# Shoring up cyber defences in the remote working era
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-08-24
Category: Uncategorized
Category URL: https://financedigest.com/category/uncategorized
Meta Title: Tips for Boosting Financial Cybersecurity in Hybrid Working
Meta Description: Discover how finance organisations can mitigate cyber risks associated with remote and hybrid working models. Learn from Rob Smith, CTO at Creative ITC.
URL: https://financedigest.com/shoring-up-cyber-defences-in-the-remote-working-erahtml

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**_With many finance and banking organisations exploring options for long-term hybrid working, IT leaders battling rising cybercrime are all too aware of the increased security risks associated with new working models. Rob Smith, CTO at award-winning cloud services provider_** [**_Creative ITC_**](https://www.creative-itc.com) **_, explains how to build a stronger, futureproof security posture._**

Following pandemic-driven lockdowns, firms across the financial services industry are looking at ways to mitigate the IT hazards associated with the possible shift to long-term remote and hybrid working.[Business and IT leaders and regulatory bodies are having to re-evaluate risk](https://www.financedigest.com/aon-assists-freddie-mac-to-reach-5bn-risk-transfer-milestone-for-u-s-mortgage-credit-business.html "AON ASSISTS FREDDIE MAC TO REACH BN RISK TRANSFER MILESTONE FOR U.S. MORTGAGE CREDIT BUSINESS") management and the importance of staff wellbeing.

Balancing increasing demands for remote working with mounting [cyber risk](https://www.financedigest.com/minimising-supply-chain-cyber-risks-by-asking-the-right-questions.html "MINIMISING SUPPLY CHAIN CYBER RISKS BY ASKING THE RIGHT QUESTIONS") is no easy task. Ever more complex IT infrastructures present a widening attack surface that now combines corporate networks with [home devices](https://www.financedigest.com/smart-home-devices-market-is-expected-to-grow-at-a-healthy-cagr-of-over-18-during-the-study-forecast-period-2021-2031.html "Smart Home Devices Market is expected to grow at a healthy CAGR of over 18% during the study forecast period 2021-2031"). Over half of security leaders (52%) admit they’re [feeling challenged to protect remote workers’ devices](https://www.cisco.com/c/en_uk/products/security/ciso-benchmark-report-2020.html#~ciso) and cyber risk is snowballing as criminals exploit finance employees as the weakest link in a company’s defences. An estimated [95% of security issues](https://www.ibm.com/security/data-breach/threat-intelligence/) are the result of workers allowing a breach as ransomware and phishing attacks soar. It’s no wonder that many security professionals are thinking about [resigning due to increasing pressures](https://www.ibm.com/security/data-breach/threat-intelligence/).

**Fail to prepare, prepare to fail**

A recent survey confirmed that many IT [security teams feel under-resourced and ill-equipped to fend off cyber](https://www.financedigest.com/how-to-handle-cyber-security-during-mergers-and-acquisitions.html "How to Handle Cyber Security during Mergers and Acquisitions") attacks. Stretched in-house teams often [don’t have security](https://www.financedigest.com/dont-let-the-promises-of-virtual-desktop-security-cloud-your-judgement.html "Don’t let the promises of virtual desktop security cloud your judgement") specialists with the right skills available 24/7. Organisational priorities and IT investment may have been focused elsewhere, leaving chinks in their corporate armour such as weak password management, irregular patching and unclear threat handling processes.

Many organisations have sought to [boost defences by adding more tools to aid](https://www.financedigest.com/britain-boosts-aid-for-syria-turkey-after-earthquakes.html "Britain boosts aid for Syria, Turkey after earthquakes") threat detection and response. Yet, breaches still occur – often the problem is not because a tool failed to raise an alert, but because the alert was missed or ignored.

Two in five UK IT teams say they are [overwhelmed by security alerts](https://arcticwolf.com/resources/blog-uk/survey-reveals-cybersecurity-professionals-overworked-lack-confidence-stop-cyber-attacks/) and over a quarter (27%) don’t feel equipped to spot a cyber threat. Worryingly, almost a third of security professionals (30%) admit to not [knowing how to use their organisation’s security](https://www.financedigest.com/no-collateral-no-problem-here-is-what-you-need-to-know-to-secure-a-business-loan.html "No Collateral, No Problem: Here is What You Need to Know to Secure a Business Loan") tools effectively. Worse still, over half (55%) have ignored an identified cybersecurity issue to attend to other [business activities](https://www.financedigest.com/euro-zone-business-activity-contracted-again-in-aug-outlook-bleak-2.html "Euro zone business activity contracted again in Aug, outlook bleak").

**Re-thinking resilience**

Tools alone are clearly not enough. For financial [organisations to get on the front foot in the battle against cyber](https://www.financedigest.com/auditing-in-cyber-how-organisations-can-keep-track-of-their-data.html "AUDITING IN CYBER: HOW ORGANISATIONS CAN KEEP TRACK OF THEIR DATA") criminals, a different mindset is required. Instead of adding further tools and complexity, firms [need to build security](https://www.financedigest.com/why-preparation-for-new-swift-cyber-security-standards-needs-to-start-now.html "‘Why preparation for new SWIFT cyber security standards needs to start now’") operations that empower cybersecurity experts to lead response.

Although [banks and financial organisations often use in-house teams for all their IT operations](https://www.financedigest.com/stellantis-reshuffles-european-financing-operations-through-new-jvs-with-banks.html "Stellantis reshuffles European financing operations through new JVs with banks"), many struggle to afford highly-trained cybersecurity experts to ensure round-the-clock protection. Traditional security tools like Endpoint Detection and Response (EDR) and Security Information and Event Management (SIEM) [systems can produce excessive noise from false positives](https://www.financedigest.com/dynamic-positioning-system-market-notable-developments-geographical-outlook.html "Dynamic Positioning System Market: Notable Developments & Geographical Outlook") and security blind spots, making it difficult for internal teams to identify and resolve threats. These limited resources and tools can be easily overwhelmed by today’s sophisticated cybercriminals, putting organisations at huge financial, [operational and reputational risk](https://www.financedigest.com/banks-and-insurers-right-to-prioritise-technical-skills-in-operational-risk-but-must-not-overlook-training-in-nurturing-talent.html "Banks and insurers right to prioritise technical skills in operational risk but must not overlook training in nurturing talent  ").

To meet the challenges of today’s evolving hybrid environment, [finance and banking organisations](https://www.financedigest.com/cyber-threats-for-finance-organisations-to-watch-in-2023.html "Cyber threats for finance organisations to watch in 2023") are starting to take a fresh approach.

**A more [robust security](https://www.financedigest.com/cyber-insurance-may-be-vital-but-not-a-replacement-for-robust-security.html "Cyber insurance may be ‘vital’ but not a replacement for robust security") posture**

[Managed security operations from strategic security partners enable finance firms](https://www.financedigest.com/exclusive-crypto-giant-binance-moved-400-million-from-u-s-partner-to-firm-managed-by-ceo-zhao.html "Exclusive-Crypto giant Binance moved 0 million from U.S. partner to firm managed by CEO Zhao") to boost internal teams and ensure a more robust, proactive security posture. Security Operations Centre as-a-Service ( [SOCaaS](https://www.creative-itc.com/as-a-service-2/#security-service)) solutions combine the latest technologies with 24/7 human expertise to provide firms with an immediate tactical response to threats, and expert-led strategic learning to strengthen resilience over time.

- **Rapid response**

It’s well known that speed is of the essence when responding to a breach. Seek out a provider with proven abilities to detect real threats and act upon them immediately. A proactive frontline team armed with the latest cloud-native [technologies can enhance an organisation’s](https://www.financedigest.com/how-collaboration-technologies-are-helping-organisations-to-embrace-a-hybrid-working-model.html "How collaboration technologies are helping organisations to embrace a hybrid working model") own threat detection and response capabilities. Look for a SOCaaS provider with a dedicated [team of highly-trained experts available round-the-clock to react fast to threats and work](https://www.financedigest.com/finance-teams-have-been-left-in-the-dark-on-the-real-cost-of-working-from-home.html "Finance teams have been left in the dark on the real cost of working from home") until an incident is resolved.

- **Strategic improvements**

Good SOCaaS partners will also help to improve your [security operations over the long-term](https://www.financedigest.com/hermes-secures-long-term-contract-extension-with-kingstown-associates.html "Hermes secures long-term contract extension with kingstown associates"). After an incident, your MSP should help you better understand its strategic implications, working with an in-house [team to identify areas of improvement](https://www.financedigest.com/improving-your-it-team-in-four-simple-steps.html "Improving your IT team in four simple steps") and support remediation efforts.

If hybrid and [remote working](https://www.financedigest.com/7-tips-for-building-a-positive-remote-work-culture.html "7 tips for building a positive remote work culture") models are to be viable long-term for finance and banking businesses, organisations must re-think traditional approaches to cybersecurity. A new breed of strategic security [partners has emerged who can help firms comply with evolving](https://www.financedigest.com/the-evolving-role-of-the-cfo-from-scorekeeper-to-business-partner.html "The Evolving Role of the CFO: From Scorekeeper to Business Partner") operational and regulatory requirements, bringing new abilities to detect and resolve threats more quickly across their entire IT infrastructure, however complex. SOCaaS makes it fast, easy and cost-effective for finance firms of any size to deploy world-class, sustainable [security operations](https://www.financedigest.com/transport-operator-go-ahead-flags-cyber-security-breach.html "Transport operator Go-Ahead flags cyber security breach"). Leveraging the latest technologies and human expertise, SOCaaS providers will also add strategic value, helping banks and finance [firms to develop](https://www.financedigest.com/crypto-firms-will-develop-offshore-without-clear-us-rules-coinbase-chief-says.html "Crypto firms will develop ‘offshore’ without clear US rules, Coinbase chief says") a more robust and proactive long-term security posture.


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