Is your business constantly thwarting off attacks from bad actors? Financial service firms are prime targets for data breaches because of the sensitive data they house. This can put your business in a tough position, searching for the optimal tradeoff between security and savings.
Investing in cybersecurity risk management might be the solution you're looking for. This can lead to benefits on various fronts, such as improved efficiency throughout your team and guaranteed compliance with industry standards.
Here are the top five reasons that financial service firms should invest in cybersecurity risk management.
#1: Promotes Efficiency Throughout Your Team
Cybersecurity and risk management identify outdated hardware and software, giving you insight into which pieces of equipment should be replaced.
Technology is constantly turning over. What was once the latest and greatest innovation five years ago, may now be outdated and put your business at risk of an attack.
Cyber risk management pinpoints these weaknesses, allowing you to stay on the edge of innovation, while protecting the sensitive information in your organization.
#2: Aligns Your Organization’s Strategic Goals
If you’re like most organizations, you prioritize cybersecurity to protect the information of both your business and your customers. Making cyber risk management a part of your organization’s strategic planning sets the tone at the top, ensuring all team members are on the same page with protocols and policies.
#3: Strengthens the Human Risk Factor in Cybersecurity
Sometimes, an organization’s greatest resource and weakest link are its employees. Financial service firms that invest in cybersecurity risk management are able to strengthen their human risk factor, deterring internal threats of fraud and asset misappropriation.
The cyber risk management in your business might include security awareness training to inform every team member of the rules and regulations they should be following, as well as what malicious behavior to look out for.
#4: Improves Resource allocation
If you’ve implemented even modest cybersecurity controls, you probably know it’s not cheap. Since cybersecurity risk management should be deployed in every aspect of your business, your technology bill can easily rack up.
However, cyber risk management can improve your resource allocation by identifying which pieces of hardware and software need to be updated. This gives you an accurate timeline so you can allocate resources or budgetary funds to improvements without sacrificing your cash flow.
#5: Ensures Compliance with Industry Standards
Financial service firms not only need to be aware of regulatory guidelines, but industry standards as well. A comprehensive cyber security and risk management plan ensures your business is compliant with each agency and standard.
This can result in less fines, happier customers, and greater scalability potential for your financial service firm. Wouldn’t it be nice not to worry about getting a letter with penalties in the mail each year?
Financial service firms that take proactive measures to cybersecurity risk management can realize each of these benefits and more. You might find that you are better prepared to comply with rules, protect your financial standing, and improve your market perception.
It’s important that you choose the right cybersecurity risk management solutions for your business. Schedule a call today to learn more!