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
Security questions organisations in financial services should be asking:
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.
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.
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.
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.
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.
"If you want a solution where someone will look after you 24/7 and give you a very flexible, professional and agile service – you want Redscan"
"Redscan’s hands on approach identified security flaws that had previously been overlooked by other vendors"
“Services like ThreatDetect are few and far between.”
“We’ve established a successful partnership with Redscan – their market leading cyber security offering is strong and we’ve won some exciting projects together”
"Redscan gave us the professional service and quick turnaround that we needed to meet our tight deadlines."
The Privacy and Electronic Communications Regulations (PECR) sit alongside the GDPR and DPA to enforce strict rules concerning the protection of electronic communications. Any organisation that sends …
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