Financial Institutions Ramp up Cybersecurity in 2016

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.


“As a state chartered mutual savings bank, Middlesex Savings Bank is subject to strict government regulations and standards (such as SOX). Through our partnership with Towerwall, we have implemented their proven methodology, the 4E Methodology, to help us meet these standards and make sure that we stay compliant.”

– Chuck Bauer, Executive Vice President and CTO, Middlesex Savings Bank

Security Partner
Information Brief

FDICIA

Federal Deposit Insurance Corporation Improvement Act (FDICIA) – What You Need to Know

Financial Sector Security Facts:

  • In 2015 credit unions, on average, spent $136,000 on data security measures and $226,000 in costs associated with merchant data breaches in 2014
  • Banking sector continues to suffer network breaches on a regular basis, with small and mid-size firms especially vulnerable.
  • The financial services industry ranks third in the number of data breaches, behind the leader, public organizations, and the information industry, according to Verizon’s 2015 Data Breach Investigations Report.

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.

Partner Case Study

Investor Savings Bank Case Study

 

Why Choose Towerwall?

Comprehensive Policies

Encompasses detailed policies with respect to the secure use of a firm’s information and technology resources by IT, users, and/or external service providers.
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Risk Assessment

Gauges an application’s or network’s ability to withstand attacks and enables a firm to better protect their information assets by identifying vulnerabilities that they did not know existed.
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Internal Risk Assessment

Evaluates the security posture of a firm in an effort to identify, analyze, remediate, and mitigate security risks.
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Financial Sector Information Security