As prime targets for cyberattacks, companies in the finance, banking, and insurance sectors must be prepared to manage major crises. It is by reacting quickly and in a coordinated manner that they will ensure their business continuity.
A dramatic increase in cyber risk for european banks
In 2022, according to the Financial Services Information Sharing and Analysis Center – FS-ISAC, cyberattacks through distributed denial of service (DDoS) targeting financial institutions increased by 73%.
The European Central Bank (ECB) now considers cyber risk as a major risk to financial stability.
How can this be explained?
Remote collaboration and the interconnection of systems can explain the proliferation of cyber threats within banks and finance organizations. Indeed, the accelerated digitalization of these organizations does not always come with enhanced security.
Furthermore, the primary factor in cyberattacks remains human. Employees generally do not have sufficient knowledge of cybersecurity best practices (unsecured communications, weak passwords, phishing, etc.). Their practices thus become a privileged entry point into companies’ information systems. Cyber attackers take advantage of these vulnerabilities to conduct attacks, thereby accessing sensitive financial information or disrupting the economic balance of an organization.
Lastly, the tense geopolitical context leads some state or quasi-state cybercriminal organizations to target the financial stability of a nation.
Crisis Management for Finance: a key point of the DORA Regulation
Banks and finance sector organizations must now strengthen their IT security and prepare to overcome upcoming crises.
The DORA regulation aims at these two objectives: improving the cybersecurity and cyber resilience of financial organizations to ensure continuity in their service provision. This regulation will come into force across Europe by the end of 2024.
How to Prepare for the Application of the DORA Regulation?
The benefits of secure video conferencing
Secure video conferencing tools meet the needs for confidentiality, reactivity, and business continuity of organizations in a context of increasing cyber threats.
To limit Cyber Risk
Finance sector companies digitalize certain sensitive meetings. This is the case for executive committees or management boards, financial negotiation meetings, or audits and compliance reviews.
Holding these exchanges remotely saves time for the parties involved. However, it must demand the use of a video conferencing solution with the highest level of security. Audio, video, and data communications must be protected against any eavesdropping, thanks to true end-to-end encryption technology. Thus, resorting to secure video conferencing is a first line of defense against computer espionage and data theft.
To manage crisis and ensure business continuity
In case of disruption to the information system, the main collaboration tools may become inoperative. Resorting to a secure video collaboration solution then becomes essential:
- to allow dedicated teams to discuss crisis management operations securely
- to ensure the continuity of employee and company activities
- to guarantee the confidentiality and protection of exchanges throughout the crisis and avoid further data leaks
Secure video conferencing meets the crisis management needs of the finance sector by ensuring team effectiveness and communication security.
How to choose the right ally?
The DORA regulation also underscores the fundamental importance of establishing policies on finance sector crisis management and risks related to information and communication technologies. This implies choosing highly secure ICT service providers and subcontractors.
The certification and qualification by ANSSI help companies, especially those in finance, make this choice. Indeed, ANSSI’s security visa guarantees the reliability and high level of security demands for a product, essential for facing crises and gaining cyber resilience. It is equivalent to a government recommendation for its use.
Choosing a secure video conferencing solution certified and qualified by ANSSI is therefore recommended, especially in the context of business continuity planning and cyber risk management.
Tixeo is the only secure video conferencing solution certified and qualified by ANSSI for over 6 years.
