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Posted on June 28th, 2012 in Current News by Simply Security | Be the first to comment | Tags: cybercrime

Financial organizations must improve data security practices

It’s imperative for all industries to ensure customer data is protected and critical business information is secure. This is especially true in the financial sector, in which companies are tasked with defending sensitive banking data in an era of sophisticated cyberattacks and mobile threats. With identity theft, fraud and data breaches more prevalent than ever, most financial organizations are realizing the importance to adopting modern data loss prevention technologies and developing strong security policies.

A recent Wall Street & Technology report examined the ongoing battle between financial firms and cybercriminals and provided several ways enterprises can secure data, prevent attacks and ensure customers feel their private information is safe.

“Now we see much more sophisticated organized rings that profile us and the other financial services institutions,” Lou Steinberg, chief technology officer at TD Ameritrade, told the news source. “They try to understand where we might have weaknesses. Hackers are playing offense, and we are playing defense.”

Steinberg added that cyberattacks have increased in sophistication during the previous five years and now target a variety of information, not only customer accounts.

According to the report, criminals can now purchase cybercrime kits on the Internet for as little as $400 to $700, making it easier for them to infiltrate financial organizations and access private data. Jason Milletary, a security expert for Dell SecureWorks’ Counter Threat Unit, told the source that malware and social engineering are among hackers’ most popular tools, while mobile threats are an increasing danger.

“The attack surface has gotten broader and more complex,” Steinberg said. “As banks and online brokers offer bill payment and more new products via mobile devices, that opens up new opportunities for a fraudster to take advantage of.”

While managing customer data on mobile devices may increase security risk, businesses can’t ignore the productivity and employee mobility benefits of using smartphones and tablets in the workplace. The report said encryption is a vital step toward securing customer and company data on mobile devices, as it prevents criminals from viewing information and reduces the risk of data loss in the event a device is lost or stolen.

Financial companies should also consider implementing state-of-the-art threat management systems, which can protect networks from advanced persistent threats and give IT departments real-time visibility, insight and control. These modern systems can protect multiple devices, networks and servers, while aiding enterprises in their compliance efforts.

Data Security News from SimplySecurity.com by Trend Micro