What steps can financial service providers take to protect their clients?
“There is not a silver bullet solution for good security hygiene, so a layered approach around people, processes, and technology needs to be developed and implemented,” said Jason Collins, chief technology officer of FIT Technologies. A few of those proactive steps that should be taken are:
Multi-factor authentication (MFA)
Most of us are familiar with leveraging username and passwords in our daily lives, whether at work or at home. Username and passwords are vulnerable to brute force attacks, so MFA is used to add a layer to the login process by requiring us to confirm that we are who we say we are when using our username and password.
Awareness training
The human element is the most vulnerable and attacked area in IT security. Developing and executing strategies that focus on bringing security awareness to staff is imperative to protect against potential threats. This can mitigate the risks of innocent mistakes that people make when working, such as clicking on a link in an email.
Patch management
Patching the systems and applications that we use in the business is a critical security practice…
