Financial firms, especially asset managers, are increasingly attractive targets for cybercriminals. Recognizing this, Ultimus recently hosted a webinar that tackled the latest cybersecurity threats confronting the financial sector. The session shed light on specific challenges and provided actionable steps to bolster cybersecurity defenses.
Top Threats to Financial Firms
- Human Element: Most breaches exploit human error, especially through phishing emails, weak passwords, or stolen credentials.
- Ransomware: Attacks are becoming more frequent and increasingly target financial institutions.
- Third-Party Risks: Breaches often originate with compromised vendors or fraudulent invoicing schemes.
- Neglected Updates: Failure to patch firewalls and systems leave critical vulnerabilities open to attack.
Actionable Solutions for Asset Managers
- Multi-Factor Authentication (MFA): Prioritize authenticator apps over SMS to defend against SIM-swapping and account takeovers.
- Layered Security: Combine firewalls, endpoint detection, email filtering, and timely patching to provide comprehensive protection.
- Continuous Monitoring: Consider cybersecurity partners for 24/7 monitoring and incident response, especially if you lack in-house IT.
- Employee Training: Conduct ongoing phishing simulations and security awareness training to keep employees vigilant.
- Vendor Management: Vet and monitor third-party vendors to reduce supply chain risks.
Protecting Your Business Starts Today
Cyber threats to asset managers are real and increasing. However, by investing in layered security, proactive monitoring, and continuous education, firms can significantly reduce their risks. Take steps now to proactively enhance your defense strategies in the ever-evolving threat landscape.
Want to learn more? Watch the full webinar recording by clicking the button below for in-depth discussions and expert insights or contact Ultimus to get connected with cybersecurity professionals in our industry.
