A recent report has found that banks are ranked 79% higher in customer trust than 7 other industries in terms of protection of their personal data (Accenture, 2015). While this is a positive note to banks, this does not in any way mean that all financial institutions are safe from cyber-attacks. What are organizations in other industries doing to ensure their customer’s data is safe?
The Federal Financial Institutions Examinations Council (FFIEC), warns that attacks are increasing, especially towards ATM fraud (FFIEC, 2014). Credit and debit card terminals are targeted in the attempt to get into the terminal, which allows the attackers to either withdraw funds directly from client accounts or steal the personal information of the account holder to sell on the black market. Financial institutions are held responsible for any funds lost, as well as any damage to the clients’ credit history.
Taking this example from the financial services industry, we can apply a similar security strategy to just about any industry to protect both customers and the business from attacks. Utilizing a proactive security strategy which includes preventative measures like firewalls, IDS/IPS and all of the great technologies we are used to hearing about coupled with advanced detection tools such as behavioral analytics and log analysis help stop know attacks and also to identify and stop new an previously unknown attacks.