Network & Security Compliance Conditions in Financial Institutions

network and security compliance

December 29, 2021

Financial institutions hold a lot of sensitive information that needs to be protected at all times. Therefore, organizations must adhere to the strictest security policies in the world to keep criminals at bay and prevent them from stealing valuable data that can hurt their customers and ruin their reputations.

To safely secure your company’s network, you should always comply with the set standards within the industry. This includes ensuring all of your workers and partners are well informed about the established protocols to prioritize integrity and safety. In most cases, security compliance can be met and strengthened by integrating reliable identity management solutions.

What is security compliance?

Security compliance is the adherence to all of the basic standards for data privacy and security specified for your particular industry. In this context, it assumes that the company sets protocols and procedures to meet these security requirements at all times. This can be done through regular training seminars, system updates, and maintenance.

Security compliance is the best way to ensure that your organization does not face any hefty fines and penalties in the future. However, this is only possible if you ensure that your company can build a robust enough system to protect your data from unauthorized access and breaches. Generally, this can be done by adopting good security practices and adding conditions that are specific to your industry or risk profile.

What are the conditions that organizations should implement?

Innovations have led to new, more advanced security measures and conditions that your business can implement to better protect your data and secure your customers’ privacy. Here are some of the most common security practices that your company can use to strengthen your network security further. 

Establish a secure Bring Your Own Device (BYOD) policy

BYOD policies allow workers to use their personal devices on work networks, or to access work-related accounts and documents. This may be in the office itself, accessing the corporate network remotely, or simply logging in to your email from your personal cell phone. When incorporating this practice, the use of an enterprise mobility management (EMM) system can secure all business-related data on the device and wipe it when an account has been compromised.

Restrict internet access for company devices that don’t need it

Devices that do not have the proper security tools and programs can pose a threat when you allow them to connect to your corporate network. These devices are at high risk of a cyberattack when they are used to browse unsafe and suspicious websites, serving as a door to potential data breaches.

Test out your security system

The best way to ensure that your security system works is by testing it frequently. This allows you to gauge how strong your protection is while discovering other vulnerabilities and making the necessary adjustments.

Utilize zero-trust security or layered security

Zero trust security is the security framework that requires all users to securely authenticate themselves for access and continuously requires re-authentication to validate users within the system. This ensures that nothing from inside or outside of your organization can gain unauthorized access to your network.

Identity proofing as part of onboarding and background checks                                                           

This practice requires all users accessing your network to go through a verification process that ensures all information associated with a real person is correct. These measures involve validating users against their government-issued ID. 

Use secure and complex passwords with the help of a password manager

Ensure that it is required to use strong and complex passwords for tougher security, ensuring that only authorized personnel can access the system. With the help of a password manager, users can store all their secure passwords in one place without having to remember them all. This process makes it harder for cybercriminals to hack access codes.

Regularly schedule data backup

Making copies of your database allows you to keep your information secure in case of a breach or system failure. With all the data backed up to a different server, the system can be wiped clean in an emergency to prevent hackers from gaining access to the system and stealing data.

Update computer systems

Regularly updating your software allows your teams to stay on track with all the latest security features and improvements. At the same time, it lowers the risks of breaches and makes entering your network more difficult for cybercriminals.

Implement firewall protection

Firewalls provide you with the necessary protection to keep thieves outside your network and defend the system from malicious online traffic. This software can also prevent malicious software from infiltrating your devices while accessing pages on the internet.

Limit account access

Adopting a policy of least privilege ensures that users only have access to accounts and systems that they need to carry out their duties. Limiting access also makes it easier to identify suspicious activity quickly. At the same time, you can manage your networks with ease as the number of simultaneous access points is reduced.

Better safe than sorry

Businesses that operate within the financial industry should make system security one of their top priorities. In most cases, using several different types of network and security measures can secure your data against threats and attacks. Other services such as data management solutions also allow you to gain an even more robust system that is hard to penetrate.

For more information about these types of services, reach out to Q5id today. 

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