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Cyber Consulting Servicing for Financial, Banking and Non-banking Institutes
Cyber Consulting Servicing for Financial, Banking and Non-banking Institutes
Financial institutions hold big financial and private data vast information who consider high-value information, including client data, banking records, proprietary research and trading algorithms, which is at constant risk of being compromised by bot's or hackers, or even on risk of being exposed by a frustrated employee, growing threats, or system breach.
Financial organizations are facing a lot of pressure from regulators, law acts, trading partners, and shareholders, it is vital that organizations such as banking, hedge funds, loan management firms, non-banking organizations, and private equity brokers make the right security investments to ensure big data protection.
Common cybersecurity challenges in the financial services sector include:
- Defending growing and increasingly fragmented network infrastructure by monitoring and analyzing
- Integrated technologies alongside legacy systems
- Balancing system accessibility with security awareness
- Mitigating financial risks and system breach damage
- Achieving compliance with the GDPR, SWIFT, COBIT and other regulations
Key security issues that must be well planned in any financial organizations
Key security issues that must be well planned in any financial organizations
- Digital infrastructure testing for vulnerabilities and breaches
- Monitoring systems to identify perimeter threats and alarms
- Sufficient well-trained staff with deep knowledge of risks
- Detection, remediate report system to identify and report breaches
- Methodology and controls to mitigate and discover insider threats
- Personal data protection methodology
- yearly assessment for operational resilience
- updated business continuity plan (BCP) in an event of a cyber incident includes all services affected and insights
Cyber security compliance for Financial Services
Cyber security compliance for Financial Services
CyberCUBE is well placed to help financial institutions tackle the complex challenges of achieving compliance with FCA, Anti-fraud, SWIFT CSP requirements, PCI-DSS, ISO, COBIT, on the topic of cyber security, and other data defensive requirements.
Since May 2018, the GDPR sets strict data security standards, requiring organizations to protect personal data and report breaches to the relevant authority within 72 hours.
Under the Principle 11 of the FCA Handbook, financial organizations like banking and non-banking must report all ‘Material Cyber Incidents’ which either affect a large number of customers or result in unauthorized access to, or malicious software present on, information and communication systems.
Financial services companies that take online card payments also need to comply with the Payment Card Industry Data Security Standard (PCI DSS). Requirements include maintaining a secure network, implementing robust security policies, regularly testing systems for weaknesses and proactively monitoring network infrastructure.
CyberCUBE Mongolia is the best practice consulting firm in any of financial implementation of cyber regulation, we invite you to learn how to walk through the process with more ability of success and in less time and costs.
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