How to meet security requirements in the financial sectorSecurity and compliance are two of the biggest challenges for the financial services sector. Information security threats are created daily and the extent of risk is directly related to the strength of security measures.

In order to determine how best to meet security requirements in your financial services business, here are short answers to three of the most asked security and compliance related questions in the financial services industry.

1. How can you quickly detect automated attacks and fraudulent activity by insiders or external agents?

You must have complete visibility into everything happening throughout your institution’s IT infrastructure. Proactive alerts will facilitate the timely detection of weaknesses in your data protection as well as potential attacks in progress, insider threats and policy violations. You should to be able to detect database changes and identify potentially duplicitious activities by reviewing logon activity.

2. How do you reduce the risk of account misuse, identity theft and privilege escalation?

Eliminate security gaps by improving account control. You need to easily see which accounts are in use and check existing user and computer accounts to identify temporary, recently enabled, locked, inactive and expired accounts. Once these have been identified, you can act appropriately – for example monitor user account lockouts (which can be a sign of malware) or delete inactive accounts.

3. How can you cut the effort required to prepare for regulatory audits, while also achieving good results and improving your grade?

To pass audits, you must demonstrate compliance in operation. To do this you need to be able to search your data to quickly address potential issues in your auditors’ checklists. This will enable you to reduce your overall preparation time. And wouldn’t it be ideal to have out-of-the-box compliance reports designed to address the specific compliance requirements your organisation is subject to?

By Trilogy Technologies.