How Managed Services Helps Financial Institutions Mitigate Cyber Risk

For companies that want to protect their network from cyberattacks but don’t have the budget for in-house cybersecurity personnel, a managed service provider can be a great option. Many people think of MSPs as typical IT support, but a good managed service provider also helps their clients mitigate risk and improve cybersecurity. For financial institutions, as frequent targets of cyberattacks, working with a managed security service provider is a critical component of a robust cybersecurity strategy.

How MSPs Approach Cybersecurity

If your service or network is accessible via the web, this means it’s public-facing. All connected networks are public-facing and therefore detectable, but MSPs are able to use an environment that is obfuscated and undetectable. This mitigates the chances that a managed security service provider or their clients will be subject to a cyberattack. MSPs leverage a variety of strategies to protect their clients’ security.

Application Allowlisting

Allowlisting is a cybersecurity measure that defines which applications and files are trusted and therefore allowed. Allowlisting has long been considered the gold standard in protecting businesses from known and unknown executables.

Unlike antivirus software, Allowlisting puts you in control of what software, scripts, executables, and libraries can run on your endpoints and servers. This approach not only stops malicious software but also stops other unpermitted applications from running. As a result, allowlisting greatly minimizes cyber threats by stopping rogue applications from running on your network.

Financial institutions should seek out managed security service providers with demonstrated experience in application allowlisting, as not all MSPs have the expertise to effectively execute this cybersecurity strategy.

Zero Trust

A zero trust approach requires users to undergo continual identity verification at every stage of any given digital interaction. This method emphasizes network segmentation, threat prevention, and robust authentication methods. Zero trust prevents lateral movement, which means that even if a malicious entity gained access to a network with a zero trust model, it wouldn’t be able to establish the foothold necessary to successfully execute an attack.

If you’re working with or considering hiring a managed service provider, ask them if they operate with a zero trust approach. In today’s cybersecurity landscape, it’s critical for financial institutions not to rely on an MSP that assumes everything within an organization’s network is safe.

Security Program

Your financial institution’s managed security service provider should assist the organization in structuring, implementing, and maintaining a security program. With a security program, it’s important to account for much more than just the cybersecurity tools you leverage. Work with your MSP to create a cybersecurity program that takes a holistic approach.

When designing a cybersecurity program, your MSP should audit your existing security policies and procedures to identify gaps and vulnerabilities. They should work with your team to understand internal workflows and ensure that the security program they design is functional within your organizational structure.

Find Your Managed Security Service Provider

Unfortunately, attacks on managed service providers have been increasing in recent years. When these attacks are successful, an MSP’s clients are also put at risk. This means that it’s of vital importance for financial institutions to work with a managed security service provider that has the ability to protect itself against cyberattacks.

CyberTeam has been providing managed services in IT and CyberSecurity for over 20 years. We’re experts in protecting our clients’ networks and our own. To schedule a free consultation with one of our cybersecurity specialists, contact us today.