Help Me With Sign New York Banking Form

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[Music] cyberattacks are almost always about money so it makes sense that the financial industry is one of the biggest targets for cybercrime according to a report by security scorecard in 2016 seventy-five percent of the top 20 commercial banks are infected with some form or multiple forms of malware 95% of the top banks were rated C or worse for network security and approximately 20% of financial institutions run email software with known vulnerabilities the financial sector definitely needs to shore up its defenses among the biggest threats and challenges to financial institutions is the growing prevalence of consumers choosing mobile or web-based services this makes these organizations particularly susceptible to distributed denial-of-service attacks where hackers can shut down consumers access to these services until they're paid a ransom these banking sites can be hijacked by skilled hackers and turned against the consumers for example a web banking site can be hijacked copied to another location and used to capture customers usernames and passwords as they attempt to log into what they believe is a trusted site financial institutions are also susceptible to anything that can disrupt the normal day-to-day flow of transaction processing like ransomware locking down a critical machine insider threats are most prevalent in the financial sector and it can come in different forms the first is an unwilling participant in a cyber attack for example an employee who clicks the link in a phishing email and is tricked into sharing credentials then there's the willing participant with malicious intent this is a clever individual that wants to steal data or collaborate with an outside entity sometimes this is a disgruntled employee who sells their credentials on the dark web so faced with all these threats where is a financial institution to focus their efforts a good starting point is to look at what regulations and statutes financial organisations must adhere to there are federal ones like the gramm-leach-bliley Act GLBA the statute regulating the collection use protection and disclosure of nonpublic personal information by financial institutions states also have their own regulations as well like the recently released New York State Department of Financial Services cyber security requirements for more comprehensive list of regulations make sure to check out the Financial Industry Regulation Authority FINRA which outlines even more requirements like SEC regulations but what does this all mean for a financial institution most regulations and statutes have similar themes in common protection of consumers private data safeguards to protect against malicious intent and reporting guidelines for breaches fortunately tools exist to help organizations organize and cope with this challenge check out n ist the National Institute of Standards and Technology cybersecurity framework also check out the FFIEC cybersecurity risk tool in general there are some good guidelines to follow when building a security apparatus for the financial vertical assign a top-level c-suite individual as the CIS o-- or chief information security officer develop a series of written policies for handling all phases of a cyber attack including response communications and remediation identify and classify all consumer data encrypting the most sensitive limit access by job role set auditing rules and logging of who is accessing data and implement multi-factor authentication for authorized access to sensitive data implement a strong network security solution to include perimeter security like next-gen firewalls with security services email security like spam filtering as well as scanning for malicious content and endpoint security such as traditional anti-malware with endpoint controls finally submit to periodic testing of your defenses from a third-party provider penetration testing and vulnerability scans are solid choices thank you for watching you