How Cybersecurity Helps Financial Sector From Whaling?

How Cybersecurity Helps Financial Sector From Whaling?

By CFO Tech Outlook | Tuesday, June 30, 2020

Leveraging cybersecurity culture and investing in technology to detect malware, encrypt communications, and to understand the nature of threats, the financial platform can take measures to fight against specific issues.

FREMONT, CA: The financial sector is fighting a constant battle, and not just for market supremacy. The most critical action faced by today's financial institutions is the war to protect IT assets and safeguard customer data. One of the few threats to the financial system is more targeted and insidious. These criminals target corporate executives at the top of the food chain. They use in-depth social techniques to make contact and form bonds of trust with their targets before moving them to take dangerous actions.

The issue with phenomena like the whaling is that they are pushing against an open door. In the financial sector, with almost all areas of the global economy, firms are still staffed and managed by people who don't take personal responsibility for the cybersecurity. Besides, excellent leadership from the top is sorely lacking.

Top 10 Financial Security Solution Companies - 2019Financial firms are happy to assign authority around cybersecurity to C-level officers. By doing so, executives can take a step back and forget about complex issues. After all, expert IT officers have the skills to investigate the dangers that are lacking at boardroom level.

For one thing, the data suggests that C-level employees below the level represent the greatest cybersecurity weakness in the companies at present. However, regulation means that executives very rarely devise enterprise-wide cybersecurity strategies.

It makes it impossible to take a holistic approach to cybersecurity, taking into account clients, staff members, corporate partners, regulators, and structural problems within the financial corporations. It may make life possible for those at the top for a while in short-term, whereas in the long-term if they don't take control, the consequences will be dire.

A Spanish bank BBVA found a solution to some of the vulnerabilities exposed by whaling and malware attacks that is creating a human community that is dedicated to mitigating threats to the financial infrastructure. The company recently started a program of family days that are devoted to the cybersecurity channels. These events bring together corporate leaders, employees, and family members, offering a conference to share knowledge about how to stay safe online, and critical issues such as phishing and password sharing.

See also: Top Cyber Security Consulting/ Services Companies

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