The cost of a ransomware attack to a financial services organisation now clocks in at an average of £1.44m.
Texaport provides highly accredited IT support and cybersecurity managed services that leverage cutting-edge technology to boost productivity and cost effectiveness in businesses across the UK. Texaport's experience providing managed IT support to the financial services sector has given them a superior understanding of the value of cybersecurity in the ever-changing financial services market.
We spoke to Sean Inglis, Partner Manager at Texaport, to find out why cybersecurity is critical for financial services organisations in 2022.
Why do financial services organisations need cybersecurity?
"There are numerous rules and regulations that must be followed by financial services businesses. While many of them concern money handling and reducing the risk of money laundering, there are also many data protection regulations.
The most obvious of these is GDPR, and all financial services organisations must ensure that they are aware of and comply with this critical regulation.
A key part of GDPR is making sure that any customer or potential customer data are safe and doing everything in your power to reduce the chances of a security breach.
By focusing on cybersecurity, you can ensure that your financial services company is compliant with GDPR and other important regulations."
How has remote working impacted cybersecurity?
"Thanks to the pandemic, more and more financial services businesses are operating remotely and allowing staff to work from home. With over a quarter of UK financial services staff wanting to work from home even after the pandemic, it is clear that businesses in this sector must adapt to long-term remote working.
If an organisation's staff choose to work from public locations such as internet cafes or shared workspaces, they may be using an unsafe public Wi-Fi network. These networks are more easily hacked than private networks in offices, putting your staff's devices and company data at risk when they work remotely.
Also, if your staff use personal devices, such as laptops, desktop computers, tablets or smartphones, they may fail to update the security software on a regular basis. They may also not keep these items as secure as they would a specific work device. As a result, valuable company data could be at risk.
Fortunately, working with a managed IT services provider (MSP) like us can help to improve a company's remote working cybersecurity."
Why is it important for financial services companies to know that their MSP is committed to online security?
"Financial services firms put a lot of faith in their MSP. They rely on them to safeguard vast amounts of sensitive data as well as accounts containing thousands of pounds or more.
A cyberattack on a financial services company may not only result in financial ruin, but it may also damage the company's reputation and discourage prospective customers. Texaport demonstrates to clients that it is deeply committed to online security by proactively supporting them in avoiding cyberattacks and by strengthening the cybersecurity of their businesses.
We accomplish this in a variety of ways, including supporting our clients in obtaining Cyber Essentials certification. By pursuing Cyber Essentials certification, financial services organisations can demonstrate to their clients that they, too, are committed to online security."
How easy is it for financial services companies to implement cybersecurity practices?
"It takes a lot of time and effort to run a financial services company. While it is critical to implement strong cybersecurity practises, a business leader may believe that this time would be better spent providing financial assistance and advice to valued customers.
Thankfully, working with a managed IT support expert can save time while also allowing providing your staff with the necessary cybersecurity support and training. We work with KnowBe4, an industry-leading digital solution, to deliver cutting-edge cybersecurity awareness training to businesses of all sizes. KnowBe4 can assist your employees in understanding how to implement cybersecurity best practises, lowering the risk to organisations."