Imagine waking up to the news that your company’s sensitive client data has just leaked. Again.
And now, you’re staring at yet another hefty fine. It’s not just embarrassing; it’s costly. You’ve poured resources into cybersecurity, audits, and compliance, yet somehow, something slips through the cracks. Sound familiar?
Maybe you’ve caught yourself thinking, “Are we really doing everything we can? Or are we just hoping the next breach won’t hit us?”
It’s easy to feel like you’re stuck playing whack-a-mole with security gaps, never quite knowing if you’ve plugged the right hole.
But here’s the thing: you’re not alone in this. Plenty of financial firms are battling the same issue—overlooked security gaps that turn into major problems.
But it doesn’t have to be this way. With the right IT audit fixes, you can stay ahead of the game. You can prevent those costly breaches from happening in the first place. Let’s walk through five essential steps you need to safeguard your firm—and breathe a little easier. Ready? Let’s begin.
1. Strengthen Identity and Access Management (IAM)
When it comes to preventing breaches, identity and access management (IAM) is where many financial firms stumble. Why? Because it’s easy to overlook who’s got access to what. And the scary part? It only takes one outdated permission to let an attacker in.
Step i: Conduct an Access Control Audit
First, do an access control audit. Go ahead, list out every user who has access to sensitive data and systems. Chances are, you’ll find people with permissions they don’t need anymore—maybe they changed roles or even left the company.
Don’t be surprised if there’s a name or two that make you go, “Wait, why do they still have access?” This isn’t just a nuisance. It’s a ticking time bomb.
Example: In 2020, a breach occurred because a former employee still had access to secure systems. One small oversight, and millions were lost.
Step ii: Implement Role-Based Access Control (RBAC)
Next, implement role-based access control (RBAC). What’s that mean? Instead of giving blanket permissions, categorize employees by their role.
Only give them access to what they need for their job. Sounds simple, but you’d be amazed how many firms skip this step. The fewer people with high-level access, the smaller your risk window.
Here’s a tip: Use auditing tools to monitor these roles. People’s job functions change all the time—keep up.
Step iii: Add Multi-Factor Authentication (MFA)
Lastly, throw in multi-factor authentication (MFA). Make it mandatory for accessing critical systems. Sure, your employees might grumble about needing a second verification step. But guess what? That extra layer could be what stands between you and a costly breach. Think about it: even if someone’s credentials get swiped, MFA gives you a fighting chance.
Keep an eye on this, though. Make sure employees aren’t bypassing MFA and that it’s working across the board. Regular audits can help catch any gaps before an attacker does.
2. Regularly Test for Vulnerabilities
You’d think with all the security tools available today, financial firms would have vulnerabilities locked down, right? Wrong.
Here’s the reality: vulnerabilities creep in through outdated software, overlooked patches, and, let’s face it, just plain human error.
Step i: Schedule Regular Vulnerability Scans
Automated vulnerability scans should be your go-to. Run them weekly or monthly, depending on the complexity of your system.
You’ll catch those pesky outdated patches and misconfigurations that hackers love to exploit. Think of it like brushing your teeth—skip it long enough, and you’re asking for trouble.
Example: In 2017, a well-known financial institution was breached simply because they failed to patch known vulnerabilities. That’s a hard pill to swallow when all it would’ve taken was a regular scan and a bit of diligence.
Step ii: Conduct Penetration Testing (Ethical Hacking)
But don’t stop there. Automated scans won’t catch everything. Bring in ethical hackers to simulate real-world attacks through penetration testing.
These experts can uncover what the machines miss, especially in complex financial infrastructures. It’s like having someone shake the door to see if it’ll budge, even when you think it’s locked tight.
Once you’ve got the results? Fix it fast. You don’t want to be the firm that knows about a security gap but let it slide.
Step iii: Create a Remediation Plan for Vulnerabilities
Finding vulnerabilities is one thing. Fixing them quickly is another. You need a structured remediation plan.
Make sure you have a system in place to track identified vulnerabilities, assign deadlines for fixes, and hold people accountable.
Time is of the essence here. The longer a vulnerability is left unpatched, the bigger the target you’re putting on your back.
Create a tracking system. Put someone in charge. And don’t delay—attackers won’t give you the luxury of time.
3. Secure Third-Party Vendors and Supply Chain
You can have the best security in the world, but if your vendors are weak, you’re still at risk. Think of it like leaving the front door locked but letting someone in through the window. The truth is, third-party vendors are often the weak link in the security chain.
Step i: Audit Third-Party Vendor Security Practices
First, audit your vendors. Are they up to par with your security standards? You might be surprised how many aren’t. A large percentage of breaches happen because of third-party vendors with weak security practices.
Example: Take the 2013 Target breach. It wasn’t Target’s own security that failed first. It was an HVAC vendor with lax protocols that let attackers through the door. That breach cost Target millions and wrecked its reputation.
Step ii: Implement Vendor Risk Management Framework
You need to go beyond the initial audit, though. Develop a framework to regularly evaluate and monitor your vendors. Set minimum security standards they must meet, and don’t be afraid to enforce them.
Tip: Add a clause to your contracts that lets you audit your vendors’ security systems at any time. Vendors change, just like your internal staff, so ongoing monitoring is essential to make sure they’re keeping up.
Step iii: Limit Third-Party Access
Finally, limit the access vendors have to your systems. Just like your employees, they should only have access to what they need for their role. It’s tempting to give full access for convenience, but that’s a risk you don’t want to take.
Use automated monitoring to track their access in real-time. If anything looks fishy, cut them off immediately. Real-time tracking can be the difference between catching a breach early or dealing with its aftermath.
4. Implement Data Encryption and Backup Solutions
Even if you’ve done everything else right, data encryption and backups are your last line of defense.
If attackers somehow get through, you want to make sure your data is useless to them. And if a ransomware attack hits, you need a quick way to get back on your feet.
Step i: Encrypt Sensitive Data Both at Rest and in Transit
Encryption is non-negotiable. Make sure sensitive data is encrypted, whether it’s sitting on a server (at rest) or moving across networks (in transit). Without encryption, you’re essentially leaving the door wide open for attackers.
Example: When Anthem was breached, unencrypted personal data of millions of customers was exposed. The lawsuits and fines that followed were astronomical.
Step ii: Create Regular, Secure Data Backups
But encryption isn’t enough. You also need regular backups. Automated, secure backups ensure that if something goes wrong—whether it’s a breach or a system failure—you can recover quickly.
And make sure those backups are encrypted and stored securely, preferably off-site.
Tip: Test your restore process regularly. You don’t want to find out in the middle of a crisis that your backups aren’t working.
Step iii: Develop a Data Retention and Destruction Policy
Lastly, implement a solid data retention and destruction policy. Keep data only as long as you need it. The longer you hold onto unnecessary data, the more you’re risking exposure. And when it’s time to get rid of it, use secure deletion methods to ensure it can’t be recovered—even by attackers with advanced tools.
5. Enhance Employee Cybersecurity Awareness
Your employees are on the frontlines of cybersecurity. And whether we like it or not, humans are the weakest link. Phishing attacks, social engineering—these things thrive on human error.
But with the right training, your employees can become a shield rather than a gap in your defenses.
Step i: Launch Mandatory Cybersecurity Training Programs
Start with mandatory training programs for all employees. Yes, all employees. From the intern to the C-suite, everyone needs to know the basics of cybersecurity. Focus on phishing and social engineering because, let’s face it, that’s where many breaches start.
Example: In 2021, a major financial firm lost millions because one employee fell for a phishing email. It’s terrifying to think how easily this happens, even in companies that are hyper-focused on security.
So if you need assistant in training your team or a cybersecurity consultant to help your brand so you can avoid loss of info, hefty fines, and reputational damage that comes from lack of defense then hit this link
With that said let’s continue.
Step ii: Gamify the process to Boost Engagement
To get real buy-in, gamify the process.. Plus, a little friendly competition.
Tip: Host company-wide competitions with rewards for employees who spot phishing attacks or report security incidents. It’s a fun way to build a culture of security awareness, without it feeling like a chore.
Step iii: Simulate Phishing Attacks Regularly
Don’t stop at training. Test your employees with regular, simulated phishing campaigns. These real-world tests show you who’s paying attention—and who’s not.
Give immediate feedback to anyone who falls for a simulated attack. Don’t make them feel bad, but let them know where they went wrong and offer more training. It’s all about staying one step ahead of the attackers.
By focusing on these five essential fixes, you’re already well on your way to protecting your financial firm from costly data breaches.
Stay vigilant, keep improving your systems, and remember that security isn’t just a checkbox—it’s a mindset
Turning the Tide on Data Breaches and Fines
It’s easy to feel like you’re in a losing battle. Another fine, another breach, and the sinking feeling that customer trust is slipping through your fingers.
Maybe you’re asking yourself, “How many more times can we get hit before it all falls apart?” You’ve invested in systems, audits, and training, but still, the data keeps leaking. It’s frustrating. It’s overwhelming. And, frankly, it feels like no matter what you do, the breaches just keep coming.
But here’s the thing—there’s a way out. You’re not stuck. These five essential IT audit fixes And GBconsulting are here to help.
Imagine knowing your systems are locked down, your people are trained, and your data is encrypted. Picture the confidence you’ll feel walking into the next board meeting with proof that you’ve plugged the gaps.
No more sleepless nights wondering if today’s the day another breach will hit.
Instead, you’ll be protecting your bottom line, restoring customer trust, and, honestly, getting your reputation back on track.
You’ve got this. You’re not just fighting back—you’re leading the charge. So let’s make those breaches a thing of the past, and finally get your firm where it deserves to be: secure, respected, and thriving.
