Companies Avoid Cyberattacks

The Forbes Finance Council members share 14 key actions financial leaders can take to enhance their companies’ cybersecurity and protect digital assets in an increasingly digital world. The recommendations include:

1. #1 – Hire a Cybersecurity Consultant:

2. Outsourcing cybersecurity expertise to consultants for tailored recommendations. – Julie DeLong, Backyard Bookkeeper

3. #2 – Adopt Best Practices, Provide Resources, and Ensure Backup Plans:

4. Implementing cybersecurity strategies, vulnerability assessments, staff training, and establishing backup plans. – Daniele Viappiani, GC1 Ventures

5. #3 – Train Employees and Clients:

6. Prioritizing ongoing training to increase awareness of cybersecurity threats. – Cenk Kahraman, Finance Incorporated Limited

7. #4 – Make Cybersecurity a Focal Point of Employee Compliance:

8. Regular and focused cybersecurity training for employees to prevent accidental breaches. – Matthew Petrozelli, Valley National Financial Advisors

9. #5 – Review IT Policies and Internal Controls:

10. Regularly reviewing and updating IT policies and internal controls to address vulnerabilities. – Bradley W Smith, Rescue One Financial and Simple Path Financial

11. #6 – Ensure a Sufficient Budget for Safeguarding Digital Assets:

12. Allocating adequate resources to cybersecurity measures and risk mitigation. – Reza Ghazi, GreenFlow Financial

13. #7 – Strengthen Cloud Security for Cloud-Based Tools:

14. Implementing robust security measures for companies using cloud-based tools and services. – Mike Whitmire, FloQast

15. #8 – Invest in High-Caliber IT Leaders:

16. Recognizing the importance of IT leadership and investing in high-caliber leaders focused on risk management. – Jamie Ellis, Katz, Sapper & Miller

17. #9 – Create a Comprehensive Incident Response Plan:

18. Developing a detailed plan outlining steps to be taken in the event of a cybersecurity incident. – Crystal Gilmore, The Spearhead Group Inc

19. #10 – Ensure a Strong Password Policy:

20. Implementing and enforcing a strong password policy to protect digital assets. – Cynthia Dalagelis, Amalgamated Bank

21. #11 – Know Who Has Access to Digital Assets:

22. Managing and restricting access to digital assets, especially in cloud-based collaboration tools. – Aaron Spool, Eventus Advisory Group, LLC

23. #12 – Understand the Identity, Data, and Applications of Your Company:

24. Embracing cyber resiliency by understanding and protecting key pillars of the industry: identity, data, and applications. – Monica Hovsepian, OpenText

25. #13 – Prioritize Regular Security Assessments and Penetration Testing:

26. Conducting regular assessments and testing to identify and address vulnerabilities in systems. – Jeffrey Bartel, Hamptons Group, LLC

27. #14 – Use Strong Passwords and Change Them Often:

28. Promoting the use of strong passwords, multi-factor identification, encryption, and educating employees and clients on cybersecurity best practices. – Aviva Pinto, Wealthspire Advisors

Implementing these measures can help financial leaders proactively safeguard their organizations against cyber threats and enhance overall cybersecurity posture.