ERMProtect Is the Number One Cyber Security Firm for National Banks
Financial cybersecurity has always been a priority for financial institutions, and the increasing access of the digital age has put more responsibility on cybersecurity firms to deliver the best possible security systems and protocols for their clients.
Cyber-attacks on financial institutions is nothing new. ERMProtect’s CEO, Silka Gonzalez, says that even though cyber-attacks on financial institutions are nothing new, the sophistication and capabilities of cyber hackers are always evolving, causing a constant need for cyber security software, practices, implementation, and training for financial institutions.
The U.S. Federal Reserve stated it detected more than 50 cyberattacks and breaches to its own system between 2011 and 2015. Private U.S. based banks are subject to a multitude of banking regulations: The Bank Secrecy Act compliance, GLBA compliance and the Fair and Accurate Credit Transactions Act compliance just to name a few.
ERMProtect’s penetration testing is a method used by the cybersecurity firm to uncover vulnerabilities and weak points in digital systems. These firms, with permission from the client, actively attempt to break into the system to discover these vulnerabilities. The findings are discussed afterwards and a plan of action is developed and implemented to prevent exploitation of these weak points in the future.
Cybersecurity problems are not just an issue in the United States. The recent $81 million heist at Bangladesh Bank as well as the ongoing threats to banks all over the world has resulted in more focused attention on anti-fraud regulations and financial cybersecurity.
An advisory statement from the FFIEC issued to all banks throughout the United States read: “In light of recent cyberattacks,” it is up to U.S. financial institutions to “actively manage the risks associated with interbank messaging and wholesale payment networks”. The FFIEC statement provided insight into some risk mitigating actions that banks can take to avoid destructive cyberattacks in the future.
The future of financial cybersecurity is certain at this point; more focus and more diligence will be paid to the industry. Third-party cybersecurity firms that are qualified at handling these high end clients will make all the difference.
ERMProtect's CEO, Silka Gonzalez, worked at Price Waterhouse and Information Systems Security for American Bankers Insurance Group prior to founding ERMProtect. The company boasts a plethora of certifications and cybersecurity credentials, and has made a name for itself in the banking industry globally.
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