Banks and other financial institutions (FIs) use online banking to enrich their portfolio of services and operate more efficiently. However, while digital banking has propelled revenue and profitability, it has also raised cybersecurity concerns. Research shows that the finance industry is the second-most targeted industry for cyberattacks. This alarming trend indicates that the finance industry needs to invest in more sophisticated threat detection solutions to prevent costly breaches because they can cost $3.7 million to resolve.
Incident response is a word both well-known and dreaded by anyone well-versed with the processes and terminology of the world of cybersecurity.
Referring to the methodology used to handle security incidents, breaches, data leaks and other threats, cybersecurity incident response is, essentially, your doomsday plan or strategy.Within this process, there are a few crucial stages: Identifying attacks, minimising potential and actual damage, and then remedying the vulnerabilities that lead to the attack in the first place and adopting long-term preventative measures.