Cyber resilience for financial services and fintech
Increase your company’s resilience to targeted cyber incidents
Get in touchData breaches, ransomware attacks, and insider threats pose significant threats to customer data security, financial stability and regulatory compliance.
Challenges
The financial services industry is at the forefront of cyber resilience and is one of the sectors most frequently targeted by cybercriminals.
“Data breaches cost the finance sector the second highest costs amongst all others at $5.9 million.” Along with the energy and communications industries, financial services are one of the most heavily regulated sectors of the economy and that regulation is increasingly being applied to ensure that organisations have technical as well as financial resilience. Cyber threats have been identified as a systemic risk to the stability of the European financial system.
Following the outcomes of the Basel Committee on Banking Supervision in 2021, there has been an increased focus on cyber resilience on the financial services sector.
In 2023 we saw an increase in DDOS attacks as a result of the Russia-Ukraine war, which caused severe but short-lasting impacts on banks and other institutions across the EU.
Ransomware continues to be a major threat to financial services. With many financial services institutions managing high volumes of time-critical transactions, critical business services can have very short maximum tolerable downtime, increasing pressure on organisations to restore systems as rapidly as possible. Whilst the restore process itself is outside of the scope for a table-top exercise, practising the discussions and decisions relating to an attack response can significantly improve the probability of a prompt response during a real incident.
In addition to being targeted by highly motivated threat-actors, the financial ecosystem’s dependence on third-party products and services represents an additional significant risk. Any attack targeting these third parties or their offerings can lead to disruption and damage to the financial infrastructure they support, potentially causing ripple effects across interconnected entities.
Download: Dora and the Role of Cyber Resilience
What You’ll Find in the Guide:
- Overview of DORA: An introduction to the Digital Operational Resilience Act, including its purpose, scope, and the types of financial entities it covers.
- Key Requirements: Insight into the five core pillars of DORA — ICT risk management, incident response and reporting, resilience testing, third-party risk management, and information sharing.
- Board Responsibilities: A detailed explanation of the Board’s role in managing digital operational resilience and ensuring compliance with DORA.
- Cyber Resilience Strategies: Guidance on building and managing cyber security practices, including risk management, incident response, and resilience testing.
- Red Goat’s Support Services: An overview of Red Goat Cyber Security’s offerings, including tabletop exercises, boardroom training, resilience programme development, and staff training for DORA compliance.
How Red Goat Can Help
Preparing for a potential cyber-attack.
Red Goat has extensive experience of assisting financial services companies across the world with their resilience journey.
Cyber exercising. We can assist you in delivering cyber exercises at board, gold and silver team level with scenarios utilising the latest threat intelligence and historical attacks on organisations in the financial services sector.
Industry specific training. In addition to cyber awareness training, we also offer Board training in ICT Risk, third-party risk and preparing for an incident. This training has been developed especially for the financial services industry to be in compliance with EBA Guidelines on ICT and risk management and ECB statements on cyber exercising.
Development of plans and playbooks. Having incident response plans that are up to date and useable by your teams is vital. Third-party validation of plans and playbooks prior to an exercise can save you time during an incident and enable your teams to work more effectively during regular incident response plan testing.
Insider threat training. Insider threats have always represented a major threat to the financial services sector, in particular relating to data theft and fraud. Our insider threat training is scenario- based using case studies based around your internal teams and processes.
Get in touch to see how Red Goat can support your organisation on its cyber resilience journey.
Businesses We’ve Helped.
“Red Goat was recommended by an industry contact and from the first conversation and throughout the engagement, we were very impressed. Our executives were fully engaged through the exercise and we gained tremendous value in exploring potential issues and challenges which has driven improvements to our security posture and resiliency”
Travelex
“Red Goat Cyber Security have created excellent, informative and interactive Social Engineering Awareness training which is suitable for all levels of staff. Lisa manages to get everyone excited about Information Security with her authentic and engaging presentation style. We are proud to call Red Goat Cyber Security one of our key security training providers.”
Hiscox Insurance
“Red Goat were able to provide informative and engaging courses on social engineering that opened the eyes of many of our users to threats and malicious patterns of behaviour. The courses were well organised, well delivered and appealed to a wide array of colleagues of all ability levels.”
Vertase FLI
“Red Goat were really helpful in tailoring a course to our needs. The trainer was really engaging.”
Futures Housing Group
“Red Goat were very helpful and provided an excellent training course that was really engaging and helpful to a wide range of our staff”.
Bristol Airport
“I was hugely impressed by the Social Engineering Awareness Course run by Red Goat Cyber Security. It is one of the first courses I’ve encountered where those who attended it have continued to talk about it long afterwards; a sure sign that the key messages imparted by the trainer have stuck. “
John Stanley MBCI, Risk & Resilience Manager – UCAS
“I was delighted with how Red Goat Cyber Security delivered the cyber security table top exercise. We have learnt valuable lessons to further improve our plans, processes and check lists and would highly recommend them to other organisations”
Salisbury National Health Service Trust
Get in touch to discuss how we can help you achieve your security awareness or resilience goals.
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