The end of 2024 is approaching quickly and 2025 will be here before we all know it. To plan for a successful cybersecurity posture in 2025, here are five key questions every financial institution should ask before year-end:
Cyber threats evolve rapidly, and attackers continuously adapt their tactics. Financial institutions must regularly review and update their cybersecurity policies, procedures and plans to address the latest risks, such as ransomware, phishing, and insider threats.
Action Item: Review the results of risk assessments and independent evaluations completed over the past year to identify gaps in your defenses as well as controls that can be implemented to mitigate the risks.
An effective incident response plan is essential to minimize the impact of a cyberattack. Beyond having a plan, institutions must ensure it is up-to-date and well-rehearsed.
Action Item: Review your incident response plan for alignment with industry best practices. Conduct tabletop exercises to simulate real-world attack scenarios and train your team to respond efficiently.
Regulations such as the Gramm-Leach-Bliley Act (GLBA) and state-specific mandates require financial institutions to implement robust cybersecurity measures. Failure to comply can result in hefty fines and reputational damage.
Action Item: Conduct a review to ensure your institution's compliance with relevant regulations. Work with legal and compliance teams to identify upcoming changes to requirements in 2025 and beyond.
Protecting sensitive data is not just a regulatory requirement—it’s a foundational element of customer trust. Assessing data encryption, access controls, and monitoring systems is critical to ensuring data security.
Action Item: Evaluate how data is stored, accessed, and transmitted. Implement stronger authentication methods, such as biometrics or multi-factor authentication (MFA), to safeguard information and systems.
Human error remains one of the biggest cybersecurity vulnerabilities. Regular training ensures that employees are equipped to identify and respond to phishing attempts, social engineering, and other threats.
Action Item: Schedule mandatory cybersecurity training sessions before the year-end. Include modules on identifying phishing emails, handling sensitive information, and reporting suspicious activities.
Closing Thoughts
Year-end cybersecurity assessments are an opportunity to strengthen your institution’s defenses and plan for the future. By addressing these five questions, financial institutions can stay ahead of cyber threats and maintain the trust of their customers and stakeholders. If you're looking for help in any of these areas, don't hesitate to reach out! We'd love to talk through your institution's unique needs. Shoot us an email at support@bedelsecurity.com to start the conversation!