Love it or hate it, the Covid-19 pandemic totally changed the way we work and has set the hybrid working model in stone for many industries. And whilst remote work comes with plenty of perks (like being able to enjoy an extra time in bed instead of commuting), it also comes with some challenges. This is particularly true if you work in an industry like financial services where, chances are, you’ll be handling sensitive data every single day.
At Compex IT, we work with financial professionals every day to help them stay secure whether they’re in the office or at home. Here’s a look at some of the main security risks remote work brings and some straightforward steps you can take to keep client information safe.
The big security challenges of remote work
Whilst working in your pyjamas is great (we are totally not guilty of this…), there are a few hurdles to secure remote work that we see every day. These include:
Less secure home networks
Unlike the company’s office, most home networks don’t have enterprise-grade firewalls and encryption. Many employees are working on unsecured or weakly configured home Wi-Fi networks, and unfortunately, hackers know this and are on the lookout for easy targets. A weak network makes it easier for them to get in and cause trouble, putting client data at risk.
Shared devices
With remote work, some employees are using personal or shared family devices for work tasks. This means there’s a good chance someone else at home might accidentally access or even delete sensitive files. When you’re handling client financial data, it’s really important to make sure it’s not just floating around on a device anyone can use.
Increased phishing attacks
Phishing scams have skyrocketed since the shift to remote work. Attackers will try anything, like posing as IT staff, vendors, or even clients to trick employees into clicking on a link or sharing their login info. And without the usual in-office checks, remote employees are at a higher risk of falling for these scams.
Data privacy and compliance
Regulations like GDPR and HIPAA don’t go away when employees work from home. Remote work brings new challenges for meeting these standards, which means businesses must have clear policies and tools in place to keep data secure and comply with the law. Failure to do so could lead to some nasty fines and, if the worse was to happen, a big hit to your reputation.
Best practices for protecting client information remotely
Now we’ve sent a shiver up your spine about what could happen when working remotely, let’s go over a few cybersecurity best practices to make them far less likely to happen!
Use a Virtual Private Network (VPN)
A VPN is like a secure tunnel that encrypts data between an employee’s device and the company’s network, making it much trickier for anyone to intercept. If employees need to access sensitive info or connect to internal systems, using a VPN should be standard practice.
Multi-Factor Authentication (MFA)
MFA adds an extra layer of security by requiring more than just a password to log in. For example, you might need a code that gets sent to your phone or to approve a login via a connected app. Whilst this might seem like a bit of a faff, it makes it way more difficult for a hacker to access information. This is because even if they got hold of an employee’s password, they’re blocked by the second step. It’s a quick, effective way to lock down key apps like Microsoft 365, where lots of sensitive data lives.
Encrypted communication tools
Encryption tools for email, like those in Microsoft 365, make sure that only the intended recipient can read sensitive information. Encrypted communication tools should be standard for any messages involving client data. This keeps private info secure and provides an added layer of reassurance for both employees and clients.
Regularly update software and operating systems
Software updates often fix security vulnerabilities that hackers can exploit, so staying up to date is essential. Encourage employees to enable automatic updates for their operating systems and any work-related software. It’s a small habit that goes a long way in keeping data secure.
Monitor Microsoft 365 for suspicious activity
Microsoft 365 tends to be a popular tool for many financial service providers, and it’s worth setting up monitoring for any unusual activity. For instance, if someone tries to access the account from an unusual location, it can be flagged and blocked immediately. This helps keep sensitive data safe, even if a hacker has somehow got hold of a user’s credentials.
Encourage strong passwords and screen locks
Passwords are often the weakest link, so enforcing strong password policies is a must. Make sure employees are using complex passwords and regularly updating them. Screen locks are also essential, especially on shared devices, to prevent anyone from accidentally (or deliberately) accessing sensitive info. And for the love of our sanity, please don’t write them down!
Regular security training to spot phishing and other threats
Most security breaches happen because someone clicks on the wrong link or opens a risky email attachment. Regular training helps employees recognise phishing emails, avoid clicking on suspicious links, and handle sensitive data securely. This training doesn’t have to be a long lecture either, short, regular updates work best to keep security practices fresh in everyone’s mind.
Access control and data segmentation
It’s a good idea to limit access to sensitive data to only those who really need it. By segmenting data and using access control, employees won’t see client info or files they don’t need to do their jobs. This is particularly useful in remote settings where extra people might be around shared devices.
Data backup and disaster recovery plans
Backing up data regularly is absolutely vital in case of unexpected issues like ransomware attacks or accidental data loss. A solid disaster recovery plan that includes cloud backups can make sure the business can keep running smoothly and access key data quickly when needed. Don’t forget to appoint someone to manage and roll out this plan if it’s ever needed too; after all it’s no good to have a plan if you can’t actually action it!
Ensure compliance with data privacy regulations
Meeting compliance standards is a non-negotiable, and that can feel more complicated with remote teams. Tools that handle data encryption, secure storage, and access logging can help a lot. Regular compliance checks are also important to make sure the business stays up to date with any regulatory changes that apply to financial services.
Work with an IT partner that knows financial services
Partnering with an IT provider that specialises in financial services (like us!) makes a big difference. We understand the industry’s unique needs and regulations, so we can tailor security solutions to make sure your data protection measures cover every base. Plus, having a dedicated IT partner means getting help right when you need it if there’s a security issue, even if you’re in your jogging bottoms at home!
Need some extra help ensuring your remote work setup is cybersecure and running smoothly? Book a chat with Mark today!