The Importance Of Cyber Security For Financial Services Businesses In 2022
Running a successful financial services business requires extensive knowledge of this fast-paced market and the ability to stay up to date with the latest developments in your sector.
It also requires a strong reliance on digital technology, which comes with its own risks and responsibilities. One of the main factors that financial services organisations need to consider is cyber security and how to keep their computer systems and networks safe from criminal activity.
With ransomware and other cyber attacks costing the financial services industry around the world as much as $2 million, it’s clearly an important focus that you need to consider.
Thanks to our work providing managed IT support to the financial services sector, Texaport understands the importance of cyber security in this ever-evolving market.
Cyber security is even more crucial to financial services organisations in 2022 than it ever has been before. We’ve listed the most prominent reasons in this article.
Cyber Security Ensures Your Compliance With Relevant Regulations
For financial services businesses, there are many rules and regulations to abide by. While many of them revolve around handling money and reducing the risk of money laundering, there are also many data protection regulations.
The most prominent of these is GDPR, and all financial services organisations have to make sure that they are aware of and compliant with this vital regulation.
A key part of GDPR is making sure that any customer or potential customer data is safe and doing everything in your power to reduce the chances of a security breach.
As such, by focusing on cyber security, you can ensure that your financial services business is compliant with this vital regulation and others.
Remote Working Is Impacting Cyber Security
Thanks to the pandemic, more and more financial services businesses are operating remotely and allowing staff to work from home.
With over a quarter of UK financial services staff wanting to work from home even after the pandemic, it’s clear that businesses in this sector need to adapt for long-term remote working.
Allowing your staff to work remotely might save your organisation money and improve their morale, but it can also bring about many cyber security issues.
If your staff choose to work from public places, such as internet cafes or shared workspaces, then they might be using an unsafe public Wi-Fi network. These networks can be hacked easier than private networks in offices, meaning that your staff’s devices and company data could be at greater risk when they work remotely.
Also, if your staff are using their personal devices, such as laptops, desktop computers, tablets or smartphones, then they might not update the security software regularly.
They might also not keep these items as safe as they would a designated work device. As such, your valuable company data could be at risk.
Luckily it is possible to improve your business’s remote working cyber security by working with a managed IT services provider like us.
We can offer a range of cyber security services to reduce the chances of a potentially devastating attack that could cost your business its reputation, as well as its capital.
With our managed IT support, you can also ensure that your staff’s devices are always operating effectively so that they can be as productive as possible when working from home or anywhere.
Customers Will Feel Safe Working With A Financial Services Firm That’s Committed To Online Safety
Financial services clients place a lot of trust in their service providers. They have to provide a vast amount of personal data to your organisation and give you access to accounts that could contain thousands of pounds or more.
As such, they need to feel safe when working with a financial services company. If your business suffers from a cyber attack, then this could damage your reputation and leave potential customers distrustful of your organisation.
While actively avoiding cyber attacks by boosting your business’s cyber security is vital, you also need to show your customers that your company is deeply committed to online safety.
There are many ways to achieve this, including by obtaining third-party cyber security certification to show that you and your team are constantly learning about cyber security.
Government-backed certifications such as Cyber Essentials or IASME Governance can help you to improve your staff’s understanding of prevalent risks. It can also show your customers that you are dedicated to keeping their precious information safe.
By undertaking Cyber Essentials certification with Texaport, your financial services organisation can prove to clients that it is deeply committed to online safety.
Our certification service will allow you to review everything that you need to get this valuable cyber security certification.
We can help your staff to understand the training and implement the changes that you need to be classed as cyber safe under the rules of the Cyber Essentials program.
Financial Services Organisations Are Expected To Provide More Digital Solutions Than Ever Before
As the world embraces digital technology, financial services businesses are being expected to digitalise more and more of their services.
Many major financial services organisations now have online apps and platforms to allow customers to quickly upload documents, pay bills, review information and more.
Offering digital solutions saves time and allows your business to meet the needs of modern customers, but it also puts you at an increased risk of a cyber security breach.
If your site, platform or app isn’t secure, then you could find that any data stored on it isn’t safe from online criminals.
After all, financial details are valuable to criminals, and they can quickly and easily sell this data on the black market to others.
This will mean that you could be in breach of data protection laws and that you could jeopardise your reputation for safety and security.
So, financial services businesses that offer any digital solutions, whether it’s a digital platform or an app, need to have a robust and cutting-edge cyber security strategy in place.
Implementing Cyber Security Practices Is Easier Than You Might Think
Leading a financial services company requires a lot of time and effort. While implementing robust cyber security practices is crucial, it can seem like it’ll take up a lot of your precious time.
As a busy company leader, you might think that this time could be better spent providing financial support and advice to your valued clients.
Thankfully, working with managed IT support experts like Texaport can save you time and allow you to offer your staff the support and training they need.
We work with KnowBe4, an industry-leading digital solution, to provide cutting-edge cyber security training support to organisations throughout the corporate landscape. Our staff can show your employees how to implement good cyber security practices and reduce the risk to your organisation.
Our experience working with a wide range of clients from various markets and sectors, including across the financial industry, means that we can tailor our support to meet the specific needs of your financial services company.