10 Critical Security Questions for Banks and Financial Services Organizations
Author(s): Eric Crabtree, Posted on November 3rd, 2017
More consumers are concerned today about identity theft and card fraud than about war and terrorism. As the 2017 Unisys Security Index™ shows, identity theft ranks first among eight security threats, with 65 percent of those surveyed saying they are seriously concerned (i.e., “extremely” or “very concerned”). Bankcard fraud ranks a close second, with 64 percent of those surveyed saying they are seriously concerned.
This puts the ball squarely in the court of financial services institutions. As you formulate your security strategy to respond to increasingly sophisticated cybercrime efforts, be sure to answer the following ten critical questions:
- Are your current security tools efficient and effective enough to handle the new omnichannel financial models where more data is transferring between more systems than ever before?
- How can multi-factor authentication techniques, including biometrics, help you better ensure that the right person is accessing the right account with the right level of security based on the type of transaction?
- How can you create more robust security without compromising the customer experience?
- How will you isolate hackers who break into your system to ensure that they don’t have free access to sensitive data?
- How are you cloaking personal and transactional data and concealing endpoints?
- What encryption methodologies are you using to protect sensitive data in motion?
- How can you leverage advanced analytics to anticipate, identify, and counter risk in real time?
- Does your security strategy address the changes coming with the Revised Payment Service Directive – known as PSD2 – that will create a flood of data moving between banks and third-party service providers?
- What do you need to do to prepare for the Global Data Privacy Regulation (GDPR) that will be implemented in the European Union (EU), which will fundamentally affect how you collect, use, and protect consumer data?
- Are decades-old governance structures, system siloes, and operational processes inhibiting your adoption of breakout security technologies?
Remember, security is your financial institution’s license to trade. A breach compromises more than consumer data – it compromises consumer trust.
For information that will help you answer the above questions, read Proactive and Preventive: Financial Services’ Essential Response to Cybercrime.