Assessing IT Security Risks in Finance IT Systems

 The financial industry is driven by data from user details, transactions, account details, payment information, access governance, vendor management and so on. For financial organizations, having a strong plan to defend against cyber-attacks and creating an action-based process to deal with a potential attack is crucial. Getting basics in place, and augmenting IT security with the right set of technology not only secures IT assets but works towards thriving operations within an organization. There are drastically lower computing challenges related to IT hold up.

A strategically aligned IT Security System with the right set of application integration, identity management, governance of access, a notification mechanism, etc. are imperative for IT Systems to flourish. Despite the best of technological systems in place, the robustness of a system has to stand the test of time, and whether it has come of age with respect to technological offerings in the market that are up to the needs of the system.
The basics of assessment of any IT system relates to the following set of checks:

  • Cover Cyber/IT Security Basics: The most common vulnerability that is looked up by cybercriminals is to look for targets that lack the basic technology to ensure cyber security. Firewalls and antivirus are fine, but the management of identities (of users and devices) and governance of access cannot be overlooked. A benign user might allow an encroached to dig up corporate information.
  • Achieve IT System Robustness: Testing the robustness and making fixtures to ensure robustness not only brings security but also enhances operational efficiency. It can bring to the fore the limitations of a system that can help in getting a clearer understanding of unattended and unknown vulnerabilities and achieve workplace operationally.
  • Comply with Industry Regulation: A deep understanding of regulatory compulsions while implementing, upgrading, or migrating an IT Security solution. Information security management system needs more than industry regulation, it has to attend to implementation of strict rules to oversee data flows, protect sensitive information.
  • Taking care of System Vulnerabilities: A system’s foundation is strengthened when vulnerabilities...

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