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8 tips for protecting IP in the banking industry

IP theft and cyber attacks in the banking industry are increasing within American businesses. Protecting your assets, maintaining full security and monitoring all actions is crucial for the success of your business, as well as the preservation of your property. As international policies change and as political ideology becomes prominent, IP theft through cyber attacks has the potential to rise. How can your business protect against these crimes? Below are eight tips for preventing IP theft in the banking industry.

  1. Establish baseline metrics

Use analytics tools to understand what typical usage looks like on your network so you can identify outlying behaviors and create alerts around this activity. Suspicious and irregular actions can be the first clue to stopping something illegal before it happens.

  1. Set up an employee exit checklist

When employees leave, make sure logins and access to all programs are removed. This can seem daunting to do every time an employee comes and leaves, but it’s important to prevent unwanted access, as well as record who has access to information at all times. Especially in banking, an employee exit checklist can help you document these actions and keep all information protected.

  1. Educate employees about internet risks

According to cybersecurity book Easy Prey, 45 percent of employers don’t provide internet safety training to their employees. Check out resources on common cybersecurity issues like social engineering attacks and ransomware to educate employees. Employee education in the banking industry is key to preventing illegal activities.

  1. Create usage and internet policies

Each department should not have a different security policy. Assign one person to oversee security policies and contracts. It could be HR, a CSO or CIO, as long as employees know where to turn for security policies and issues, and that all information can stay within one person/team.

  1. Set up remote access policies and education

When working from home, employees can get a little lax on security. Educate remote employees about what they can and cannot do from their home or makeshift on-the-road offices. Security education for remote employees is different from the education for on-site employees.

  1. Draft upload and download procedures

Malware that can capture credentials or share intellectual property is easily downloaded. Create procedures to ensure that devices connected to the network are required to get explicit permission from the user or administrator to download or install.

  1. Backup anything important

Whether it’s a company blog or a tiny dataset, all property adds value to your organization. Back up all information and ensure that the backup process works. In banking, important data and numbers belong to the company, as well as clients and customers. It’s crucial that this information is not stolen or lost.

  1. Double-check access permissions

In larger networks, it’s easy for users to slip through the cracks and have access to areas they shouldn’t. Granular and regularly updated user permissions go a long way in protecting banking data.

These eight tips can help your business move eight steps closer to protecting against IP theft and cyber attacks. In the banking industry, securing all information, recording employee actions, and monitoring access to all programs is crucial for keeping your assets safe. The external world surrounding your business initiates shifts in behavior, increasing levels of security in all industries. Prevent IP theft and cyber attacks from occurring in your workplace and try out these eight tips.

Written by Curtis Peterson