Financial Services Organizations Tackling Cyber Attacks with Public Bug Bounty Programs

A data aggregator and personal financial management app provider, Personal Capital, launches a public bug bounty program with Bugcrowd, the leading crowdsourced security company. The program uncovers potential cybersecurity vulnerabilities and provides the company with information to quickly and efficiently act on these threats.

Financial services institutions are under siege, falling victim to cyber-attacks more frequently than businesses in other industries. Tackling contemporary cyber threats require well-defined processes and sophisticated security systems, along with a high degree of staff awareness and training. It is no easy task to prioritize and strengthen cybersecurity. Personal Capital answers this call by putting its dashboard through rigorous and relentless security testing to ensure its security is consistently improving. Working with Bugcrowd, Personal Capital can tap the expertise of the most uniquely-skilled hackers and security researchers in the world.

Personal Capital gives its customers a whole new way to see, understand, and manage their money. Its free online tools allow customers to view all of their accounts in one place, and the powerful dashboard provides deep insights into understanding the entire financial picture. A wealth advisor can leverage these tools to provide personalized wealth management advice that customers can trust and follow.

Personal Capital revolutionizes financial lives through technology and people. Its highest priority is keeping customer’s financial data safe and secure and the company multiple layers of security, in every component of its systems, thereby, ensuring the safety of accounts and money and information privacy.

Capital market firms require protection from cybersecurity threats, just like any other firm in today’s digitalized business ecosystem. An escalation in threats from cybersecurity offenders has given rise to renewed efforts by capital market firms towards, mitigating risks and safeguarding data. Regulations that mandate standard security measures are now in place, and capital market firms are investing in becoming compliant. Many other notable trends have surfaced that can substantially improve security by deploying emerging technologies like artificial intelligence and blockchain.

Capital market firms are also undertaking a conscious shift from security strategies that promote protection and prevention towards more comprehensive measures that also focus on detection and recovery. If a company has the best detection mechanism in place, it can flag anomalies and potential threats, thereby stalling their progress and keeping the effects of the attack minimum. A quick disaster-recovery plan is also essential for firms to be able to cope with the consequences and bounce back into operations post and attack.

There are a variety of cybersecurity threats that can lead to disastrous impacts on capital market firms. These include software vulnerabilities, identity duplication threats, distributed denial of service, phishing, and malware. Apart from these, cybercriminals are always on the look-out for innovative and sophisticated ways of breaking into protected business infrastructures. Reports suggest that security exchanges have been a regular target for cyber attacks. However, protecting the firms from debilitating attacks can be possible if specific security measures are given priority.

Companies should go beyond the traditional approach towards security and deploy a multi-disciplinary approach that takes into consideration every possible point of risk, compliance, and recovery. Security service providers offer companies opportunities to bolster security with a combination of essential tools like firewalls and anti-virus along with advanced ones like encryption and accessibility management. Platform-Based security can act comprehensively to make organizations safer.

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