With the introduction of the internet came the introduction of malware. Computer viruses, scams and hacking have come with the territory of having access to the internet, but these ‘nuisances’ could be more harmful than you think. It has become increasingly common for hackers to infiltrate private servers and hold information ransom. Companies with confidential client information such as bank account details, medical histories or private information can face major backlash from those they promise to protect. Digital information has become invaluable to companies and the loss of this data could spell the end of a business if their cyber security is not on par.
The U.S. Securities and Exchange Commission (SEC) has prioritised cyber security and aims to eliminate the risk of cyber infiltration by assessing the security of broker-dealers and investment advisors. The SEC assesses security by performing tests on it to see how well security programs can combat cyber-attack. Staff are interviewed about their experiences with previous attacks and what protocol was followed to deal with it. This helps companies and individuals to see where they can improve security. The Commission also teaches them how to improve security effectively and how to handle situations in which they are attacked. Two areas companies should focus on are ensuring the security of client information, and putting in place strict regulation on software management, avoiding the risk of malware.
Technology poses a risk to companies through hacking, but it also has the potential to help the situation. One of the most useful forms of software is a firewall and/or antivirus. This blocks any threat to your system from within your computers and acts as your first line of defence. Restricting access to data can also prevent infiltration as it is an extra step to accessing information, allowing security programs to detect the threat. Individual passcodes to access specific information ensures that if one area is breached, not all information is compromised. Training staff to be aware of the potential risks reduces the chance of infiltration dramatically as they are less likely to introduce malware to servers when they know how to identify it.
The SEC requires companies to have the proper protocol documentation when an incident occurs. This should keep a record of all the actions required as well as taken as it helps the SEC to determine where things went wrong and what can be done to improve a company’s security. Without this documentation, companies can face harsh fines. The security protocols and regulations of a company must be followed strictly to ensure the safety of clients. Failure to do so is punishable.
