Business continuity is the most valuable asset for financial institutions


By MYBRANDBOOK


Business continuity is the most valuable asset for financial institutions

The matter of fact is Covid-19 will have a global impact on business and economy. Covid-19 has exposed the need for resilient, reliable, and efficient systems to maintain essential payment services and protect the interests of all ecosystem participants, from consumers to the largest corporations.

 

The New Normal will emphasize the need for IT resilience and cyber hygiene in every organization. Going forward, we will see businesses will be more strategic about technology performance and look beyond just using cyber hygiene to avoid risks. It will be embedded into the very structure of businesses as a staple to ensure business continuity and seamless customer engagement.

 

The advancement of technology in today’s digital world has escalated the phenomenon of cyber-attacks, which have been increasing exponentially owing to the technological dependency of humans across the globe. Now, there is a need to question the vulnerability assessment and cybersecurity of the organizations.

 

Cybercriminals are always on the lookout for loopholes in the systems, which is why a 100% safety cannot be guaranteed. This is why it is important to have a comprehensive vulnerability assessment checklist so that you can safeguard yourself against most of the cyber threats effectively. Ideally, even after implementation of all security practices, when any ransomware attack hits, it is advised to shut down all the computers. If ransomware gets in, the only option is to restore from backups.

 

Enterprises today collect massive amounts of data about their products, their sales, their customers, and more. That data has value for both inside and outside your organization. Whether you’re sharing data between different parts of your organizations or with other parties, you need to make sure that your data is shared efficiently and securely. It is the responsibility of your company’s IT and security teams to ensure that all entities have access to the data they need -and that all data and communications are secure.

 

It is the need of the hour to train employees to share more securely, when it comes to data security, a company’s employees are the weakest link. Workers engage in all manner of reckless behaviors, mostly inadvertently but sometimes on purpose. A survey found that 20% of employees have opened unknown links from their work emails.

It is necessary for organizations of all sizes to recognize the task that untrained employees present to their important company data. IT and security departments should be funded sufficiently and tasked with the necessary security training for workers at all levels. Lastly, it has to be the responsibility of the IT team, that any data goes from the companies email id or the computers used by any employee must also be encrypted so that, even if it is stolen, it can not be read.

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