-identifiable information.
Scheduled updates to senior management regarding key cyber risks, treatment strategies and remediation can create discipline throughout an organization around cybersecurity practices. Reports should be concise, easy-to-understand and free of specialized jargon.
No matter the external audit or regulatory assessment you may face, Cyberprotect’s controls mapping and detailed compliance reporting tools can assist with gathering documentation quickly while also addressing previous findings to strengthen overall security posture. This feature can prove especially valuable as many credit unions struggle with gathering documents quickly as well as resolving previously identified issues before their scheduled FFIEC/NCUA assessments occur.