![]() ![]() The very first step a financial institution should take is to audit existing security measures. Financial institutions have preexisting requirements for data security, but their specific approaches need to be continually updated. Most of the guidelines relate to best practices. – Pillar Three, National Cybersecurity Strategy “We will not replace or diminish the role of the market, but channel market forces productively toward keeping our country resilient and secure… In too many cases, organisations that choose not to invest in cybersecurity negatively and unfairly impact those that do, often disproportionately impacting small businesses and our most vulnerable communities.” How Financial Institutions Can Meet These Guidelines As a financial institution, it is your responsibility to protect the information in your system – which also includes the software produced by your development team. The cybersecurity guidelines highlight the responsibilities of organisations that produce software products and services to maintain secure development practices.īad actors could exploit weak software, giving them access to a potentially massive number of customer records. Even though the pandemic put these advancements on the fast track, the shift toward online services was already underway. Many financial institutions pursued digital transformation during the last few years. The new guidelines reiterate the importance of protecting this information, bringing data security to the forefront of awareness. The strategy doesn’t immediately impose new regulations or laws relating to this the basic expectations are already dictated by existing regulations like the Gramm–Leach–Bliley Act (GLBA). Maintaining the privacy and security of this information is paramount. It outlines expectations for any company that handles or retains sensitive personal data of its customers. The White House guidelines are not geared toward a specific industry, but the third pillar directly relates to financial institutions. – Strategic Objective 3.3 of the National Cybersecurity Strategy We must begin to shift liability onto those entities that fail to take reasonable precautions to secure their software while recognising that even the most advanced software security programs cannot prevent all vulnerabilities.” “Poor software security greatly increases systemic risk across the digital ecosystem and leaves American citizens bearing the ultimate cost. White House Cybersecurity Guidelines for Banks So what do financial institutions need to know about the recent White House cybersecurity guidelines? How they can use them to reevaluate their own data security strategy. But true data security requires a continually updated approach to avoid exposing sensitive customer information and risking costly downtime. ![]() Many companies become complacent over time and settle into doing the bare minimum to remain compliant with data security regulations. And since financial institutions are a historically large target for cybercrime, strict adherence to these guidelines is essential. These attacks are becoming increasingly sophisticated, requiring a comprehensive approach to keep companies safe. The White House recently released the National Cybersecurity Strategy to address the increased number of attacks on American businesses and critical infrastructure such as the ‘Colonial Pipeline’ hack of 2021. When a data breach occurs, it costs these organisations an average of nearly $6million. This is why the industry is one of the most highly targeted by cybercriminals, according to Statista. Meredith Bell, CEO of AutoRABITįinancial institutions inherently work with their customers’ most sensitive information. Here, Bell shares some of the insight he has gained during a career spanning over 30 years and explains how US-based financial institutions can use White House cybersecurity guidelines in the future. ![]() Meredith Bell is the CEO of AutoRABIT, the leading DevSecOps platform for Salesforce. With this in mind, what do recent White House cybersecurity guidelines outline, and how should firms use them? As cyber-attacks continue to plague financial institutions worldwide, it is important that organisations keep on top of cybersecurity technology and protocols. ![]()
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