Watkins White Paper | 2015 | Cyber Threats to the Financial Community
Regulators are making cybersecurity a priority for enforcement. Ever more sophisticated cyber-criminals are focusing on stealing and monetizing data. The potential risks faced by the finance industry are increasing exponentially. Fortunately, by proactively putting the appropriate cyber security measures in place, financial institutions can reduce the risk of cybercrime and the cost of complying with potential cyber regulations. In a period of profit margin compression, where spending trade-offs must be made, every firm needs to make cyber security a priority. First, the CEO, along with the BOD, must establish a clear and concise cyber security policy. Second, senior level management must develop, test and implement operational procedures designed to enact this policy. Next, the institution must construct a detailed business continuity plan designed to ensure continuation of business operations and procedures in the event of a breach or other catastrophic event. Finally, the institution must adopt a strategy of on-going training, monitoring and vigilance, empowering every employee to identify and report suspicious activity.