The financial services sector faces some sobering information security challenges. In fact, in 2015 banks and financial organizations experienced a four-fold increase in mobile banking Trojans. The ability to combat current and future security threats requires sound security governance, processes, and expertise. Losing sight of any one of these things could result in reputational, regulatory, and legal repercussions.
The challenges for IT professionals in the financial industry are daunting, ranging from a lack of IT staff and security talent to a rise in tougher cybersecurity regulations and updated policy development. Cybercriminals are enticed by client information, trading data, and publicized assets under management. Consequently, the frequency, sophistication, and cost of attacks and security breaches on financial firms are steadily increasing. The growing use of encryption by cybercriminals is only adding to the headache.
Towerwall is committed to supporting financial organization’s information security, risk, and compliance. Our seasoned security consultants recognize the breadth of challenges you face and are committed to helping you combat the ever-changing threat landscape.
Governance, Risk and Compliance (GRC) are the three most important components in managing your security program. Often confused as a being a security tool, is the practice of defining the security governance within your organization (policies, standards and procedures), identifying and determining the risks that may be found within the environment and ensuring that the organization is compliance with its own governance as well as any laws and regulations that the business may be required to comply with. Without an even balance of these three pieces, security programs simply turn cycles putting out fires.