FINANCIAL INSTITUTIONS

FINANCIAL INSTITUTIONS

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.

Prometis Solutions for Banking

 

Prometis provides the right solutions for the financial institutions depending on the magnitude and operational  systems of the banks or insurance companies. Due to the high volumes of data that is included in the industry including the Adhaar card numbers, personal identification numbers etc. 

 

Further, due to rapid development of Information Technology, there are many challenges in maintaining 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 concern across all sectors.

This shift is driving increased investment in traditional core IT systems (e.g., policy and claims systems) as well as in highly integrated enabling platforms such as agency portals, online policy applications and web- and mobile-based apps for filing claims.

 

Banks must comply with standards and regulations such as PCI DSS, GLBA, and privacy laws. They also look to implement information security management systems that follow industry best practices such as ISO27001 to govern their security program. Insurance firms often possess large amounts of personally identifiable information (“PII”) and protected health information (“PHI”); safeguarding such information in digital format is technologically challenging and expensive.

 

In the 2018 Global State of Information Security® Survey (GSISS), 40% of survey respondents from organizations using robotics or automation say the disruption of operations, would be the most critical consequence of a cyberattack on those systems. Despite an awareness of disruptive cyber risks, companies often remain unprepared to deal with them.