Industry Solutions

Financial Services

Cyber Security for Finance

Financial institutions hold vast quantities of high value information, including client data, banking records, proprietary research and trading algorithms, which is at constant risk of being compromised.

In the face of growing threats, and under pressure from regulators, trading partners and customers, it is vital that organisations such as banks, hedge funds, wealth management firms and private equity houses make the right security investments to ensure that this data is fully protected.

Common cyber security challenges in the financial services sector include:

Defending growing and increasingly fragmented network infrastructure
Integrating new technologies alongside legacy systems
Balancing system accessibility with security
Minimising the financial and reputational damage of breaches
Achieving compliance with the GDPR, SWIFT CSP and FCA regulations
 

Key security questions for financial services organisations

Security questions organisations in financial services should be asking:

  • How often is digital infrastructure tested for vulnerabilities?
  • Are systems able to identify threats that bypass the perimeter?
  • Are staff sufficiently trained on information security risk?
  • Is there a plan in place to detect, remediate and report breaches?
  • What systems and controls are in place to mitigate insider threats?
  • How is the personal data of clients processed and protected?
  • Is operational resilience regularly assessed?
  • How will services be affected in the event of a cyber incident?

Cyber security compliance for Financial Services

Redscan is well placed to help financial institutions tackle the complex challenge of achieving compliance with FCA, BoE and SWIFT CSP requirements on cyber security, the GDPR, DPA 2018 and other data security requirements.

In effect since May 2018, the GDPR sets strict data security standards, requiring organisations to protect personal data and report breaches to the relevant authority within 72 hours.

€20 million or 4% of global turnover (whichever is greater)
The maximum GDPR penalty for a cyber security breach.

Under Principle 11 of the FCA Handbook, financial services organisations must report all ‘material cyber incidents’ – those which either affect a large number of customers or result in unauthorised access to, or malicious software present on, information and communication systems.

Financial services companies that take online card payments also need to comply with the Payment Card Industry Data Security Standard (PCI DSS). Requirements include maintaining a secure network, implementing robust security policies, regularly testing systems for weaknesses and proactively monitoring network infrastructure.
 

About Redscan

 
Redscan has extensive experience working with banks, hedge funds, financial advisers, asset managers, insurers, fintech and accountancy firms, helping them to assess cyber security risk, eliminate vulnerabilities and proactively detect and respond to the latest cyber security threats.

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Functioning as an extension of in-house IT resources, ThreatDetect™ is an award-winning MDR service supplying the capabilities needed to monitor, hunt for and remediate cyber-attacks and breaches 24/7.

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Experience a real-world cyber-attack simulation to identify the weaknesses an attacker could exploit, quantify the value of data that could be exfiltrated and assess the effectiveness of security investments.

Penetration Testing

Our CREST-approved, fully customisable pen test engagements enable you to identify vulnerabilities and exposures in your infrastructure, applications, people and processes in order to reduce security risk.

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A Redscan investigation has revealed the extent of the problems facing organisations in the healthcare industry as they struggle to defend against increasingly sophisticated cyber threats.   With …

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