In recognition of Critical Infrastructure Security and Resilience Month, promoted by the
Cybersecurity and Infrastructure Security Agency (CISA), it is essential to shed light on the need
to strengthen the financial services industry. This sector plays a role in supporting the nation’s
economic well-being and stability. The financial services sector considered a part of the nation’s
critical infrastructure, faces various cybersecurity threats, with ransomware attacks and insider
threat risks being particularly harmful (“CISA’s Role in Cybersecurity,” n.d.; “Cyber Threats to the
Banking Industry, ” 2021).
Furthermore, the financial services sector’s heavy reliance on technology for service management
and delivery creates an array of cyber vulnerabilities that can be exploited by diverse actors,
including nation-states, cybercriminals, hacktivists, and insider threats. These threat actors possess
varying motivations, ranging from financial gain to the intent to disrupt essential services (CISA,
n.d.).
It is better to use the Risk = Threat x Vulnerability formula to understand the risks involved in this
sector. This approach consists of identifying potential threats like cyber-attacks, delving into
system vulnerabilities that could be exploited, and considering the consequences of such
breaches—primarily focusing on how critical assets are affected. The criticality of assets—whether
they involve data, infrastructure, or services—is a significant factor when assessing risk because
their compromise can have far-reaching impacts on the national economy and public confidence
(“Financial Services Sector Cybersecurity Profile,” 2018).
A robust critical infrastructure assessment is integral to fortifying the financial services sector
against these threats. Such an assessment encompasses the following key areas:
- Asset Identification:
It begins with identifying and cataloging the systems, data, and services vital to financial
services operations, including patient records and medical equipment. - Vulnerability Analysis:
Assessing potential weaknesses that adversaries could exploit, involving regular vulnerability
scanning and penetration testing. - Threat Modeling:
Identifying and understanding potential adversaries and the likelihood of targeting financial
services infrastructure is crucial for proactive defense strategies. - Risk Assessment:
This process determines the potential impacts of cyberattacks, helping prioritize
implementing security measures based on the level of risk. - Security Controls Review:
A thorough evaluation of the existing security measures and policies to identify and address
gaps is essential for a robust cybersecurity posture. - Business Impact Analysis:
Understanding the potential impact of cyber incidents on financial services operations is
critical for developing strategies that ensure business continuity. - Incident Response Planning:
Preparing and testing an incident response plan is vital to respond effectively to cyber
incidents and minimize service disruption.
Such assessments must be conducted regularly to stay ahead of the evolving cyber threats.
Moreover, through information sharing about threats and vulnerabilities and engaging with
national cybersecurity initiatives, collaborative efforts among financial services organizations are
vital steps in enhancing sector-wide resilience (CISA, n.d.).
Financial institutions are strongly advised to enhance their cybersecurity measures to mitigate
risks. This can be achieved through implementing threat detection systems, enforcing stringent
access controls, and providing comprehensive employee training to minimize vulnerabilities.
Additionally, these institutions must assess the importance of their assets and prioritize the
protection of those that would have severe consequences if compromised (“Protecting Critical
Infrastructure,” 2022).
At a level, safeguarding personal data is vital in maintaining overall security. Educating oneself
about cyber threats and reinforcing authentication measures are the first steps toward reducing
personal vulnerability. Regularly updating software, backing up data, and adopting network
practices are also pivotal in reducing risks. Being vigilant against communications and practicing
discretion when sharing personal information further decreases the likelihood of data compromise
(“Cybersecurity Basics,” n.d.).
To summarize, combining defensive strategies to protect critical financial infrastructure with
individual actions focused on safeguarding personal data creates a synergistic defense against
cyber threats. This comprehensive approach to risk management—assessing threats, addressing
vulnerabilities, and considering asset importance—establishes a layered shield that not only
safeguards our nation’s financial sector but also reinforces the resilience of our national
infrastructure by protecting individual citizens.
- Cybersecurity and Infrastructure Security Agency (CISA). (n.d.). CISA’s Role in Cybersecurity. Retrieved from https://www.cisa.gov/role-in-cybersecurity
- Cybersecurity and Infrastructure Security Agency (CISA). Critical Infrastructure Security and Resilience Month. https://www.cisa.gov/critical-infrastructure-security-and-resilience-
- Financial Services Sector Coordinating Council (FSSCC). (2018). Financial Services Sector Cybersecurity Profile. Retrieved from https://www.fsscc.org/
- National Cyber Security Alliance (NCSA). (n.d.). Cybersecurity Basics. Retrieved from https://staysafeonline.org/cybersecurity-basics/
- Office of the Comptroller of the Currency (OCC). (2021). Cyber Threats to the Banking Industry. Retrieved from https://www.occ.gov/news-issuances/alerts/2021/alert-2021-2.html
- Privacy Rights Clearinghouse. (2022). Protecting Your Privacy. Retrieved from https://privacyrights.org/protecting-your-privacy