The importance of robust security in financial teams
In most finance functions, robust security defenses are already in place. But even so, we know that no network, or system, is completely infallible. A variety of methods will be used by attackers to gain access to the estate. It also goes without saying that any business' finance function represents a high-value target for cybercrime and fraud.
Making cybersecurity the foundation for operational resilience will allow CFOs to keep sensitive data secure and protected in a hybrid work environment, while continuing to manage distributed and legacy environments.
Although Cloud accounting software helps finance teams meet business demands, it also poses risks by increasing the attack surface of new entry points that can be easily exploited. Hackers today are highly sophisticated and possess a variety of skills that they can use to compromise corporate systems. If organisations want to avoid criminal hackers getting their hands on sensitive data, they must rethink how and where security budgets are spent.(on-demand video)
Cybersecurity needs to be examined in more depth within the financial sector. Ultimately, CFOs leading the finance function must determine what data is critical, what its value is, and who might want access to it. The key focus of future security expenditure will include monitoring traffic in real-time to identify suspicious behaviour and potential attacks.
A secure digital transformation requires the financial industry to prioritize cyber hygiene. Cyber hygiene refers to the practices and steps that computer users take to maintain system health and improve their online security.
Essentially, cyber hygiene processes equip CFOs and finance teams with the right tools to detect and remediate vulnerabilities in their ecosystems. They are often part of a routine to protect identity and other details that could be stolen or corrupted. The finance function can then meet the demand for innovation without compromising security.
What are the top cybersecurity threats facing finance?
Work remotely while maintaining security
Financial teams will continue to work seamlessly between the office and home, integrating their personal and professional networks. These new work environments will require CFOs to develop cybersecurity strategies that are focused on recovery and operational resilience, with testing and recovery planning included. The use of the Cloud for security and data protection helps to form strong hybrid working models that balance productivity and scalability with agility and security.
Business as usual
It is crucial to ensure continuity for businesses by adopting a reliable Cloud security solution. With the right Cloud security solution, you can get real-time support and live monitoring of company assets, as well as built-in redundancy so that your company's websites and applications remain online and functional even if an attack happens. Your core business assets will always remain functional with the right Cloud provider.
Reduced server crashes
Regardless of your business's capacity, a Cloud computing solution ensures security. Cloud computing is flexible enough to handle spikes in legitimate traffic as well as attacks, meaning you can avoid server crashes and avoid unnecessary costs during lean hours through up and down-scaling.
Keeping data secure
Cloud technologies facilitate the privacy and secure archival of sensitive data and transactions of your business. Through the right security protocols, you can prevent third parties from eavesdropping or tampering with your data. In the finance function, data breaches are particularly problematic, so it is imperative to implement a Cloud security solution that implements PCI-compliant technologies along with other relevant digital rights management technologies.
Regulation compliance
A greater degree of compliance and regulation checks is required for financial institutions both by industry and government. A Cloud security solution will enable you to build a highly compliant infrastructure that can always protect the data of your consumers.
Support available round the clock
Cloud security makes it possible to virtually eliminate downtime. You can get effective, timely, and 24/7 customer support any time of the day or night with day and night monitoring. In the event of losing data, a xerox copy of that data can be obtained from the Cloud.
What are the risks of using traditional cybersecurity methods?
For many years, traditional IT security systems have been the “go-to” cybersecurity solution for businesses to collect, store, and process data. The IT infrastructure consists of connecting on-premises hardware devices to servers that store data. In other words, you are free to decide which security devices you'll purchase, how network controls will be managed, and what responses you’ll take to incoming threats. However, you are also responsible for detecting and responding to incoming threats as well as maintaining a disaster recovery plan.
Although traditional IT security systems give users more control, they are very costly to install and maintain. With growing volumes of data, you'll need larger computers to handle large data processing functions. This means that your ability to scale will be limited when compared to cloud computing platforms.
These traditional systems also require more in-house personnel to manage the hardware daily. It might be tempting to have total control over diverse data processes. However, once the cost and dedicated hours of ongoing cybersecurity operations are factored in, it's easy to understand why many businesses are choosing Cloud security.
How does Cloud technology help achieve cybersecurity?
Unlike traditional IT security systems, Cloud-based security provides access to infrastructure on-demand. As part of this Infrastructure-as-a-Service (IaaS) model, your data is moved to off-site servers that are managed by a third party. Using it, your company can access the hardware, software, and other infrastructure it needs to run its daily operations.
Cloud security consists of a set of policies, procedures, controls, and technologies that work together to provide protection for cloud-based systems, data, and infrastructure. These measures are configured to protect data, conform to regulatory compliance and ensure customer privacy, as well as setting authentication requirements for individual users and devices.
Security in the cloud can be configured according to the needs of your business, from authentication to traffic filtering. This allows administration overheads to be reduced and IT teams to focus on other areas of the business since these rules can be arranged and managed in one location. Cloud security inclusion will vary depending on the cloud provider or security solution used. Therefore, business owners and solution providers should jointly be responsible for implementing cloud security processes.
How can I improve my business’s Cloud security?
More businesses are adopting Cloud computing to collect, store, and manage data as part of the digital transformation. The effectiveness of Cloud security has been proven to be greater than that of traditional IT security systems.
A cyber-attack usually occurs when an environment is vulnerable, and they take advantage of that vulnerability. Cyber attackers are always looking for the smallest mistake in on-premises infrastructure so that they can exploit it and find vulnerabilities.
In contrast, many Cloud developers are more acquainted with advanced technologies for data security and governance. This approach allows for the optimisation of appropriate tasks and mitigation of risks in real-time without compromising cybersecurity.
There are also ways to develop a strategy for managing risks related to Cloud security.
Here are some areas to consider:
- Assess your company's data security requirements
- Establish a program for managing vendors
- Create an access control plan to ensure that only approved people have access to sensitive company information
- Inform public cloud service providers if you have specific security requirements so that they can assist in choosing appropriate controls for your business.
- If your data is compromised, have a disaster response plan in place
When a Cloud computing security solution is configured well, it can enable businesses to meet the requisite security, availability, and reliability requirements on a global scale. With additional physical infrastructure security, you can create a fully secured operating environment that provides stable long-term business operations with minimal disruptions and downtime.
Cloud-first cybersecurity is here
Financial institutions like yours are increasingly vulnerable to cyberattacks in the current cybersecurity environment. This means that the reactive, traditional IT measures of the past are no longer sufficient. Previously, the IT department was solely responsible for protecting sensitive financial data. Now, CFOs are responsible for this as well.
As finance teams continue to rely on technology in hybrid working environments, keeping the organisation safe from hacks, exploits, and breaches will require Cloud security tools. Advanced Financials accounting software delivers a comprehensive solution to address cybersecurity in finance, helping you avoid these threats and strengthen customer trust.