Cyber Security Continues to be a Top Priority for Financial Services

2015 FSOC Annual Report Highlights the Trends, Issues and Risks Facing the Financial Services Industry

The Financial Stability Oversight Council (FSOC) recently released its 2015 Annual Report (found here: http://goo.gl/zJowtA ). The report provides general guidance on risk management, economic trends, financial developments, regulatory activity, and emerging threats or vulnerabilities.

Cyber Security is of utmost importance
Of particular interest were comments regarding cybersecurity and attacks on the financial services industry. While nothing is groundbreaking in the remarks, continued emphasis on the safety of the information within the financial sector is clear. The concentration of service providers makes third-party vendor management extremely important, along with securing administrative privileges. The National Institute of Standards and Technology released a framework (found here: http://goo.gl/a24uoW ) in February 2014, and the FSOC report cites this framework as a mechanism to assist in vendor management processes.

Undeviating attention is the best protection
There is no single action an organization can take to prevent a cyber attack, but continued vigilance and self-audits are good starting points to continued improvement.

Make sure your clients are protected
When losses do occur make sure your Financial Institution clients are protected. Contact any one of the FI experts at Berkley FinSecure listed below for the protection you and your clients need.