In today’s rapidly evolving threat landscape, the financial industry faces significant risks from cyberattacks that can have severe consequences. To safeguard sensitive financial data and ensure regulatory compliance, it is crucial to implement robust security measures. At CommSec, we understand the unique challenges faced by various financial institutions, including commercial banks, investment banks, insurance companies, brokerage firms, wealth management services, mutual funds, and credit unions.
Our comprehensive cybersecurity solutions are specifically tailored to address the specific needs and regulatory requirements of each institution. We work closely with our clients to assess their existing security posture, identify vulnerabilities, and develop customised strategies that align with industry best practices. Our solutions encompass a wide range of cybersecurity measures, including network security, data protection, access controls, incident response, and alerting and monitoring.
By leveraging our expertise and understanding of the financial industry, we empower institutions to proactively mitigate risks, protect their sensitive data, and ensure compliance with regulatory frameworks such as Central Bank Guidelines, PCI DSS, GDPR, and other relevant legislation. With our tailored approach, financial institutions can confidently navigate the complex cybersecurity landscape, maintaining the trust of their customers and stakeholders while safeguarding their critical assets.
Key IT Security Challenges in the Finance Sector
MANAGED DETECTION & RESPONSE
Without awareness of activity inside your organisation’s network, it can be impossible to know if systems and data are in danger of being compromised. CommSec MDR provides extensive threat visibility across on-premises, cloud and hybrid environments, 24/7.
Protecting sensitive data is critical for financial institutions. Our solutions offer advanced encryption, access controls, and monitoring to prevent unauthorised access, breaches, and identity theft. Compliant and secure, we help maintain trust and safeguard information from cyber threats.
lack of in-house resources
In-house IT teams often face resource constraints, focusing on operational IT issues rather than monitored security and response. Additionally, the competitive IT skills market makes recruiting experienced security professionals challenging. Contracting an external security team becomes a logical solution.
Organisations often need part-time CISO or DPO leadership for higher-level projects and compliance. Expertise and guidance from dedicated professionals bridge the resource gap, enhancing cybersecurity and regulatory compliance while allowing IT teams to focus on core responsibilities.
Its imperative for Financial institutions to conduct risk assessments of their IT environment, data, and supply chain. We provide comprehensive assessments to identify vulnerabilities and prioritise security measures. Our expertise helps organisations to protect digital assets, data, and maintain supply chain integrity.
IMPLEMENTING ZERO TRUST
Implementing Zero Trust can be daunting for organisations, leaving them unsure where to start. We specialise in guiding this process, conducting assessments, and designing tailored solutions. With our expertise, organisations can transition to a Zero Trust architecture, delivering secure remote access, access to resources and apps and mitigating risks.
We prioritise the following key legislation and guidelines to ensure compliance and mitigate risks:
Central Bank Guidelines: We closely adhere to the cybersecurity guidelines provided by The Central Bank of Ireland to ensure our solutions align with industry best practices and regulatory requirements specific to your organisation.
Payment Card Industry Data Security Standard (PCI DSS): For financial institutions that handle payment card information, we assist in implementing and maintaining PCI DSS compliance. Our solutions help safeguard cardholder data, secure payment card transactions, and protect against data breaches.
General Data Protection Regulation (GDPR): We help financial institutions comply with GDPR, which safeguards the personal data of EU citizens. Our solutions ensure the privacy and security of customer information, implement data protection measures, and enable timely breach notifications when required.
Digital Operations and Resilience Act (DORA): We assist financial institutions in complying with the Digital Operations and Resilience Act. DORA focuses on ensuring the operational continuity, security, and resilience of critical financial infrastructure. Our solutions help organisations establish robust cybersecurity measures, conduct regular risk assessments, and develop incident response plans to mitigate potential disruptions and protect against cyber threats.
How CommSec can Help?
In addition to regulatory compliance, we recommend the following cybersecurity practices to strengthen the security posture of financial institutions:
SOC/SIEM Solution: Financial institutions must have robust security operations centers (SOC) and security information and event management (SIEM) solutions in place. Our solutions help monitor and analyze network traffic, detect and respond to security incidents promptly, and provide comprehensive threat intelligence. Find out more
Implement a Zero-Trust Architecture (ZTA): A Zero-Trust Architecture eliminates the assumption of trust within the network and requires verification for every access request. By implementing ZTA, financial institutions can minimize the risk of lateral movement and unauthorized access, protecting critical systems and data. Find out more
Implement a Third-Party Risk Management Program: Financial institutions often rely on third-party vendors and partners. Establishing a comprehensive third-party risk management program helps identify and assess potential vulnerabilities and risks associated with these external entities. Our solutions facilitate the evaluation of third-party security controls, monitoring vendor performance, and ensuring compliance with security standards. Find out More
Detect and Shut Down Data Leaks: Unauthorised data leaks can have severe consequences for financial institutions. We provide advanced data leak prevention solutions that employ machine learning algorithms to detect and prevent data exfiltration attempts in real-time, ensuring sensitive information remains secure. Find out more
Use an Attack Surface Monitoring and Threat Intelligence Solution: our attack surface monitoring solution continuously scans and assesses the organisation’s external digital footprint, identifying potential vulnerabilities and proactively mitigating risks. Find out More
Professional Services: Our accomplished team consists of CISOs and DPOs serving as professionals on-demand. These individuals are highly knowledgeable in their respective domains, possessing the necessary qualifications and expertise to offer exceptional guidance in executing strategies, devising roadmaps, and executing expert tasks pertaining to compliance. Find out more
CommSec is committed to providing financial institutions with cutting-edge cybersecurity solutions. Our expertise in the industry, combined with our understanding of the regulatory landscape and emerging threats, ensures that our clients receive comprehensive protection for their critical assets and sensitive data.
Contact us today to learn more about how we can help safeguard your institution against cyber threats and aid regulatory compliance.
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