CyberSecurity For Financial Industry
Global Banking & Insurance Practice
Financial institutions are leading targets of cyber attacks. Banks are where the money is, and for cybercriminals, attacking banks offers multiple avenues for profit through extortion, theft, and fraud, Prometis CyberSecurity helps banks secure its complete workforce & business network.
- Cyber-related incidents represent a growing threat to the reputation and economic stability of financial institutions. The ubiquity of cyber risk raises many questions about all areas of Banking and insurers’ business and organizations.
- The banking & insurance sector is vulnerable to cyber incidents. Financial institutions collect, process, and store substantial volumes of data, including personally identifiable information. Insurers are connected to other financial institutions through multiple channels, including investment, capital raising, and debt issuance activities. Insurers execute mergers and acquisitions and other changes in corporate structure that may affect cybersecurity. Banking & Insurers outsource a variety of services, which may increase exposure to cyber risk.
- Further, due to the rapid development of Information Technology, there are many challenges in maintaining the confidentiality of information. The technology even though has many advantages, brings in risks associated with it like any other technology. With the fast growth of web-based applications, cyber threat landscape has been growing and there is a concern across all sectors.
Approach to Banking & Insurer Cyber Resilience
• Risk assessment
• Attack Simulation
• Data privacy controls
• Business readiness
• Cyber Risk: (We also address insurers’ underwriting of cyber risk (i.e., cyber insurance) or risks arising from cybersecurity incidents involving supervisors).