About The Security Intelligence in The Financial Services

Posted by Cyntell cyber security on December 11th, 2020

It can also be referred to as the actual collection, standardization, and analysis of the data created by users, applications, and structures that influence the IT security and risk position of a business.

On a daily basis, information Data Security Financial Services,flows in organizations for the senior management to make smart decisions. The various stakeholders (employees, customers, contractors) are interfaced through various technologies.

However, the technological infrastructure can also result in serious security issues. The probable areas of intrusion are unlimited. Security experts and business leaders are trying to find an answer to the question - Is it feasible to have a robust security in an increasingly interfaced environment?

Though the answer is yes, it needs a radical transformation in processes and practices encompassing the financial services sector. The focus is not only on IT. Robust security facilitates a positive customer experience. Financial institutions are at great risk since tSecurity intelligence is the data related to safeguarding an organization from any outside and inside threats along with the processes, and policies developed to accumulate and evaluate the information.

They are perceived to be an easy target for cybercriminals. According to a survey by IBM, "Financial markets, insurance, computer and professional services together account for over 40% of all security incidents worldwide."

The losses, pertaining to cybercrime in other sectors could be due to industrial intelligence and fraud related to intellectual property, but in banking, online fraud is a possibility.

Any fraud related to intellectual property and industrial intelligence could lead to reduced shareholder value, shut down of the business and net financial losses. These are the issues impacting the global financial sector, not only because the main reasons are not identified or the disruption to the customer is immediate, but also because they can result in a significant loss of money.

Financial Stability"Cyber-risk has become a more pressing concern than economic depression and the Eurozone crisis, as it is a rapidly rising area of risk with potentially systemic implications".

Comprehending the seriousness of the security risk is only a beginning. Financial institutions must establish an in-depth security intelligence strategy that would enable the financial institutions to have an insight into the perceived threats. The IT Audit Cyber Security Services functions in distinct devices must be examined by a centralized authority and the wide array of information in an institution must be categorized, tagged with its risk profile and circulated to the concerned personnel.