When you read more about QProfit System and other automated trading bots and the way they have transformed the way we trade, the internet feels like a wonderful place to be. But then the scary cyber attacks on the Bank of Bangladesh in February 2016 where hackers used the loopholes in SWIFT to do away with $81 million dollars tells another story.
The above said financial heist had taken precedence over Brexit, US elections, and volatility in China in 2016.
Cybersecurity remains the top priority in the financial services industry. As a result, a huge chunk of investment is directed towards it; the complex and sophisticated nature of attacks justifies the budget allotted by companies towards this biggest risk of our age.
It is not enough to know about the risks but you must be prepared to protect your company from hackers. Here’s how you can do it:
- Identify the risks: For an all-round and complete protection, you must know the attackers and the mode of attack. In this case, it is your responsibility to find out what are the weak areas in your business; how vulnerable is your business. Here knowledge is power, therefore get complete details on the kind of threats from malware and phishing that your kind of business faces.
- Encryption is a must: Hackers can get company information on employees and financial transactions fairly easily if the data is not encrypted. You must encrypt all data by using the encryption tools on all operating systems. You must set all your system to auto log out when there is no action in five to ten minutes maximum to ensure the encryption is effective.
- Don’t forget the hardware: Cases of burglary and theft of computers and laptops is common. It is therefore important that you secure your hardware with lock ports that tether the physical objects in place. Next, keep your server room always locked and the keys safe. You can also opt for hardware-based encryption.
- It’s a team effort: Every employee of your company must be made aware of the risk of cyber attacks and trained on how to keep information safe. They must be educated on how emails, pop-ups, and apps can pave way for hackers to enter their system. Draft an internet policy for your company where browsing the internet from desktops and devices within the premises is not allowed. Your IT specialists can brief the staff on the harmful emails that must be avoided.
Not only businesses, even individuals must pay greater attention to cyber safety and security.