As a financial organization, protecting your assets is non-negotiable. And equally as important to the financial assets your institution holds is your data. A robust cybersecurity posture is your first line of defense.

Cyberattacks on financial institutions are on the rise
Cybercriminals are increasingly targeting financial institutions, with ransomware attacks the primary type. These attacks leave many institutions unable to access their data and paying millions to resolve the breach.

Even the Financial Reserve Board had this to say:
“These threats may result in incidents that affect one or more participants in the financial service sector simultaneously and have potentially systemic consequences.”

In other words, the entire nation’s financial system could be crippled. It's a chilling warning, and you don’t want your firm to be the one that sets this event into motion.

The cybersecurity landscape in financial services
Financial institutions operate under stringent regulatory frameworks to ensure the safety and integrity of financial systems — and that includes data protection. Agencies such as the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), the Federal Reserve System (FRS), and the National Credit Union Administration (NCUA) set rigorous standards that financial entities must adhere to. Compliance with these regulations is essential, but it also means that financial institutions face complex cybersecurity challenges.

Cyber threats are evolving daily, targeting vulnerabilities in IT systems that can lead to data breaches, financial loss and reputational damage. Even a low-level email phishing attack can open the door to hackers, who then exploit this to gain access to your institution’s systems at large. The bottom line: the question is not if, but when a cyberattack will occur, making it imperative for your institution to adopt a proactive stance on cybersecurity.

Cybersecurity and your firm’s leadership
Stakeholders and key members of leadership have different responsibilities, but cybersecurity affects all of them: Your CEO and board of directors. Your institution’s CIO, CSO and CISO. The company CFO. And your compliance, legal and risk management teams.

Of course, it’s not every stakeholder’s job to actually deploy cybersecurity measures. But everyone who holds one of these roles has a responsibility to protect your company’s data. Your team should work cohesively to ensure your institution’s cyber defenses are strong, up-to-date, and offer advanced protection against attacks like “zero-day exploits” — which can instantly steal your firm’s data or lock it with a ransomware attack — shutting down operations for days.

What to look for in an IT partner
Hardening your cybersecurity defenses requires more than just adding new software from a single vendor, as hackers search for vulnerabilities throughout your entire network. And most “add-on” software companies have little knowledge of the complex financial regulations your institution must adhere to. To protect both your data and financial assets, a strong partner should offer:

• End-to-end solutions, from consultation to ongoing support;
• Vast cybersecurity knowledge, with industry certifications and best-in-class security;
• Rapid deployment, with advanced, up-to-the-minute technology;
• Strategic partnerships with the world’s leading tech companies; and
• A proven track record of developing secure and compliant IT solutions specifically for financial institutions.

Why C Spire?
Cybersecurity in financial institutions is a complex but critical necessity. With the increasing sophistication of cyber threats, partnering with an experienced IT solutions provider like C Spire can make all the difference. Our certified engineers work with you to integrate new advancements seamlessly into your core infrastructure, bringing expertise, the most sophisticated technology, and a deep understanding of regulatory requirements to ensure your institution remains secure and compliant.

We’re ready to solve your IT challenges and protect your assets so you can focus on what matters most — growing your business and serving your clients.

Discover what C Spire Business can do for your financial institution here.