12.3 Potential solutions to cybersecurity attacks

Cybersecurity solutions and regulatory controls are critical to an effective cybersecurity strategy for digital assets. Below we discuss some proven ways to prevent cybersecurity breaches.

Figure 118. Cybersecurity for digital assets – Potential solutions to cyberattacks

Potential solutions Significance

Adopt access controls Access controls prevent employees from providing customer information to unauthorized individuals who may seek to obtain this information through fraudulent means.

Use threat modelling Threat modelling conducted by software developers can analyze and mitigate threats.

Encrypt information

Use attack detection systems

Adopt cybersecurity audit program

Install response programs

Install digital asset management software

Adopt Two-Factor Authentication

Source: Deloitte, Mckinsey

The encryption of electronic customer information (including those stored on networks or systems) helps prevent unauthorized individuals from gaining access.

Attack Detection Systems can detect actual and attempted attacks on or intrusions into customer information systems.

An adequately structured audit program can evaluate cybersecurity risk management practices, internal control systems, and regulatory compliance.

Response programs can specify actions to be taken, make reports to regulatory and law enforcement agencies when the financial institution suspects or detects access by unauthorized individuals to systems.

Digital asset management software helps improve cloud metrics for security by storing assets in a single location and making them available worldwide.

Two-factor authentication (2FA) adds a second method of identity verification to secure accounts and increases security. The first method is the password, the added second method being something unique to users, such as a fingerprint.