Financial institutions are under a constant and growing cyber assault from hacktivists that want to cause online mischief, criminals that want to steal consumer data and nation-states that are looking for a military, political or economic advantage. In this increasingly costly war, the focus is often on the latest hardware, software and analytics to fortify the defenses. While technical security controls are an essential weapon in the arsenal, organizations should re-double their attention on the weakest link in their security suit of armor—their people. In the Nov/Dec 2014 issue of the FinTech Law Report, DWT payments team members Chris Avery and Gwen Fanger explore the human side of cyber defenses, including both a look at the inadvertent human errors and administrative failures that have contributed to some of the most significant cyber events and how administrative controls are weaved into the recently released Cybersecurity Framework. They also offer some practical advice on how to improve the security posture of financial organizations with an increased focus on the “human element” and its role in cybersecurity.
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