Four Reasons Why Cyber Resilience is Critical for Financial Service Companies
Cyber threats are constantly evolving, with attackers developing new methods and exploiting vulnerabilities. Cyber resilience acknowledges that it's not a matter of if an organization will be targeted, but when. This means an organization’s cybersecurity should be focused on how to prepare for, respond to, and recover from a cyberattack.
There are four main reasons why cyber resilience is critical for financial services organizations. These reasons reflect the increasingly complex and persistent nature of cyber threats in today's interconnected world.
1 Risk Management
Cyber resilience is a key component of overall risk management. Understanding and managing cyber risks strategically helps organizations make informed decisions about where to invest resources and how to prioritize security efforts.
2 Business Continuity
Companies rely heavily on digital technologies for their day-to-day operations. Cyber resilience ensures that even in the face of a cyberattack, critical business functions (CBFs) can continue to operate, reducing downtime and financial losses.
3 Reputation Protection
Cybersecurity incidents can harm an organization's reputation, eroding trust among customers, partners, and stakeholders. Cyber resilience involves effective communication strategies and response plans to mitigate reputational damage and maintain trust.
4 Regulatory Compliance
The financial services industry is subject to strict cybersecurity regulations including, but not limited to the EU General Data Protection Regulation (GDPR), the US Sarbanes-Oxley Act (SOX), the Payment Card Industry Data Security Standard (PCI DSS), and the New York State Department of Financial Services’ Cybersecurity Regulations. Cyber resilience helps organizations not only meet compliance requirements but also demonstrate a commitment to protecting sensitive data and maintaining the integrity of systems.
In essence, cyber resilience recognizes that cybersecurity is also about building an organization's capacity to withstand and recover from cyber threats. It requires a holistic approach that integrates technical measures, policies, processes, and a culture of security throughout the organization. Cyber resilience is especially crucial in the modern threat landscape where cyberattacks are diverse, sophisticated, and constantly evolving.
Redjack Builds Resilience
Tackling cyber resilience requires a comprehensive strategy. The Redjack platform can help you build your cyber resilience plan.
The Redjack platform includes an AI engine capable of not only giving you complete visibility into your connected infrastructure but also mapping how those assets connect to each other and to your critical business functions. This approach has a significant impact on the effectiveness of both IT and business, making cyber resilience a valuable asset.
The Redjack platform has been successfully implemented in some of the world's largest corporations and government agencies for over five years. Contact us to discover how Redjack has helped these organizations achieve genuine cyber resilience.
