Importance of Bank IT Security Solutions
With the advent of advanced online and net banking usages, the banking industry too has become vulnerable to security breaches and third party attacks. Hence, Banking IT security is crucial for safeguarding clients and the bank from all kinds of fraudulent activities, for instance counterfeit money and money laundering. With the rise of identity fraud and other security threats, national bank regulators have upgraded the security procedures and controls. Furthermore, Congress passed the Gramm-Leach Bliley Act for allowing regulators to set up rigid security codes for specific institutions. This is to secure the consumer’s privacy and personal data. However, despite the enactment of this bill there are still security concerns faced by the banks.
Banking IT Security Solutions
There are multiple ways to increase bank IT security for instance having a clear understanding of information assets, deterrence, identifying the significance for security, setting up security policies and procedures, ensuring the availability of expertise and engaging in new awareness programs. These apart, today eminent solution providers have introduced innovative banking IT security solutions that drive compliance, sustenance and efficiency. Other services these companies offer are:
Risk Management
Streamlines the process of risk management by setting up a unified risk management frameworks to help compliance reporting, effective sustenance and optimization control
Helps in preventing data leakage, secure crucial business data and important client information
Identity Management
Helps in minimizing risk associated with over-accessing of core applications, monitors privileged identities and streamlines user life-cycle management
Secure Release
Safeguards applications by ensuring security testing of all applications for vulnerabilities prior to release
Phishing Diagnostics
Helps in quantifying and addressing people and process risk linked to spear phishing
Mobile Security
Helps in managing the security threats that results with the adoption of advanced technologies for instance, mobile and cloud
Apart from joining hands with a Banking IT security solution provider it is essential that organizations and its team members understand the security policies. Similarly, the security policies too must establish some kind of accountability associated with employee and consumer behavior. Multiple financial institutions and bank neglect the importance of an efficient security program which might increase the criminal behavior. Deterrence also needs to be noted by evaluating the probability of penalties imposed if a criminal activity is traced. Furthermore, bank security attacks lead to heavy financial losses as well as brand erosion. This is why deploying an effective bank security program is crucial to the success of a financial institution.
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