Financial Institutions Can Efficiently Tackle Security Threats If...

It is a known fact that each year several financial institutions, especially banks, fall prey to cyber security threats of one form or the other. Among these, most of them are due to improper security patching – a single outdated machine or an application within the machine, can easily act as an entry point for ransomware.

This became visibly apparent when WannaCry, which successfully exploited Microsoft Windows Security vulnerability called EternalBlue, ended up affecting several Russian banks. Not to forget the other industries across the world which it exploited successfully, bringing the whole world to a standstill for a few days.

So the lesson learned? Proper patching is extremely crucial for enterprises and other online organizations to stay safe from various security threats (of which ransomware is just one variant). But security need not necessarily be a complex matter as it is often projected to be. After all, it's just about getting the basics right.

Here are some useful tips for financial institutions (especially banks) which are subjected to several security threats every year:

  1. Their Systems Are Up-to-Date: The security patches Microsoft releases every month has been on the rise (from 48 in August to 66 in October) and serves as a clear indication that network systems need to be patched up regularly to keep them safe from security threats. But this is easier said than done because networks usually comprise a diverse range of devices, and to meet their varying requirements, you have to have a proper (and automated) patch management system in place.
  1. Their Applications Are Up-to-Date: Not only the applications which are core to your business but those that supplement should be kept up-to-date. Because an outdated application can be as dangerous as an outdated device. Again, keeping these applications up-to-date alone is not enough, you need a patch management system which can efficiently audit these applications from time-to-time and ensure they are up-to-date.
  1. They Apply Timely Security Patches: Timely security patching is extremely crucial. If only those enterprises which fell prey to WannaCry had employed an efficient patch management system they could have easily avoided the damage. But again, this is something which is easier said than done unless you install an efficient patch management system.
  1. They Can Get A Bird's Eye View Of Their Network Devices: Your administrators should be able to monitor every device within the network. In other words, should be able to get a bird's eye view of every device within the network (to understand its security status) to successfully maintain its security posture. This can be accomplished only by using a patch management software which can successfully monitor your network.

There are many patch management tools available in the market which financial institutions, banks, and other enterprises can make use of to ensure their network stays up-to-date. Our very own Free Patch Management Software (which is a part of Comodo ONE platform) comes with efficient security patching-related features like automated system discovery, patch prioritization and scheduling, comprehensive patch auditing and assessment, which make it a competitive tool in the market. After all, it's free! 

 Related Sources:
Patch Management Basics
Best Practices in Patch Management


 
Location: New York, NY, USA

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