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In today's increasingly digital world, cybersecurity has become a top priority for companies across all industries. For financial institutions, protecting digital assets is especially crucial, as they deal with sensitive financial information and assets on a daily basis. However, as cyber threats evolve and become more sophisticated, financial leaders should take proactive steps to safeguard their organizations' digital assets.
Below, 14 Forbes Finance Council members discuss key actions financial leaders should be taking right now to ensure the security of their company's digital assets, from implementing robust security protocols to conducting regular cybersecurity audits and training employees on best practices.
1. Hire A Cybersecurity Consultant
Financial leaders aren't usually cybersecurity experts, so this often feels like biting off more than you can chew, especially when every situation is unique. That is why the simplest solution in almost every instance is to outsource. Hire a cybersecurity consultant to review your firm's operations and make specific, actionable recommendations for you to follow. - Julie DeLong, Backyard Bookkeeper
2. Adopt Best Practices, Provide Resources And Ensure Backup Plans
Leaders should introduce cybersecurity strategies, undertake vulnerability assessments, train staff, adopt best practices and set aside dedicated resources. Perhaps the most important action that any leader can take is to implement redundancies and backup plans. That way, in the event of a breach, the company is prepared to respond quickly and effectively. - Daniele Viappiani, GC1 Ventures
3. Train Your Employees And Clients
Building a fortress for cyberattacks is important, but we believe training the fortress dwellers is even more important because most of the time, the fortress fell not through a breach in its wall, but through a forgotten unlocked door. Thus, besides investing in security technology, we are also investing in the training of our people and clients. For us this is long and continuous and the safest route. - Cenk Kahraman, Finance Incorporated Limited
4. Make Cybersecurity A Focal Point Of Employee Compliance
Make sure that your employee cybersecurity training is happening on a monthly basis. It should be a focal point of employee compliance. Educating your employees to be aware of cybersecurity threats is vital. Most cyber breaches are accidentally caused by our people, who are not aware of how cybercriminals operate. They will click on bad links, act on a spoofed email or be tricked into moving firm assets to unauthorized accounts. - Matthew Petrozelli, Valley National Financial Advisors
5. Review IT Policies And Internal Controls
Most CEOs and business owners are not aware that depending on the severity of the breach or leak that they can be held personally responsible. It is now more important than ever to review all of your IT policies and internal controls. We recently hired a company to try and penetrate our network to see where our holes were. - Bradley W Smith, Rescue One Financial and Simple Path Financial
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6. Ensure A Sufficient Budget Is In Place To Safeguard Digital Assets
Cybersecurity is an imperative discussion topic across all industries these days. Financial leaders must ensure that sufficient budget allocations are made to put in place steps that safeguard digital assets, and in addition, implement an effective risk mitigation strategy that minimizes the damage if cybercrime occurs. - Reza Ghazi, GreenFlow Financial
7. Strengthen Cloud Security For Cloud-Based Tools
Implementing robust cloud security, a set of procedures and technology designed to address internal and external threats to digital assets is imperative for companies incorporating cloud-based tools and services as part of their central infrastructure. Identity verification such as multi-factor authentication, screening approaches and awareness campaigns can strengthen cloud security. - Mike Whitmire, FloQast
8. Invest In High Caliber IT Leaders
For years, IT was seen as “overhead” and not a proactive function within organizations. With the acceleration of technology, IT now has a seat at the table, leading companies as they innovate. With this comes more security risk. Companies must invest in high-caliber IT leaders who are also focused on risk management to mitigate potential security risks. Don’t go cheap on your IT leadership. - Jamie Ellis, Katz, Sapper & Miller
9. Create A Comprehensive Incident Response Plan
Put a comprehensive incident response plan in place that provides the steps to be taken if there is a cybersecurity incident. The plan should also list response team members, define communication protocols and establish a process for containing and mitigating cyber threats. By implementing a strategy that includes risk assessment, other leaders can take proactive steps to protect their companies. - Crystal Gilmore, The Spearhead Group Inc
10. Ensure A Strong Password Policy Is In Place
With the growing importance of cybersecurity, financial leaders should take proactive steps to protect their company's digital assets. One thing they can do right now is to ensure that their company has a strong password policy in place. By implementing a strong password policy, financial leaders can help protect their company's digital assets from cyber threats. - Cynthia Dalagelis, Amalgamated Bank
11. Know Who Has Access To Your Digital Assets
Know where your digital assets are and who has access to them. There are a variety of cloud-based services designed to promote collaboration. The difficulty is that your information and assets might not be as protected as you’d like. You’ll need to find collaboration tools that meet your data security requirements and put a strict policy in place as to what applications are allowed. - Aaron Spool, Eventus Advisory Group, LLC
12. Understand The Identity, Data And Applications Of Your Company
Financial service industry leaders should embrace the journey from cybersecurity to cyber resiliency. It's crucial to understand the three pillars of the industry at large: identity, data and applications. Who has access to what, when and how? Once this is done across the enterprise, they are in a position to enhance their security posture and protect the two most important assets of any company on the planet: people and data. - Monica Hovsepian, OpenText
13. Prioritize Regular Security Assessments And Penetration Testing
Leaders should prioritize regular security assessments and penetration testing to identify vulnerabilities in their company's systems and networks. They should also implement multi-factor authentication, strong passwords and employee training on identifying and preventing phishing attacks. Employee training is crucial as cybercriminals develop new tactics to bypass security measures. - Jeffrey Bartel, Hamptons Group, LLC
14. Use Strong Passwords And Change Them Often
Use strong passwords and change them regularly. Use multi-factor identification. Keep company and client data safe and secure. Use encryption whenever possible. Use credit monitoring. Use security software such as anti-virus software, anti-spyware software and a firewall. Educate employees and clients to not click on anything sent by anyone they do not know. In addition, avoid public wireless, Wi-Fi networks. - Aviva Pinto, Wealthspire Advisors
