In today's digital age, the banking industry has become a highly attractive target for cybercriminals. With the exponential growth of technology and online financial transactions, banks store vast amounts of sensitive and valuable data, making them a lucrative target for hackers.
From identity theft to fraud and ransomware, cybercriminals are constantly looking for vulnerabilities in the security infrastructure of banking institutions, which often do not have a strong cybersecurity team to help protect them. In these cases, many organizations have sought the support of an IT staff augmentation agency.
Aware of this growing threat, banks are working to strengthen their security strategies with the support of external resources, hired through an IT staff augmentation agency, personnel who support companies in the implementation of security measures and in the adoption of advanced security technologies, to guarantee the integrity of their financial operations in the digital world.
According to an article published by the International Monetary Fund, most financial institution leaders have not applied cybersecurity regulations or created resources to enforce them.
They also indicated in the publication that at least 56% of banks do not have a national cyber strategy for the financial sector and 64% do not require testing and exercising cyber security measures or provide additional guidance.
That is why it is essential to generate changes in cybersecurity in financial institutions, since this way the teams will have more tools to thwart any attempt to attack or steal information. The lack of qualified personnel is not a problem if you have the support of an IT staffing agency, which can quickly help you find the profiles your project needs.
“If banks can't get good staff, then the best thing they can do is hire a managed detection and response company that specializes in financial cybersecurity”, they noted in a Tech Monitor article, insisting that staff is most important when creating and maintaining strong bank cybersecurity strategies.
An IT staff augmentation agency can certainly play a crucial role in helping banks strengthen their cyber security, as they have access to highly-skilled and experienced professionals in the field of cyber security, allowing banks to quickly source the necessary talent to protect their infrastructure and data.
By using an IT staff augmentation agency, banks can:
Among the profiles that an IT staff augmentation agency can provide is an information security expert, who has the ability to assess the bank's IT infrastructure and detect potential vulnerabilities. They can implement preventive and corrective measures to protect the bank's confidential and sensitive data against malicious attacks.
There are also these profiles:
- Cyber security analyst: They constantly monitor the bank's networks and systems in search of suspicious activity or intrusion attempts. Their expertise in early threat detection can help prevent serious security incidents.
- Network security engineer: They configure and maintain advanced security systems, such as firewalls, intrusion prevention systems, and malware detection solutions.
- Security Incident Management Specialist: These professionals are trained to contain and mitigate damage, minimizing the impact of an attack and quickly restoring normal operations.
An IT staff augmentation agency is prepared to do a thorough assessment of the bank's systems and networks to identify potential vulnerabilities, where weak spots can be discovered that can be exploited by cybercriminals.
Cybersecurity engineers at an IT staffing agency analyze event logs and security data to detect patterns or anomalous behavior that may indicate intrusions or suspicious activity.
And, based on the assessment results, the IT staff augmentation agency can recommend and implement appropriate security solutions to mitigate the identified vulnerabilities. This may include installing up-to-date security software, proper network configurations, and intrusion detection systems.
By providing highly qualified and specialized IT security staff, an IT staff augmentation agency can help organizations protect their systems and data against cyber threats.
Implementing security solutions involves installing and configuring tools and technologies designed to protect a company's systems and networks. This can include firewalls, intrusion prevention systems, antivirus solutions, malware detection software, and more. Agency experts can ensure that these solutions are properly configured and working effectively to protect the company's infrastructure.
Cyber security training and awareness is essential in the company team. In this sense, one of the responsibilities of an IT staff augmentation agency is to offer training in computer security to the teams of the companies that contract the service. This will improve overall security awareness and practices, as well-informed employees are an important line of defense against social engineering attacks and other threats.
Complying with security regulations is essential to safeguard all data and processes that occur in banking institutions. Through audit tools, employee interviews and analysis of the bank's security documentation, an in-depth assessment can be made and the security status determined and which regulations are being met, or not.
Based on this review, the IT staff augmentation agency team can recommend improvements to the bank's security systems and processes to bring them into compliance. These improvements may include implementing new security solutions, updating security processes and procedures, and training employees on security.
Of course, after these recommendations, comes the stage of implementing these regulations, through the cybersecurity specialists that an IT staffing agency can offer.
“For large corporations, they may already have a full-time CIO and cybersecurity team. However, full-time security managers acknowledge that they are not always objective. As such, they can use the help of temporary experts to access a third-party view, perform penetration tests or audit current policies / procedures”, they indicated in an article on the RSI Security portal.
Midsize businesses may have a functioning IT department, but in many cases, they lack a strong cybersecurity program. So it makes sense for these organizations to consider hiring an IT staff augmentation agency to implement security policies, standards, and tools that bolster protection against digital threats.
Small businesses often underestimate the chance of a security breach, even though they are actually prime targets for hackers. However, most of these companies operate on modest budgets and cannot afford more than a few IT staff, let alone a full-time cybersecurity team.
That's where the help of an IT staff augmentation agency comes in, which can provide the necessary resources to support in this area.
IT staff augmentation agencies can be a valuable asset to banks looking to strengthen their cyber security. These specialized cybersecurity agencies can provide the banking industry with access to highly-skilled and experienced IT security talent, which can have a significant impact on protecting critical bank infrastructure and data.
When a bank needs to strengthen its cybersecurity team, a staffing agency can quickly provide qualified cybersecurity experts to address immediate challenges. This allows for a quick response to growing cyber threats.
Cybersecurity is a constantly evolving field, with new risks and challenges constantly emerging. IT staff augmentation agency professionals are well informed about the latest trends and technologies, ensuring that the bank is protected with the best available security practices.
Do you need an IT staffing agency to help you with your projects? At Rootstack, we have +12 years of experience supporting companies in their digital transformation. Contact us!