What Banks Need to Know About Cyber Resiliency

In a world full of adversity, there is much to be said about the knowledge and strength it takes to overcome setbacks on an individual and organizational level – in short, resiliency.

That is especially crucial in an environment like cybersecurity, where the landscape is constantly changing. Banks must adapt to stay ahead of cyber threats through cyber resiliency.

The National Institute of Standards and Technology defines cyber resiliency as “the ability to anticipate, withstand, recover from, and adapt to adverse conditions, stresses, attacks, or compromises on systems that use or are enabled by cyber resources.” Today, organizations are complementing their cyber resilience strategies with security solutions that uphold their posture. While cybersecurity focuses on protecting information, technical devices, and systems, cyber resilience focuses on keeping business and resources intact amid industry failures and threats. Many dangers exist that can have a detrimental impact on your bank’s daily operations and overall reputation. The main three threats to your bank’s cybersecurity posture include:

• Data Breaches: An unauthorized entry into an organization’s database that allows cybercriminals to access customer data.
• Cybercrime: Organized crimes to steal, abuse, or misuse personal and confidential information.
• Human Error: Employees fail to follow data privacy protocol and policies and accidentally sharing, leaking or exposing confidential information.

While these three are among the most prevalent risks, they are not alone. Your organization should educate employees about the malicious actors that exist in the cyberworld.

Pillars of Cyber Resilience
Your bank’s cyber resiliency posture cannot be assessed until you consider all the pillars that make up a proper strategy. Below are the five pillars of an ideal cyber resilience framework according to Security Intelligence:

• Identify: Banks should have a strong understanding of all the resources that support the organization’s critical functions from both a business and cybersecurity standpoint.
• Protect: Banks should safeguard all critical infrastructure services and information by implementing cybersecurity policies and solutions to create a robust layer of protection.
• Detect: Banks should constantly monitor their enterprise network traffic for malicious activity, searching for any signs of data breaches or other significant threats. A cybersecurity solution will create a more effortless process for scanning your network.
• Respond: Banks should respond to any significant threats or unsuspected activity in real-time.
• Recover: Banks should implement disaster recovery and business continuity plans in case of a data breach or comprising cybersecurity incident.

By considering these five pillars, your bank will be well-suited to perfecting its cyber resiliency posture and ensuring it has all the resources and strength to bounce back from any potential setback quickly.

Taking Control of Your Cybersecurity Experience
The patterns of cyberattacks are evolving in response to changes in the cyber environment and the Internet of Things. For a more practical experience, your bank must consider the social and capital investments necessary to develop a cybersecurity strategy.

According to the Ponemon Institute, “organizations are making investments in technology that do not strengthen their cybersecurity budget based on the wrong metrics. Fifty percent of respondents say their organizations are wasting limited budgets on investments that don’t improve their cybersecurity posture. The primary reasons for the failure are system complexity, personnel and vendor support issues.”

It is not uncommon for security-related responsibilities to fall on employees. Ultimately, it is the company and the employees’ responsibility to protect their networks, servers, and personal and professional information. The key to building a better cybersecurity toolbox is rooted in the relationship between a cybersecurity solution and its users. An ideal cybersecurity solution should include elite features like one-touch compliance reporting and automation tools, integrated threat intelligence, around-the-clock monitoring search for leaked accounts on the deep and dark web, managed compliance, detection, and response, and fast deployment (90 minutes or less).

Prioritizing Cybersecurity
Having a strategy and system in place that continues running smoothly despite adversities directly reflects an institution’s cyber resilience. Your bank should be able to identify, protect, detect and react when facing cyberattacks. Investing your time, resources, and capital into cybersecurity solutions is an essential measure of success. It will ensure network security and protection. As stated in Security Magazine, information technology “should enable businesses to make informed decisions on how to manage cyber risk while continuing their growth agenda. Most directors or CEOs today realize the consequences on the bottom line apart from the damage to reputation caused by a breach or an attack.”

Proper growth always begins internally. Banks that normalize and implement security best practices can achieve cyber resilience. If your organization can adapt its traditional approaches to cybersecurity, it will be better equipped to recover from difficulties it may face. In the end, a quick bounce back is better than a long-term setback. So, what better time than now to act?