Financial companies and institutions are under increasing threat from cyberattacks in today’s global landscape. With foreign conflicts and large-scale hacks becoming more prevalent, it is crucial for these organizations to prioritize cybersecurity measures and protect themselves from potential breaches. Last year, financial services experienced a significant number of known breaches, second only to government organizations. More than 60% of global financial institutions with at least $5 billion in assets were targeted by cybercriminals, resulting in devastating financial losses and reputational damage.
The complexity of financial networks, driven by the integration of Internet of Things (IoT) technologies, mobile apps, and distributed sites, creates inadvertent vulnerabilities, making them attractive targets for hackers. This cycle of increased vulnerabilities leading to more breaches and network outages poses a severe threat to the financial sector. The longer it takes for network engineers to resolve downtime, the more productivity loss, decreased customer satisfaction, and increased employee turnover the organization experiences. In addition to focusing on encryption and security strategies, financial institutions must also prioritize building a resilient network capable of quickly restoring operations in the event of a cyberattack.
One effective approach to enhancing network security and resilience is leveraging an out-of-band network. This network provides an alternative pathway that allows the network to continue operating even if the primary network becomes unavailable. With a growing reliance on mobile banking apps, it is crucial to ensure that customers can still access banking services even when the primary network goes down. An out-of-band network enables engineers to separate and containerize the functions of the management plane, ensuring that critical services remain available to customers.
Moreover, an out-of-band network provides remote access to the primary network, allowing engineers to identify and resolve network issues without needing to be physically on-site. This remote access significantly reduces the time required to address network problems, minimizing downtime and mitigating the impact of cyberattacks. By installing out-of-band management units at each location, financial organizations can quickly restore network functionality and keep essential services, such as ATMs, running smoothly. The ability to resolve network issues remotely not only saves time but also eliminates the need to physically open up sensitive infrastructure like ATMs, enhancing security measures.
However, while an out-of-band network is a critical addition to a business’s security posture, it should not replace other cybersecurity measures. It complements existing hardware and software solutions, providing an additional layer of protection and enabling quick recovery from outages caused by cyberattacks. Financial institutions and organizations must recognize the increasing dependence on digital systems and financial apps and take proactive measures to safeguard their networks and customer data.
The history of cybercrime dates back to the 19th century, with the world’s first cyberattack occurring in 1834. Since then, the scale and sophistication of cyber thefts have only increased, putting financial services and institutions at high risk. Acknowledging this reality, these organizations must prioritize cybersecurity and continually adapt their defenses to mitigate the evolving threat landscape. By implementing robust security protocols, such as out-of-band networks, financial institutions can better protect themselves against cyberattacks and ensure the smooth operation of critical services.
In conclusion, financial companies and institutions face increasing threats from cyberattacks in today’s global landscape. The growing complexity of financial networks and the rising reliance on digital systems make these organizations attractive targets for hackers. To protect themselves and minimize the impact of cyberattacks, financial institutions must prioritize building resilient networks and implementing robust security measures. Leveraging technologies like out-of-band networks can provide an alternative pathway for network operations and enable quick recovery from outages. However, an out-of-band network should be seen as a complement to existing cybersecurity measures, rather than a standalone solution. By adopting a holistic approach to cybersecurity, financial institutions can safeguard their networks and ensure the security of customer data in an ever-evolving threat environment.