3 IT Challenges in the Financial Services Industry

We live in a time and age where you can’t even say the words finance, or financial services without having them almost immediately interconnect with IT. It’s that simple. Today, in the midst of the IT challenges in the financial services industry, they can’t go one without the other.

IT is present in every industry, and its role is even more critical when it comes to Financial Services, Healthcare, Biotech and many more. But let’s stick to Financial Services for now, due to the vast IT challenges currently facing this specific industry.

Security Threats

Hackers are continually attacking financial Services and the entirety of the financial sector from all around the globe. Whenever someone works on any devices connected to the Internet or even an office network, those devices are in danger of being hacked.

Some online attacks happen, and no one notices them, especially if the internal IT department is overcrowded with other types of work (which are plenty!) related to financial services. To be sure that your company and your clients are secured to any IT challenges and outside threats, consider hiring IT management professionals. Security is imperative to any business and the sooner a company incorporates specialized IT protection and prevention systems, the better.

 

Fast IT Solutions For Financial Services

Although financial services and the entire financial industry are very well connected to everything that’s taking place in the world, in some emerging economies, making people trust IT systems with their accounts or money is still proving to be a challenge.

Most people in emerging countries are afraid of using credit or debit cards for online payment. It is a huge IT challenge because it’s the role of IT specialists to make online payments as accessible and user-friendly as possible. They also need to inspire trust, and some people seem to rely more on traditional forms of money, rather than virtual accounts.

The big IT challenge here is convincing people that no matter what they do online when it comes to your company’s services, their money is secured and in the unfortunate event of a cyber-attack (like mentioned above), they will receive their funds back. It is why you need to make sure that your company has a professional IT department when it comes to dealing with financial services. You don’t want to waste vast amounts of money on compensation when you can spend money wisely on IT management.

Old IT Infrastructure and Lack of Trained Personnel

As technology evolves at a more and more rapid pace, staying up to date is not only proving to be hard but also very expensive for most companies. It is especially important if you are in financial services where you always need to have the best of the best to secure your company’s reputation and your clients’ funds and trust.

IT infrastructure is aging fast and spending money on new technology usually means that companies can’t afford to hire top-notch IT specialists at the same time. IT Directors, CTOs and CIOs are always faced with deciding in this sense. They either renew their IT infrastructure or hire new people who better qualify with the latest IT challenges facing the financial sector today.

However, there are still some ways in which you could have the best of both worlds without having to affect your company’s cash flow or economic stability.

IT management companies offer their IT services at lower costs than the ones involved in hiring new IT specialists as part of your own IT department. It can cut the price of continually renewing your infrastructure, spending only a fraction of the cost of hiring new personnel.

Conclusion

If you’re interested in learning more about our services and solutions, be sure to visit our official website where our specialized consultants are prepared to answer your questions and give you any additional details you require.

3 Best Practices for a Solid Backup and Disaster Recovery Plan

Our modern day society wouldn’t even be imaginable today without computers and the Internet. The world is so interconnected that sending a message from one part of the globe to the other is possible within seconds and sometimes even fractions of a second. This is how fast the world we live in today works. However, this speed does not come without costs. Although cheap to the regular day-to-day consumer, this speed of information transfer is at a tremendous expense for companies which continually invest in their IT departments to make communication between them and their clients possible at any time and a solid backup and disaster recovery plan is extremely vital.

When dealing with clients, no matter if you’re operating in the Business to Business (B2B) sector, Business to Client (B2C) sector, or both, every IT Director, VP of IT, CIO, CTO, CEO, CFO of a company operating in the financial industry should keep this in mind.

 

It’s Better to Prevent Than to Fix

Like in most industries, the financial services sector makes no exception. It is always better to prevent than to fix because when you’re operating in finance, one mistake could cost the company a fortune, or it could even mean the end of it.

To be sure that in case of any cyber-attacks or an unfortunate system crash your company’s and your clients’ data is safe, you need to implement constant backups for each operation your company undertakes. It means paying particular attention to details and having efficient software to deal with thousands of transactions (if not millions) each day.

Always Get the Latest Information from Your IT Department

In the case of a disastrous event for your company, the first department that must be contacted is IT. Make sure that the Disaster Recovery Plan (DRP) is up to date and check the latest updates with the person in charge of supervising it, as it may be crucial to your company’s fast recovery.

Anything starting from a hacker attack to a hurricane can ruin your entire system and make it crash for minutes if not hours on end. Your Disaster Recovery Plan needs to have an analysis of all possible threats, natural or human-caused, and an action plan equipped with tasks for each IT specialist in the event of such a disaster takes place.

Having a strong updated DRP can make the difference between companies losing none, or close to none of its data, funds, and clients; and a company losing everything within minutes, hours or days.

Have a Safety Net Through an IT Management Company

The difference between having your own IT department undergo the best practices for a reliable backup and disaster recovery plan and outsourcing this service is that with your employees you are dealing with people who work on different fronts, thus dividing their attention, as opposed to an IT management company which oversees this process strictly.

Having the solid backup and a disaster recovery plan updated to the latest best practices in the field is a crucial aspect in running any business, whether we’re talking about the financial sector, biotech, healthcare or even non-profit organizations. Everyone is at risk if specialized people are not focused strictly on making this task a priority.

Most of the times, it only takes a few minutes or hours without having a reliable backup or a well-structured disaster recovery plan for the information to be leaked to the press. When this information reaches the public, your company’s stock, credibility, and reputation drop immediately, even if you eventually manage to solve the problems without any severe damage to your clients and their accounts.

Conclusion

However, it takes years to build a reputation and just a few moments to ruin it, so why take the chance? If you’re interested in learning more about best practices for solid backups and disaster recovery plans, be sure to visit our website or contact our specialists for more details and any questions you may have.

Spyware: What is It and How to Remove It?

The vast majority of threats encountered online are collectively known as malware. This term can refer to a wide variety of issues including spyware, adware, viruses, rootkits, Trojans, and other such malicious software. We are going to discuss spyware: what is it and how to remove it.

As some of us know, spyware is computer software that is installed without the user's knowledge or consent and which is specifically designed to collect various types of information. The information may be related to the user's internet surfing habits, or it can be personal information that the user inputs into the computer.

Spyware can also be used by businesses legally to keep an eye on their employees' day-to-day activities. These are commonly known as keyloggers. Nevertheless, the most common use for this type of software is to steal someone's identity, or worse.

What's more, once a computer is infected with spyware, there are additional problems that may also arise. Your system may start working slower without explanation, as the spyware is secretly eating up memory and processing power. Your web browser may have an additional toolbar, or the browser may present a different home page.

Error messages may also appear on screen, as well as previously-unknown icons that may pop up on your desktop. These are just a few telltale signs of spyware finding its way into your system.

Below are several steps that you can take to remove any spyware that's on your computer.

The Traditional Uninstall

Though it may seem surprising, some spyware and adware applications do have fully functioning uninstallers, which means that you can remove them from your Windows' own Control Panel.

In the Add-Remove Programs list, search for any unwanted programs listed there and uninstall them. Be careful not to confuse any useful apps or programs with spyware. Reboot your system after the procedure was successful, even if you are not prompted to do so.

Computer Scan

Most spyware, especially the dangerous kind, do not have the previously-mentioned option, in which case you will need to remove it via an up-to-date antivirus scanner. You will first need to disconnect your computer from the internet. If your antivirus allows it, perform the scan in Safe Mode.

If by any chance you don't have an antivirus installed, which you definitely should, choose one of these free versions, or go for the paid variants for better results. Whenever you are using these tools, always make sure to update them. New spyware is created on a daily basis, and only up-to-date antivirus software will be able to detect and remove them.

Undo any Potential Damage

After one or both of the steps mentioned above have been performed, make sure that the spyware will not reintegrate back into the system once you reconnect it to the internet. To do that, however, you will have to reset your browser start and home pages, make sure that it hasn't hijacked your HOSTS file or that any undesirable websites haven't been secretly added to your Trusted Sites List. Only after you've completed these steps, it is a good idea to reconnect to the internet.

Conclusion

Like with any other online threat out there, the best way to protect yourself is through prevention. Make sure that no spyware will make it into your computer by keeping your security systems up-to-date. Likewise, be more skeptical about what programs you install on your PC, especially if it is part of a package or if it promises something that seems too good to be true. Contact us today to discuss possible solutions.

 

Tools for Security Every Company Should Implement

When it comes to running a company, especially in today’s digital world (but not only!), professional IT security companies, and security software and specialists are a must if you want to have any chance at building a safe and successful business.

However, remaining are a few business owners that practice the idea of handling problems as they come along, instead of having a robust prevention plan to avoid severe security threats. By merely checking an online cybersecurity threat map, you can easily understand why security tools for your company are so essential.

Each day, thousands and thousands of online attacks are taking place, and it’s only a matter of time until cyber threats will reach any random unsecured business. If your motto is better safe than sorry, then here are some tools for security you should have in mind for your company:

Microsoft EMS

Microsoft EMS describes their service as a security tool that stands for ‘digital transformation with freedom and peace of mind.’ The service helps guard your company data from attacks at multiple levels, through complex processes meant to safeguard your IT activities. Through innovation and identity-driven security techniques, EMS is one of the top choices for safety against unknown cyber threats.

Microsoft Defender (Formerly Advanced Threat Protection)

When it comes to superior threat protection, few industries are more affected than healthcare, biotech, and financial services. It is merely due to the large quantity of valuable data found in companies activating in these fields, which make them increasingly more attractive to online attacks.

Microsoft Defender is a cloud-based service focused on filtering e-mails to protect your business from unknown and unwanted online threats, such as malware and viruses. It is an IT guard against any ‘contaminated’ links that may affect your company.

Active Directory

If your business handles a lot of internal and external data, you’re probably already considering having your company server online, thus limiting the threat of cyber-attacks.

In these situations, Active Directory is a must, and it is in most Windows Server operating systems as a set of complex and diverse services and processes destined to add another level of protection to your company and your clients’ data.

Single Sign-On/Multi-Factor Authentication

It goes without saying that when you’re handling sensitive (and confidential) data, you need to have a multi-factor authentication service and even a single sign-on option to protect your entire online activity best.

These types of services offer an extra shield against hackers, and they are instrumental, primarily when you’re working with bank accounts, or with your clients’ data.

Anti-Virus/Malware Protection

You have to search long and hard today to find a company that doesn’t have anti-virus and anti-malware protection. Windows Defender comes integrated with your Microsoft pack operating system, and most computers operating today have it installed and enabled.

All of these tools for security are highly necessary for any company who wants to protect its data and its clients’ data and information. However, having these tools without specialists to make the most of them could prove to be inefficient.

If you’re interested in learning more about tools for security, be sure to drop us a line right here. Our specialized consultants are standing by to answer any questions you may have.

 

Password Protection 101

By Duncan Meadows

One upper case, one lower case, a few numbers with a combination of symbols, and must be complex with 8 to 16 characters long.

Sound familiar? You guessed it, I’m describing your ideal password. Your password is the first line of defense in protecting your identity from cyber thieves.

It’s cumbersome to memorize all your passwords from your bank, phone, email, and work-related computers. But having a complex password is far better because hackers wouldn’t steal your information. Then again you are probably thinking “No one is going to steal my boring life of information.” I would guess again; your information is very valuable to the cyber thieves that lurk in the dark web.

 

Here are a few tricks and tips of how to keep track of your passwords without going insane remembering them.

Don’t turn your life upside down because of your easy password; get smart and get secured. If you’re looking for more information on how to protect yourself from cyber threats, contact our security experts today to build a customized solution tailored to your needs.

 

 

What Kind of Security Is Available to Protect Yourself

There is no denying the fact that cyber attacks are increasing at an almost exponential rate. As people become even more connected to technology, the opportunity for hackers to take advantage also grows. Nevertheless, security is available to protect yourself.

Even with an increase in these sorts of incidents, it doesn't mean that there aren't effective ways to protect yourself from them. Below are some of these security measures that you can employ to keep yourself and your data safe from hackers.

Software Updates

Though many people view software updates as mere nuisances that only seem to pop up when you need your computer the most, they are, in fact, one of the best means to protect yourself from these online threats.

We should also keep in mind that with the arrival of the so-called Internet of Things (IoT), it's not only through our computers but also with other devices that hackers can get their hands on our personal information. The devices include smartphones, tablets, routers, printers, televisions, gaming consoles, smart fridges, among many other unexpected objects that are connected to the internet.  It's only by regularly updating your software that you can fix various bugs and glitches, but also increase your security.

Virtual Private Network (VPN)

A virtual private network (VPN) "is a connection between a secure server and your computer, through which you can access the internet," according to David Gorodyansky, CFO of AnchorFree.

In short, VPNs will extend a private network across a public network, enabling the user to send and receive data across the public system as if the computer were directly connected to a private network. It means that devices running on a VPN will have the benefits of a private network such as increased functionality, privacy, management, and security.

Strong Passwords

Digital security will increase if you choose to create strong passwords. Examples such as "123456" or "password" won't cut it. You will have to add upper and lower case letters, numbers, and symbols.

It's also advisable to change your password frequently, every few months or so. Using the same password for everything - something which most people already do - puts you at risk. If someone manages to get their hands on that password, all of your other accounts could be under attack.

Spam Filters

Spam filters can help reduce the amount of spam and phishing emails that you may receive. These phishing emails are attempts by various hackers to acquire information from you by posing as someone else - either a trusted institution or even a friend or acquaintance.

Do not respond to these emails, try to unsubscribe, or call the person/organization that supposedly sent you the email to make sure of its origin. By installing a spam filter, you can diminish the amount of spam you receive.

Knowledge

Keeping yourself up-to-date on these issues is among the most active security measure a person can have when navigating the internet. Protect yourself and don’t fall prey to all sorts of social engineering attacks.

Conclusion

Even if the internet is an incredibly powerful tool that will undoubtedly shape humanity as we know it; it isn't without risk. While it brings people together, educates, and creates ample business opportunities, it also allows all sorts of shady characters to take advantage. Know how to protect yourself from their attacks by employing these security measures presented here. Still want help? Contact us today to learn how we can help.

 

IT Security Basics - What You Need to Know

There is much to unpack here, but we will try to keep it as short and easy-to-understand as possible. Information technology (IT) security encompasses a large area, making it somewhat confusing for those of us who don't know what it implies.

As hackers are becoming ever more numerous and diverse, it also becomes increasingly important for not so tech-savvy business people to know what are the different branches of IT security and how they work together to keep us safe.

The Security Chain

IT security is like a series of link-parts of a chain network. The reason for this is the digital space is already constructed on a system with elements such as databases, cloud-based servers, APIs, and all sorts of mobile applications, etc.

These many elements also provide more opportunities for hackers to find a way in, meaning that each one of these components needs a set of security measures. What's more, these security measures often work together, somewhat similar to how the network components do.

One thing that we need to clarify right off the bat is that there is no such thing as a one-size-fits-all approach to IT security. Every network is comprised of different elements, which means that security measures also need to be different.

IT Security, Information Security, and Information Assurance

IT security and information security are often used interchangeably, but they do, however, differ from one another. When we talk about information security, we are referring to data protection, be it digital or physical. IT security, on the other hand, is only focusing on digital information security. In short, IT security covers all aspects of security that fall within a network.

Lastly, information assurance refers to various preventive measures that help safeguard data from all sorts of natural disasters and theft. Among these, we have things like data backup or offsite backup databases, among others.

Network Security

Network security has to do with everything that's related to the network, including both hardware and software. Network administrators have to make sure that the reliability, usability, and integrity of the system remains intact. Hackers can infiltrate the network, restrict your access, and demand a ransom.

Not sure if your network is secure? Request a Network Assessment by one of our highly experience technical engineers.

Endpoint Security

Endpoint security is in charge of both ends of the network - where data enter and leaves. But probably the weakest link in the security chain is the users, themselves. Whether it's a lack of proper education on the nature of IT security and cyber threats, weak passwords, phishing campaigns, downloading malware, and so on, end users pose a security risk for the network, and this is why endpoint security is crucial.

Internet Security

Also known as cybersecurity, internet security deals primarily with data that is sent to and from your browser, as well as how networks interact with web applications. The importance of this cybersecurity comes into focus when we realize that the entire internet is nothing more than an unsecured network.

Conclusion

Without going into any technical detail, we've presented to you the basics of IT security and how it works to keep yourself and your business secure. It is for this reason why IT security experts are probably the most critical team members that you need to hire. Contact us today to ensure the safety and security of your hardware, software, and other assets.

 

The Many Different Types of Cyber Attacks

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Cyber attacks are all too frequent nowadays. In 2010, there were roughly 3.8 million breached records. 2016 saw that number balloon to 3.1 billion. What's more, there are numerous types of cyber attacks, some more complicated than others.

The difference between each of these types of cyber attacks is mostly dependent on what the hackers want to achieve with them. They could wish to obtain your data, or maybe they are interested in taking control of your device and demand a ransom for its release.

The most common of these cyber attacks, however, are vectors and malware. Here is a short rundown of these common types of cyber attacks.

Malware

In short, malware is a piece of software designed to disrupt and gain access to a computer system. Listed below are the most common types of malware.

Viruses

A virus is a piece of malicious code. It gets downloaded onto a computer without the user's knowledge or consent and can replicate itself and spread to other networks by attaching to various files.

Ransomware

Like its name would suggest, ransomware translates to a particular type of malicious software that, once installed on the computer, will begin demanding ransom. There are different types of ransomware, particularly concerning their complexity. While tech-savvy individuals can reverse some simple ransomware, others encrypt the victim's files, which make them completely inaccessible.

Worms

Worms work more or less the same as computer viruses in that they are self-replicating. The significant difference is they do not require attachment to a program. What they do, however, is to look for vulnerabilities in the security system and report them back to the hacker.

Trojans

Trojans viruses are programs that may appear like any other program that performs specific functions but in reality, its purpose is to perform all sorts of malicious activity. Trojans typically disguise as all sorts of virus removing software.

Spyware & Adware

Spyware and adware can get installed on your computer without your knowledge, either by opening various attachments, clicking on links, or downloading infected software. These types of malware will monitor your computer's activity and collect personal information from wherever it can.

Attack Vectors

Deriving their name from biology; attack vectors is the method used by malware and viruses to propagate themselves and infect computers. The vectors come in three primary forms.

Social Engineering

Social engineering, in the context of IT security, refers to the psychological manipulation of people in performing various actions like clicking on malicious links, downloading malicious software, or divulging personal information.

Phishing, for instance, is the attempt to access sensitive information like passwords or bank information, via email or other forms of digital communication. The Nigerian Prince scam is an example. Pharming, on the other hand, is an attempt to guide people to access a fake website. It is where people will input sensitive information by pretending to be a bank or other such organization.

Man in the Middle

It is a sort of attack where the attacker manages to take control of the communication between two people, impersonating them and asking each to divulge their information. While each of the two users is under the impression that they are talking to each other, they are communicating with the hacker.

Drive-By

It is a type of cyber attack that installs malware on a computer as soon as the user visits an infected website. These websites can belong to the hackers, themselves, or it can be a legitimate website that's been compromised.

Conclusion

Each of these cyber attacks can be easily implemented within a company if it doesn't have the necessary IT security set in place. It is vital for every organization to evaluate the level of its security and educate its personnel about the dangers they are faced with online. If you don't feel up to the task, contact us today to see how we can help.

 

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