Recently, security breaches of major websites, companies and banks seem to be appearing in the headlines more and more frequently, and with increasingly more critical effects. If you're wondering how these events will affect you, you're not alone: in a recent survey, 97 percent of CFOs believe that cyberattacks are their biggest threat. Fortunately, the situation is not as frightening as it might first appear. Still, you need to do your utmost to ensure your financial network security. Keep reading to learn some essential steps that will help keep your banking institution and its data safe.

Know Your Company

If hackers gain access to the sensitive financial information of your company or customers, they could use it for any number of nefarious purposes. To thwart this, keep a close eye on your security and financial statement reports, watching for any seemingly irregular activity. The better your bank is about analyzing and reporting key metrics, the more in-tune your company will be about anything that seems off. 

Don't Get Hooked by Phishing

Phishing, the act of electronically masquerading as a trustworthy organization or person to obtain sensitive information, has been a successful tactic for many hackers in the past, and will undoubtedly continue to be so for the foreseeable future. Sophisticated attackers can even customize their messages using information from their targets' presence online and in social media, perhaps pretending to be a person known and trusted by the recipient. If you get a suspicious email, be wary of any links it contains. The phishers may have constructed a fake website that looks like the real thing to trick you into entering your username, password or other information. 

Keep Track of the Security Landscape

The art of hacking is constantly evolving, as security flaws are discovered and patched and as breach tactics are invented and grow more sophisticated. If you're hoping to outsmart a hacker, you need to understand the risks you and your bank face and how you can best protect yourself against them. Sometimes the simplest attacks can have the most drastic effects on your financial network security. In addition, don't underestimate the power of social engineering, which can be just as devastating for your business as a cyberattack. 

Don’t lose sight of the fundamentals of security for your bank by getting caught up in the latest cybersecurity fads. Also, you should always implement layered controls in your security system to reduce the risk of having a single point of failure, which can lead to a catastrophic event.

If you're still hesitant about what are the right steps to take for your organization, you may wish to speak with a risk management consulting firm. Get in touch with Vala Secure today to learn about how we can help you and your bank.