Financial institutions are subjected to a level of regulatory burden and security compliance requirements that few other industries has to contend with. Since they’re a central target for attackers due to the money they move and the vast amounts of data they possess, they’ve become a central focus for regulators due to the danger to the global economy should one of them fall victim to a breach.

Compliance in Financial Services: Cybersecurity Laws and Regulations

Federal Trade Commission's enforcement of U.S. citizens financial privacy policy is built around the framework of seven key principles:

Financial Regulations and Compliance Requirements

A simplified regulatory checklist for financial institutions

Up-to-date Firmware, Operating System, Kernel, Security & Applications

Why bother updating?

Software runs the world. There was an estimated 230 billion app downloads in 2021 alone, up by over 63% since 2016. And it is claimed the average smartphone user has 40 separate apps installed. That is not to mention the other devices a company may be using: PCs and laptops, and other smart technology.

All of these applications need updating, as does the underlying operating system (OS), web browser and possibly firmware – a special type of software that hooks into device hardware. Multiply this across multiple machines and devices and those constant update pop-ups could understandably amount to a major productivity headache. But updates are essential for several reasons:

• Updates keep you more secure

Software is written by humans. That means the underlying code is prone to human error. Sometimes these errors – known as software vulnerabilities, if not patched on a timely schedule – can be exploited by malicious hackers, who can then take advantage of these security flaws.

Such attacks can start with attempts to get people to click a malicious link, open an attachment in a message or lure them to specially crafted malicious websites. The end result can be remote code execution on vulnerable systems or malware downloaded to the device, which is designed to steal login information and any personal and financial data stored in the apps or on the device/PC.

That means threats such as:

• Identity theft and fraud

• Hijacking of sensitive apps and accounts like online banking accounts

• Ransomware designed to extort you by encrypting the files on your machine until you pay

• Cryptojacking, where a hacker uses your computer to illegally mine for cryptocurrency, increasing your energy bills and running down your equipment

• Botnet malware that hijacks your machine and uses it to attack others

Updates fix these vulnerability problems by upgrading your operating system and other software to the latest version, which “patches” the security issue in question.

• Updates keep your institution and clientele safe

Any shared computers at work that aren’t updated regularly could expose not just your accounts and personal and financial information to attackers, but also those of clienteles. Hackers may also hijack your email, messaging and accounts to send hidden malware to your contacts throughout the organization.

So, by keeping your devices and software on the most secure version, you’ll be doing your whole organization a favor, too.

• Updates will ensure you have the best performing device

Software updates don’t just keep your device secure. They are also issued to fix any performance issues the developers may have identified. So updating could help enhance your battery life, stop apps and other programs from crashing due to glitches, improve the speed at which pages load, and add a range of other functionality designed to make the user experience better.

• Updates give you the latest functionality for free

Software developers also use updates to enable new features for their users.

• Updates makes your devices less susceptible to be compromised during remote work sessions

AVLP insist that remote working employees use only corporate-owned devices, which will have their own update mechanisms. But some may allow staff to use their personal devices to connect to corporate networks and access business apps in the cloud. However, if these devices are not updated with the latest security definitions and codebase, there could be trouble.

An attacker could steal your corporate logins to access sensitive company data and systems. Or they could use the same access to infect the corporate network with malware. This could lead to a serious data breach or ransomware attack.

Through our innovation, research and developments, AVLP Team has come up with elegant, unobtrusive, yet powerful implementations of those Computer System (Windows) and Security updates. All our Windows 10 & 11 Systems come with fastest channel for security and protection database updates (happens in the background).

Encryption

While a financial institution’s defenses (implemented by AVLP) may prevent most attacks, encryption can provide an additional layer of security, making it more difficult for cybercriminals to steal data. For institutions computer systems AVLP implements a variation of device and disk encryptions depending on situations and susceptibility while maintaining excellent operational performance of the overall system.

Routers, Firewalls and Web Gateways

The minimum suggested requirements include:

• Changing the routers, firewall’s default password

• Restricting payment system access payment to only what is necessary

• The denial of unauthorized traffic

Along those lines, when tasked with evaluating the effectiveness of a financial institution’s IT security, auditors will check that:

• All connections are necessary for business purposes

• All insecure connections are supplemented with additional security controls

Banks and other organizations in the financial industry are also accountable under GLBA (The Gramm-Leach-Bliley Act) mandates for the deployment and ongoing maintenance of a firewall or anti-virus equivalent. 

The Gramm-Leach-Bliley Act requires financial institutions – companies that offer consumers financial products or services like loans, financial or investment advice, or insurance – to explain their information-sharing practices to their customers and to safeguard sensitive data.

Intrusion Detection

Financial institutions may use an intrusion detection system (IDS) to comply with their industries regulatory standards (when necessary), which calls for the use of “intrusion detection and/or intrusion prevention techniques to detect and/or prevent intrusions into the network.”

The firewall and IDS work together to prevent attacks. While the firewall works to prevent intrusions from outside the institution, the IDS monitors those that make it past the firewall for evidence of malicious intent. The deployment and ongoing maintenance of the IDS can help assess the types of connections a firewall blocks and what it finds permissible.

Logging and Data Collection

Under GLBA , all security event information must be logged and reviewed. The FFIEC also has guidelines in place for identifying specific log sources (including firewalls, IDS, and anti-spam) and analyzing them for potentially threatening network activity, as well as related procedures for incident response and reporting IOCs.

Required Policies and Processes

In accordance with GLBA, companies within the financial sector must establish and uphold security policies for incident reporting and response. In addition, any staff who process and/or stores GLBA data are expected to undergo annual security awareness training. These rules also apply to any third-party service provider handling GLBA data on behalf of another organization.

GLBA also requires timely patching for security updates. Similarly, AVLP requires the use of up-to-date security controls (like firewalls). Finally, FFIEC has guidelines that cover everything from end-of-life management for applications to version control and more.

Vendor Management

Since many financial institutions engage third parties to provide a broad range of products and services, many of the laws and regulations pertaining to information security require vendor due diligence. This is especially important because cybercriminals routinely exploit a third party’s weak security to gain access to the larger entities they serve.

In addition to conducting robust due diligence when onboarding a third party, institutions are also typically required to perform ongoing monitoring of the relationship.

While initial and ongoing due diligence can uncover potential weaknesses in a third party’s IT security program, it also sends a strong message to vendors regarding the priority a financial institution places on customer data security.

Other things to consider

To make matters easier for you and your institution, most AVLP managed and maintained devices and PCs today have automatic updates turned on by default. If for some reason yours doesn’t, a quick call to 307-223-2230 will connect you with one of our AVLP Team members to help set it up for you. Security always comes first with our service. Also consider:

• Backing up regularly, in case an update breaks your machine/device and you lose any data

• Taking care where to download software from in the first place: only use approved app stores

• Adding extra security to your environment with security software for PCs and other devices, from a reputable provider

Centralize Compliance Management - How AVLP can help

Companies in the financial sector must possess the ability to anticipate and respond to a broad range of threats while also taking steps to comply with increasingly onerous and complicated laws and regulations. That is where AVLP can help. Instead of creating and staffing an in-house IT & Security team from the ground up or attempting to identify, integrate, and train security personnel, get in touch with our team of security operations experts.

For more information and a list of actionable steps to take to enhance security at your organization, download our Financial Industry Cybersecurity Checklist and Guidelines (download).

HIPAA SECURITY CHECKLIST www.eset.com Things to know before you start a compliance initiative FOR HEALTHCARE   (click to download)

The Health Insurance Portability and Accountability Act (HIPAA) Security Rule requires that covered entities and its business associates conduct a risk assessment of their healthcare organization. A risk assessment helps your organization ensure it is compliant with HIPAA’s administrative, physical, and technical safeguards. A risk assessment also helps reveal areas where your organization’s protected health information (PHI) could be at risk. To learn more about the assessment process and how it benefits your organization, visit the Office for Civil Rights' official guidance.

What is the Security Risk Assessment Tool (SRA Tool)?

The Office of the National Coordinator for Health Information Technology (ONC), in collaboration with the HHS Office for Civil Rights (OCR), developed a downloadable Security Risk Assessment (SRA) Tool to help guide you through the process. The tool is designed to help healthcare providers conduct a security risk assessment as required by the HIPAA Security Rule and the Centers for Medicare and Medicaid Service (CMS) Electronic Health Record (EHR) Incentive Program. The target audience of this tool is medium and small providers; thus, use of this tool may not be appropriate for larger organizations.

SRA Tool for Windows

The SRA Tool is a desktop application that walks users through the security risk assessment process using a simple, wizard-based approach. Users are guided through multiple-choice questions, threat and vulnerability assessments, and asset and vendor management. References and additional guidance are given along the way. Reports are available to save and print after the assessment is completed.

This application can be installed on computers running 64-bit versions of Microsoft Windows 7/8/10/11. All information entered into the tool is stored locally on the user's computer. HHS does not collect, view, store, or transmit any information entered into the SRA Tool.

Download Version 3.3 of the SRA Tool for Windows [.msi - 70.3 MB]

SRA Tool Excel Workbook

This version of the SRA Tool takes the same content from the Windows desktop application and presents it in a familiar spreadsheet format. The Excel Workbook contains conditional formatting and formulas to calculate and help identify risk in a similar fashion to the SRA Tool application. This version of the SRA Tool is intended to replace the legacy "Paper Version" and may be a good option for users who do not have access to Microsoft Windows or otherwise need more flexibility than is provided by the SRA Tool for Windows.

This workbook can be used on any computer using Microsoft Excel or another program capable of handling .xlsx files. Some features and formatting may only work in Excel.

Download Version 3.3 of the SRA Tool Excel Workbook [.xlsx - 128 KB]

SRA Tool User Guide

Download the SRA Tool User Guide for FAQs and details on how to install and use the SRA Tool application and SRA Tool Excel Workbook.

Download SRA Tool User Guide [.pdf - 6.4 MB].

Law firms (Lawyers) constantly handle sensitive data that attracts hackers and malicious insiders. Every security breach leads to reputational losses, remediation costs, and penalties. That’s why cybersecurity at law firms is regulated by strict IT laws and requirements.

Complying with all necessary requirements and implementing protection measures that fit your organization is challenging. We overview the reasons for and types of security breaches in legal organizations and show you how to prevent them by implementing best practices for complying with IT requirements.

Security threats in the legal industry

Why is legal data under attack? 

The number of cybersecurity breaches in the legal industry has been growing for the past three years. According to the American Bar Association’s 2019 Legal Technology Survey Report, 26% of law firms report they’ve suffered from a breach at some point in their history. Another 19% say they don’t know whether their organization has been breached.

All of these incidents could have been mitigated with strong insider threat management and data protection tools. Deploying such tools is the demand of many cybersecurity regulations for law firms. 

Data protection compliance requirements to follow

What IT regulations should you follow?

Depending on your specialization, your law firm may work with various types of sensitive client information including personal, financial, and healthcare data. Each of these types of data is protected with security standards, laws, and regulations. Also, there are recommendations from key cybersecurity and legal organizations that law firms should follow.

Failure to comply with these cybersecurity compliance requirements may prove fatal for a law company. It can not only lead to legal trouble and investigations but can also damage the company’s reputation and cause a loss of clients. Let’s review key regulations, laws, and standards that apply to law firms.

US-based law firms have to follow the Model Rules of Professional Conduct developed by the American Bar Association — the biggest professional organization for lawyers in the US. The American Bar Association forms rules that make legal services ethical, efficient, and safe. Its Formal Opinions 477R and 483 describe mechanisms required to monitor for data breaches, implement security measures to stop them, notify clients of a breach, and remediate the damage of a breach. Both Formal Opinions oblige lawyers to “make reasonable efforts to prevent the inadvertent or unauthorized disclosure of, or unauthorized access to, information relating to the representation of a client.”

The National Institute of Standards and Technology (NIST) established and maintains Special Publication 800-53, a complete set of cybersecurity practices and regulations for US federal agencies. Complying with these regulations is beneficial for all organizations: it verifies the effectiveness of implemented protection measures and provides a competitive advantage.

9 security best practices for data security compliance

Comply with regulations easily and effectively.

Improving cybersecurity controls may seem time-consuming and costly, but it’s still easier and safer than dealing with a security breach. That’s why it’s best to implement security practices, policies, and tools that help to detect and mitigate a breach before it happens.

For the legal industry, the set of required practices includes the following:

1. Perform background checks on new employees.

When hiring employees, the HR department has to check their backgrounds: previous employment, credentials, professional experience. Any difference between an employee’s resume and actual records may indicate dishonesty.

2. Identify sensitive data you store and process.

Law companies deal with tons of documents, and it’s impossible to ensure proper data protection before you detect which of those documents contain sensitive information. Such information includes: 

• client and employee contact information

• payment and financial details

• health data

• lawsuit information protected with non-disclosure agreements

3. Encrypt sensitive data.

If a hacker or malicious insider obtains encrypted sensitive information, it will be impossible to read and use. To access such files, a user or server has to request access rights from a content owner (also a user or server). It’s best to encrypt data both at rest and in transit to ensure complex protection.

4. Verify user identities.

Hackers often steal user credentials to obtain elevated access rights. Also, employees may use shared accounts or colleagues’ profiles. Both cases present a security threat that can be mitigated with an identity verification tool such as two-factor authentication. It checks an additional factor (smartphone, biometric data) in addition to a password to positively authenticate a user.

5. Manage access granularly.

The idea of several access levels to corporate data is well-established in the legal industry. With digital data protection, it works the same way: security officers manage employees’ access to sensitive information and carefully adjust access level to the needs of each employee.

6. Deploy an activity monitoring solution.

A continuous user activity monitoring solution provides you with data on each action inside your protected perimeter. Such software deployed in a law firm monitors servers and endpoints, alerts security officers of suspicious user activity, records daily operations, and provides the means to review any security incident.

7. Pay special attention to privileged users.

Privileged users have access to an organization’s critical data and infrastructure, and thus pose a greater danger than ordinary users. That’s why privileged users in law firms need more severe data security measures: password management, manual access request approvals, personalized access rights, and more.

8. Control third-party actions.

Attacking an organization through a third-party vendor is a common attack vector. Subcontractors usually have elevated access rights in the client’s environment, but they don’t always pay attention to security. To avoid such incidents, check a vendor’s compliance with cybersecurity standards and enforce access management and activity monitoring.

9. Implement cybersecurity policies.

An incident response plan and insider threat protection program are essential security policies for a law firm to develop. They describe procedures for managing and mitigating threats, helping you keep security measures at a high level, avoid confusion during a breach, and reduce breach reaction times.

Defender for Endpoint uses the following combination of technology built into Windows 10 & 11 and Microsoft's robust cloud service:

• Endpoint behavioral sensors: Embedded in Windows 10 & 11, these sensors collect and process behavioral signals from the operating system and send this sensor data to your private, isolated, cloud instance of Microsoft Defender for Endpoint.

• Cloud security analytics: Leveraging big-data, device learning, and unique Microsoft optics across the Windows ecosystem, enterprise cloud products (such as Office 365), and online assets, behavioral signals are translated into insights, detections, and recommended responses to advanced threats.

• Threat intelligence: Generated by Microsoft hunters, security teams, and augmented by threat intelligence provided by partners, threat intelligence enables Defender for Endpoint to identify attacker tools, techniques, and procedures, and generate alerts when they are observed in collected sensor data.

Microsoft Defender for Endpoint

Core Defender Vulnerability Management

Built-in core vulnerability management capabilities use a modern risk-based approach to the discovery, assessment, prioritization, and remediation of endpoint vulnerabilities and misconfigurations. To further enhance your ability to assess your security posture and reduce risk, a new Defender Vulnerability Management add-on for Plan 2 is available.

For more information on the different vulnerability management capabilities available to you, see Compare Microsoft Defender Vulnerability Management offerings.

Attack surface reduction

The attack surface reduction set of capabilities provides the first line of defense in the stack. By ensuring configuration settings are properly set and exploit mitigation techniques are applied, the capabilities resist attacks and exploitation. This set of capabilities also includes network protection and web protection, which regulate access to malicious IP addresses, domains, and URLs.

Next-generation protection

To further reinforce the security perimeter of your network, Microsoft Defender for Endpoint uses next-generation protection designed to catch all types of emerging threats.

Endpoint detection and response

Endpoint detection and response capabilities are put in place to detect, investigate, and respond to advanced threats that may have made it past the first two security pillars. Advanced hunting provides a query-based threat-hunting tool that lets you proactively find breaches and create custom detections.

Automated investigation and remediation

In conjunction with being able to quickly respond to advanced attacks, Microsoft Defender for Endpoint offers automatic investigation and remediation capabilities that help reduce the volume of alerts in minutes at scale.

Microsoft Secure Score for Devices

Defender for Endpoint includes Microsoft Secure Score for Devices to help you dynamically assess the security state of your enterprise network, identify unprotected systems, and take recommended actions to improve the overall security of your organization.

Microsoft Threat Experts

Microsoft Defender for Endpoint's new managed threat hunting service provides proactive hunting, prioritization, and additional context and insights that further empower Security operation centers (SOCs) to identify and respond to threats quickly and accurately.