Why do banks need MSPP
institutions with peace of mind as they continuously monitor and update their systems to defend against the latest threats. By outsourcing this responsibility to a team of experts, banks can focus on their core business objectives while maintaining a high level of security.
It is clear that security is the most important aspect of running a financial institution, because:
- Financial institutions handle sensitive customer data. If it falls into the wrong hands, data can be used for identity theft or fraud.
- Financial institutions are the main targets of cyber attacks. Hackers who are able to gain access to banking systems can cause havoc that directly affects customers.
- Security breaches in financial institutions can have serious consequences for the global economy. Decreased public confidence in the banking system can trigger a major financial crisis.
- Financial institutions are required by regulators to have adequate security measures. If they fail to comply, the agency will face heavy fines and undesirable consequences.
- Good security will bring customers who believe that their personal information is safe and protected, thereby helping to build and maintain customer trust and loyalty.
How MSSP secures banking data
Increase threat awareness and manage them
MSSP helps banks provide cyber attack threat intelligence and warnings. The intelligence data provided may include details about new malware or weaknesses in security systems that could be exploited by attackers. MSSPs gather this intelligence from a variety of sources, including their own networks of security experts, data collected from customer networks, and public sources such as social media and news.
Then, MSPP also provides notifications to customers when they detect possible threats. These alerts can help banking institutions take steps to protect their systems and data, such as patching vulnerabilities or implementing new security measures.
MSSPs also provide 24/7 monitoring of customer networks for signs of attacks in progress. Collaborating with MSSPs gives banking institutions peace of mind knowing that their cyber threat risks are being managed proactively.
Provide incident response
Incident response helps minimize the damage caused by a security incident and minimizes the risk of future incidents occurring. By having a plan and training staff on proper procedures, banking institutions can be better prepared to handle any type of security incident that may occur. An incident response plan that outlines the steps that need to be taken when a security breach occurs can help minimize the damage caused by an attack.
Here’s what MSSP will do when an incident occurs:
- Assess the situation and determine the extent of damage
- Understand what data was compromised, how the data was accessed, and what systems were affected
- Identify the cause of the incident
- Identify who is responsible
- Recover any data or systems affected in the attack
- All information can be used to improve future security measures, and prevent similar incidents from happening again
Risk assessment and mitigation
Banking institutions need to have a comprehensive and up-to-date understanding of the threat landscape. This understanding forms the basis for an effective risk management strategy, which must be tailored to the organization’s specific needs.
To maintain a comprehensive understanding of the threat landscape, banking institutions must have access to reliable and timely intelligence. This intelligence can be used to inform decision making around risk mitigation strategies. Additionally, intelligence can help organizations identify potential vulnerabilities and assess the likelihood of future attacks.
Financial institutions that want to protect banking data effectively can use MSSP services. Because, this service can minimize or even eliminate direct costs related to data breaches, such as notification, investigation and recovery, as well as indirect costs such as loss of business and damaged reputation.
Entrust banking data security management to Hypernet. Contact our CS for further information.
