BID® Daily Newsletter
Oct 21, 2021

BID® Daily Newsletter

Oct 21, 2021

Do You Have Secure Endpoint Security?

Summary: By 2025, experts say that 75.4B IoT devices will be connected globally, which is more than double from 2021. This surge in connected devices increases the opportunities for cyber thieves to find vulnerabilities and cause havoc for entire business systems, including community financial institutions. Do you have updated endpoint security to stop them?

In the midst of apple season, we thought it interesting to find out that the shelf life of apples, if frozen properly, can last indefinitely! While the best quality can be found within the first year, as long as they were kept at a constant temperature of zero degrees Fahrenheit, apples are safe to eat no matter how old.
Old apples may be safe, but old endpoint security is not. With cyber threats increasing at a rapid pace, up-to-date endpoint security is more important than ever. More devices (the endpoints) are being used by all businesses and they are vulnerable to cyberattacks. By the end of this year, over 35.8B Internet of Things (IoT) devices will be connected globally and that number rises to 75.4B in 2025. As the number of devices increases, so do the opportunities for cyber thieves. In order to stay safe, community financial institutions need to have solid endpoint security.
According to McAfee, endpoint security is “the practice of securing endpoints or entry points of end-user devices such as desktops, laptops, and mobile devices from being exploited by malicious actors and campaigns.” These endpoints are connecting to a corporate network from outside the company firewall. Endpoint security systems secure these endpoints and keep them safe from outlying cyber threats. While plain antivirus software used to be enough to protect these devices, this simple solution is no longer a match for the evolved malware and cyber threats.
In addition to keeping your institution’s endpoints safe, you will want to communicate with your customers about endpoint security too. From a ConnectWise 2020 study, it was found that 77% of small and medium-sized businesses were concerned about being hit by an attack in the coming months.
With the cost of each data breach in the US averaging $8.65MM according to Ponemon, the stakes are high. As we have heard in the past, it doesn’t affect only big financial institutions either.
It can be challenging to manage the flow of business, especially with customer expectations for faster and more seamless access, and the need for strict controls and efficient protection. We offer these three endpoint security best practices to help.
  1. Enhanced antivirus protection. Next-generation antivirus (NAV) uses the elements of antivirus software but it adds to it with AI and machine learning. This way, malware that hasn’t been found yet, can still be detected. NAV uses URLs and IP addresses among other identifiers to find the new, yet-to-be-discovered malware before it strikes.
  2. Endpoint detection and response. EDR gives businesses a real-time look into the activity of all connected devices. With this complete view of your devices, any anomaly can be detected and reviewed more in-depth as needed. 
  3. Continuous updating. Most importantly, it is critical to make all software updates promptly to secure any new vulnerabilities immediately. With the plethora of applications, software, system interfaces, and more, if you are not updating these patches immediately, you could let in a cyber intruder who could do some serious damage quickly. 
Staying proactive, vigilant, and up-to-date are the keys to endpoint security. Unfortunately, these threats are not going away. So, keep managing your systems effectively to keep the bad guys out.
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