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Coming Invasion? Russian Cyber Activity in Ukraine Escalates. Making Cybersecurity Marketing People-Centric. What is a Fileless Cyberattack? Course Library. Peter Chronis. Ashutosh Jain. Mark Gelhardt. Ryan Wilk. All Resources. White Papers. Stopping Ransomware: Dispatches from the Frontlines. Critical Access Management eBook. Combatting Cybercrime. Top Canadian Cyber Threats Expected in Leveraging New Technologies in Fraud Investigations. Industrial Cybersecurity Preparedness Research Survey.
Securing Industry 4. Zero Trust Strategies for Geo-Targeted Events. Topic-Driven Events. Industry-Focused Events. RSA Conference. Infosecurity Europe. Virtual Financial Services Summit. Virtual Zero Trust Summit. Virtual ANZ Summit. One frequently quoted statistic comes from the ACFE Association of Certified Fraud Examination , which has reported year after year that companies lose, on average, five percent of revenues to employee fraud.
The diagram above presents just some of the internal fraud typologies currently facing teams of information security in banking sector: Theft from customers, Credit abuse, breaches of policies, money laundering, procurement fraud, trading fraud, expenses and payroll, and data theft.
When done correctly and thoroughly, these documents will pave a clear way towards ensuring that there is uniformity and consistency in the practices and processes adopted in the startup. Financial organizations should hold their employees accountable for the collective security of the company.
Insist that the information security team is not solely responsible for security — we all own it. Security awareness education should empower employees to do the right thing when confronted with security events. On the other hand and not surprisingly, background checks during screening potential employees is a must for all banks. It is essential that you safeguard sensitive information from physical theft, physical data breaches and human error. There is always a need to pay more attention to physical security in data centers with the ever-increasing sophistication of social engineering and hacking methodologies.
It goes without saying that data centers should also be made secure from natural disasters, power surges, water leakage, humidity, high temperature, fire… etc. Understanding the specific challenges associated with access, and designing, deploying and maintaining successful access controls to meet those challenges, is a significant part of the security measures for banks and financial services organizations.
It is also one of the most complex challenges. Online banking makes life a lot more convenient, but it also opens your finances up for hacks. Banks, financial institutions, vendors, merchants, and all organizations involved in online merchandising are finding an increased need to ensure their transactions are secure. It is equally important for their clients to secure their equipment themselves.
Hackers, like all other predators will attack the weakest prey. When working on information security and cyber security in banking or any other sector, it is very important to implement the vital resources that help us stay one step ahead of the hackers. As the first line of defense against intruders and security breaches, effective perimeter protection should form an integral element of the security strategy for financial services organizations.
A combination of technology, physical security and the deployment of trained personnel is often the most effective method of security integration, creating several layers of defense to protect the perimeter of the organization. It is quite challenging to improve account security — and at the same time, simplify the digital experience for customers.
But online security should start with the authentication process. It is required to confirm that the user is the authorized user and not a hacker or identity thief. It is necessary to devise a patch management process to ensure the proper preventive measures are taken against potential threats. Patches apply to many different parts of the banking information system which include operating systems, servers, routers, desktops, email clients, mobile devices, firewalls, and many other components that exist within the network infrastructure.
Offering customers convenient ways to conduct their banking affairs while at the same time maintaining an adequate security measures to protect themselves and their customer base. Working with third-party cyber security specialists is definitely a smart way to optimize business processes and reduce costs while optimizing protections.
In addition, the services provided by a third party source will free-up internal cyber security and IT staff so they can focus on overall operations and delivering the highest levels of service to your organization and its clientele.
But due diligence is essential to ensure that you select the best partners possible, because there is always the potential for increased security risks when outsourcing. Authentication methods that depend on more than one factor are more difficult to compromise than single-factor methods.
After we have identified the threats that could pose a risk to the banking sector, the next step is to identify the corresponding weaknesses or vulnerabilities in your organizational systems, resources, processes or policies that could be exploited by the threat.
Here are the most common types of attack vectors reported by financial services companies:. The financial services industry is responding with specific new strategies to mitigate their digital risks.
Based on the information collected and mentioned a number of desirable measures, standards and objectives can be formulated in the field of Information Security in banking sector:. Information Security Standard: According to Industry participants, international standards usually serve as a reference to implement a comprehensive information security program that is integrated with the enterprise risk management framework, complied with regulatory requirements, and based on the latest industry security standards for ex.
Technology can prove to be a valuable ally in this endeavor, by aggregating risk and threat intelligence from across the enterprise, and transforming it into the insights that organizations need to secure their assets, and protect their brand. The figure below shows the key advantages of international cooperation of finance sector operators.
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