Information Security For Financial Institutions
Of the many industries that face information security breaches, the threats specific to the financial industry are increasingly sophisticated and ever-changing.
Information security threats to the financial industry are increasing in volume and sophistication.
Once the territory of lone wolf hackers, information security threats of a breach in today’s financial industry are often carried out by organized criminal operations. This means attacks are complex, relentless, and constantly threaten organizations handling sensitive financial information.
Multiple Areas of Risk
From banks to investment managers, a variety of financial services organizations face potential data breaches. These threats put computer systems and data at risk, as well as information transmitted via a variety of remote devices and systems. ATMs, point-of-sale terminals, and wireless networks are tempting targets for organized hacker groups and cyber criminals.
In addition to theft and unauthorized use of data, loss of data due to system failure or damage to computer equipment is also a significant concern.
International Financial Information Security Laws
The potential inconvenience and PR nightmare created by a data breach isn’t the only information security factor concerning financial institutions. An international network of laws and regulations helps ensure banks and other organizations take precautions when handling sensitive financial data. The European Union’s General Data Protection Regulation (GDPR), for example, applies to any organization operating within or doing business with, clients in the EU. Organizations working under a contract with the U.S. federal government must ensure compliance with the Federal Information Security Management Act (FISMA),; individual states have also passed their own financial information security legislation as well.
Information Security from Within and Without
At CISOSHARE, we work with financial firms to develop a map of the organization’s technical environment and help secure the information the enterprise is responsible for both internally as well as with its partners, vendors, and stakeholders and also help the enterprise operate in compliance by satisfying regulatory requirements and by aligning to industry best practice.
Financial Institution Information Security Services
- A high-level review of the organization’s security practices
- Identifying areas requiring immediate attention and prioritization of projects to improve the organization’s security posture within weeks
- Implementation of new and revised policies aligned to the organization’s benchmark and industry's best practice frameworks
- Virtually embedding our team of information security experts with your organization and assist in solving security-related initiatives
- Implementing the new and/or revised policies and processes to become standardized within the organization and relieving pressure associated with daily security operations
- Security awareness training to ensure employees follow new processes and are abiding by them