Financial Firms Are Advised To Proactively Enhance Cybersecurity Resilience Amid Evolving Threats

Financial institutions are encouraged enhance cybersecurity and form proactive partnerships with Managed Service Providers (MSPs) to effectively counter cyber threats, according to Espria, a leading Managed IT Provider.

A recent report on ransomware in financial services revealed that 65% of these organizations faced ransomware attacks in 2024. The report found that compromised credentials were the most common attack vector, accounting for 30% of incidents, followed by exploited vulnerabilities at 27%.

With billions of personal data records at stake, financial institutions are under constant cyber threat, intensified by the widespread use of digital systems and software. Brian Sibley, Solutions Architect at Espria, emphasized the potential disruption cyberattacks can cause, from interrupting essential services to eroding customer trust.

Sibley stressed the importance of developing robust cyber resilience strategies to protect against increasing cyber incidents, especially in the finance and professional services sectors. He advised firms to focus on risk-based prioritization and dependable technology to minimize their attack surface.

The upcoming Digital Operations Resilience Act (DORA), effective January 2025, will underscore the need for enhanced IT security and resilience amid disruptions. Sibley noted that the new regulations will require financial entities to implement comprehensive cybersecurity measures, including documented procedures, continuous vulnerability assessments, and robust risk management.

While many organizations already have risk management practices in place, IT teams must ensure that all systems are compliant and effectively safeguarding against threats amidst complex IT environments.

“Financial institutions must balance maintaining the risk-based approach while raising the bar to address weaknesses observed in prior cyber incidents. Sourcing a reliable MSP to shoulder  operational burdens can resolve this for firms struggling to streamline these advanced technologies.”

Having recently been recognised by Sophos as one of the year’s top-performing channel partners and distributors, Sibley reiterated the effectiveness of managed service providers, such as Espria, who can help the financial and professional services sector to streamline security operations to give way for more effective asset protection.

“As the leading managed service provider of Sophos products working with small and medium sized businesses in the UK, the value we can provide for the financial industry cannot be understated. From implementing or assessing the effectiveness of their compliance positions to providing the right solutions for better risk management and resilience, the right partner can help firms identify any existing gaps and allocate the appropriate resources for compliance.”

“Financial institutions can cover any cybersecurity blind spots by adopting managed services to monitor and provide detailed insights into every aspect of their digital ecosystem. Firms can choose to implement the services they require when needed and avoid the costly downtime that comes with getting new solutions up and running, without compromising on expertise. As a result, firms can optimise their technology spending and operations under a single, securely managed umbrella.”

Sibley concluded, “Cyberattacks remain a significant threat to financial services organisations of all sizes. With the new DORA regulation, increased regulatory harmonisation will require updated or new systems to be adopted for survival. Firms must be proactive rather than reactive to keep pace with the changing landscape.

“With the necessary experience of navigating these challenges, MSPs such as Espria can be specialised partners providing the right solution without large-scale IT overhauls and cost overruns. Embracing a renewed commitment to prioritise cybersecurity and threat mitigation will allow financial institutions to protect their assets while paving the way for an efficient and responsible future in the digital age.”