Security misconceptions are common within financial services. Unfortunately, the industry is a prime candidate for security breaches—between its common use of legacy systems and the valuable financial data it manages.
Let’s take a look at some common challenges in the industry:
Security is built-in—"I’m fine”
Most IT solutions (yes, even cloud solutions) with built-in security do not offer comprehensive coverage to protect the entire infrastructure. While added security is a bonus, financial services must scrutinize offerings to make sure that vulnerabilities aren’t left exposed.
The cloud, for example, runs on a shared responsibility model that includes some security features from the provider’s side, but ultimately requires additional components from the customer’s side.
The technology is fool-proof – “All my bases are covered”
Some modern technologies such as distributed ledger technology (DLT) are designed to withstand major security threats. However, despite the strength of the technology itself, the vulnerability lies in the hands of those who use it.
Within DLT, for example, care should be taken when choosing administrators for the network. When one person compromises the network, it’s easy for the entire system to destabilize and become less secure.
I’ve built a new security architecture—“I’m invincible!”
The financial services industry is notorious for running on legacy systems, which often offer limited protection against the latest security threats. But a common misconception is that when new security postures are in place, that data will be kept secure. The reality is that even when pains are taken to enhance security, postures still require round-the-clock monitoring to ensure protection.
At the rate that cyberattacks evolve to fit the current security trends, constant attention must be paid to each application, solution, and infrastructure. It’s only with constant monitoring that vulnerabilities can be discovered before it’s too late.
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