4 Steps To Increase Cyber Resilience In Wealth Management?September 17, 2019
No amount of wealth management training is sufficient to protect a person’s assets from the dangers of phishing attacks and other malware. The best strategies against cyber attacks are by being vigilant and strengthening the foundations of security.
This is where a new term- cyber resilience, comes into the picture. Put simply, cyber resilience is the process of making defense systems more agile by combining the best of cybersecurity and business resilience. It can be defined as a business’s or organization’s ability to adapt to attacks in a fast-paced environment.
It has become an important part of wealth management training setups that emphasize on the core strengths of highly structured security systems are 4 strategies to do so.
Prepare And Identify Threats
An important part behind any good cyber resilience strategy is to properly identify actions for when the cyber event will occur. Using a bundle of defender tools and data trackers, businesses can know the weak points in the chain of security and act accordingly to prevent any mishaps. Preparedness also involves being able to deal with specific emergency management business functions such as asset management, debit and credit checks, human resources, strategic planning, financial management, and risk management.
Surprisingly, there is a lack of well-documented procedures that should be followed in the event of a cyber attack. Dynamic business environments have to create their own methods with some references from established sources such as the EU General Data Protection Regulation.
Detect Different Attacks
Vigilance, above all, is necessary. Focus on activities to rapidly identify when an attack is to occur and ensure there are proper contingencies in place to substitute for the systems that may be affected when things go wrong. This strategy involves the use of monitoring networks for indicators and keeping safeguards that come into action automatically. There can be a wide variety of attacks including the common DOS(Denial Of Service) attacks.
In the scope of wealth management training, this could be a secondary app or form that caters to use needs during maintenance checks or the use of DNS Reverse Search Lookups to increase security. More importantly, the system should not treat an anomaly that occurs in the mainframe as an attack if it doesn’t cause any mishaps. The reason for the distinction is to prevent this from occurring.
Build Effective Response Systems
Instead of being dependent on the security setups of a singular platform to manage wealth and capital, invest some money in auxiliary systems to support the current network. Incident reports and response plans must be drafted and circulated among users along with some roles that should be assigned to potential members of the organization.
But instead of using machines as tools for response systems, certain individuals must be delegated to ensure safety. Appoint a team leader or a manager to check the system security frequently and produce reports to its health. Another person in the team should have the responsibility of incident checks, coordinating response team activities, and communicating status reports to upper management.
Recover And Review
Use the review systems to restore any affected data. The flow of money should never be affected especially when the concentration of transactions increases exponentially with the number of users. A good means of implementing this is through the use of methodologies like SCRUM that stress on a cyclical procedure to assess attacks and respond to them.
An effective cyber resilience strategy looks at developing and implementing appropriate methods to restore data points and services immediately after an attack. Keeping enough number of phase gates for identity checks or using an SSL(Secure Socket Layers) can help implement these strategies to a great degree.
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