Organizations that suffer a cyberattack often deal with huge consequences as a result, including damage to their reputation, financial loss and even legal penalties. The finance industry is especially prone to these types of attacks (such as ransomware), as they hold incredibly valuable information to hackers – customer financial info and data.

Fortunately, there are steps your financial organization can take to lessen the likelihood of an attack or damage felt by one. You can take these steps on your own or with assistance from a security strategy partner. Let’s break down how to get started here.

1. Undergo Risk Management

Risk management is a proactive first step in protecting your business from cyberattacks. The process involves identifying any security vulnerabilities or gaps in your current company infrastructure. Once weaknesses are recognized, you can develop strategies to address them and implement solutions to fix them before they become a larger issue.

2. Develop an Incident Response Plan

An incident response plan is a set of procedures that your company will follow in the event of a cyberattack in order to minimize damage and quickly recover. Too often, organizations will wait until an attack occurs to begin solving the problem, which can lead to hefty downtime and financial loss. Having a written plan in place keeps you one step ahead of the game.

3. Perform Vulnerability Tests

A vulnerability test involves testing your security system to evaluate security risks and reduce the possibility of intruders invading your infrastructure. The test is usually automated, with a designated tool used to undergo the testing and provide an analysis report of its findings. Armed with this report, you can continue to implement stricter cybersecurity measures.

4. Receive Technology Consulting

Sometimes, it takes an outside party to provide the best cybersecurity tools, resources and knowledge. You can do so through technology consulting, where a security expert will advise you on which hardware and software best suits the security needs of your company. These advisors can also help you choose technology that reduces costs, improves efficiencies and better serves your customers.

5. Create a Cybersecurity Culture

The most secure financial organizations are those that are continuously up to date on cybersecurity best practices. Creating a cybersecurity-focused culture within your organization is the best way to do so. For example, you can have your employees undergo monthly training that details new cyberthreats or have meetings where you discuss any cyber risks anyone has recognized.

How We Can Help Give You Cybersecurity Protection

It’s important to protect your financial organization before an attack occurs, and it’s too late to resolve the issue. These five practices outlined above are a great way to start – though we can help you take it a step further. You can start enjoying better cybersecurity protection and partner with an MSP like us that can help you every step of the way. Contact us today to learn more about how our services can aid your business. We can’t wait to speak with you!

If you’d like to learn more on how we can help your business with IT, check out additional blogs in our resources section.