Insights

Building Resilience in Financial Services: Key Takeaways from FS-ISAC 2024

Nov 12, 2024

At Somos, we are committed to protecting trust and advancing security across all telecommunication networks – especially through our partnerships with financial institutions. Recently, we had the privilege of participating at FS-ISAC's 2024 Americas Fall Summit in Atlanta as a Silver Solutions Showcase Sponsor. With over 1,600 attendees from the financial services industry, FS-ISAC provided a valuable platform for thought leadership and collaboration, bringing together experts to address shared challenges in cybersecurity and fraud prevention. Here’s what we learned and how these insights shape our commitment to empowering financial institutions with innovative fraud mitigation solutions.
 

1. Understanding Financial Institutions' Security Priorities
   From the outset, it was clear that protecting personal identifiable information (PII), securing financial data and ensuring regulatory compliance are paramount for financial institutions. The conversations highlighted an increasing need for advanced tools and practices that can keep pace with a rapidly changing threat landscape. Somos' solutions align with these priorities by providing the visibility and control that institutions need to manage their phone number assets, enhancing security and reducing the risk of fraudulent communications.

2.  Strengthening Collaboration Across the Financial Sector
   Collaboration emerged as a crucial element for effective cybersecurity at FS-ISAC. By sharing best practices, sector-specific guidelines and structured frameworks, the event underscored how a unified approach strengthens the financial industry’s defenses. Somos is deeply invested in supporting this spirit of collaboration, as made evident at the 2024 Somos Summit. Our solutions are designed not only to secure individual networks but also to contribute to a more resilient financial ecosystem through proactive measures against fraud.

3. Best Practices and Advanced Tools for Cybersecurity and Risk Management
   In addition to the sharing of intelligence, FS-ISAC emphasized the importance of best practices and advanced cybersecurity tools for comprehensive risk management. Discussion topics included third-party vendor and supply chain risks, highlighting the interconnected nature of today’s threat landscape. Advanced tools and holistic strategies are essential to prevent, detect and respond to cyber threats, from ransomware to phishing attacks.

As we reflect on the insights gained from FS-ISAC, Somos is inspired by the dedication of the financial community to protecting and securing digital identities. By continuing to innovate and collaborate, we can provide robust solutions that financial institutions need to combat fraud, enhance security and create lasting trust with their customers.

Is your organization equipped to navigate the evolving landscape of communication security? With today’s complex digital environment, it's critical for organizations to stay proactive. Discover how Somos' phone number fraud mitigation solutions can help you strengthen your defenses, reduce risks and build lasting trust with your customers.