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Businesses in the financial services and FinTech space are 300 times more likely to suffer a cybersecurity attack than companies in other industries. Between 2021 and 2022, 63% of financial institutions were subject to security attacks, and that number is only likely to rise in coming years. In order to safeguard customer data and sensitive information, it is essential for corporations to use cybersecurity tools to combat these threats. We highlight 5 essential security tools for financial services in this article.
Cybersecurity tools are software and frameworks designed to help safeguard companies and individuals from malicious attacks that seek to steal sensitive data, including passwords, financial information, and personal data. These attacks are also designed to infiltrate sensitive systems to gain access to databases and other valuable assets within an organization and, often, seize those assets and hold them for ransom (a practice known as ransomware).
Cybersecurity tools are put in place to prevent these types of attacks or, in the event a system is breached, to detect and remove the threat. Cybersecurity tools for financial services have additional features, such as monitoring and ensuring compliance, as financial companies have rigorous industry and governmental standards they must adhere to.
Below you will find a list of the top security tools for financial service, including:
Trend Micro is one of the top security frameworks in the world, offering security solutions to individuals and businesses around the globe. They make our list because of their log history in the business, their commitment to cyber security (their Zero Day Initiative bug bounty program helps discover vulnerabilities before they become a problem), and because they offer a fintech security platform specifically. Among the security tools and services they offer include:
You can learn more by visiting Trend Micro’s security solutions for FinTech.
In this solution brief, discover how Trend Vision One™ helps financial institutions stay ahead of evolving threats, reduce risk exposure, and enhance security operations with advanced XDR and Cyber Risk Exposure Management to proactively reduce risk. If you’re looking to fortify your security posture and streamline cyber resilience strategies, this is a must-read.
While not a security tool in the traditional sense, the NIST Cybersecurity Framework (NIST CSF) is a set of standards and best practices developed by the US Department of Commerce’s National Institute of Standards and Technology. The guidelines provided by the NIST CSF were developed to help businesses ensure they met the minimum standards for cybersecurity.
The framework is especially good for organizations that are setting up their IT infrastructure for the first time, and for businesses that want to stay up-to-date on the latest cyber attacks as new threats arise.
You can learn more by visiting the NIST cyber framework page.
OWASP – or the Open Web Application Security Project – is a nonprofit organization that offers tools and resources for networking and security professionals, as well as security developers. In addition to webinars designed to help raise awareness and tactics to combat software vulnerabilities, the foundation has also created the OWASP Application security Verification Standard (ASVS) security framework, for testing web app security and standardizing web app security practices.
The security framework and standard helps commercial businesses verify security measures and test them against attacks such as SQL Injections and Cross-Site Scripting (XSS).
You can learn more at OWASP’s cyber security page.
The Cloud Security Alliance (CSA) is home of the Security, Trust, and Assurance Registry (STAR), and is devoted to education and testing for best practices for security in the cloud. Security teams and businesses can become a member of the registry to demonstrate their cybersecurity stance, and improve upon their security processes.
The registry has two different levels. The first level is known as STAR Level One, and is a way for organizations to complete a self-assessment of their security measure using STAR’s Cloud Controls Matrix. In addition to providing companies with more transparency regarding their security measures, the results of the assessment are published to CSA’s website, to showcase their security efforts.
The second level, known as STAR Level Two, involves a third-party audit and is best for organizations with mid-to-high risk environments. It helps a company adapt additional standards and increase transparency for customers.
You can learn more by visiting CSA STAR.
Another “tool” FinTech companies and financial service organizations should add to their security tool box is security awareness training. Often, businesses open themselves up for network attacks from the inside, as poorly trained employees lack the training and continuing education needed to stay on top of security threats. Threats such as social engineering and phishing can lead a financial company vulnerable to infiltration, making it necessary to raise security awareness amongst employees of all levels.
Additionally, many regulatory bodies mandate that companies provide security awareness training to their employees. This training can come in the form of webinars, continuing education classes, or as part of a service provided by a third-party security training company.
