Prometis Cyber Security Risk factors for the Banking Sector :
Banking and Insurance companies have the highest cyber security risk owing to high finanacial transactions. These financial institutions have high vulnerability to cyber attacks. Millions of transactions containing sensitive data is submitted daily into the systems. 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 insurer’s business and organizations. It is imperative to have the right security for your 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.