With the expanding popularity of online and phone banking, one of the biggest challenges facing banks and capital markets today is the increasing threat posed by cyber crime. Hacking methods are more sophisticated than ever. Cyber criminals can deploy complex means to defraud banks through the deployment of botnets and other malicious codes that enable them to steal customer information and make unauthorized transactions. Such illegal activities can negatively impact the banking and capital markets, as well as associated industries.
Organizations in banking and capital markets must also cope with an increased number of regulatory compliance standards, such as the Gramm-Leach-Bliley Act (GLBA), Federal Financial Institutions Examination Council (FFIEC), and Basel II. These regulations place stringent demands on a bank’s internal resources by requiring that financial institutions maintain data confidentiality and integrity.
Meeting regulatory requirements and securing businesses against cyber attacks helps bolster customer satisfaction, increase workforce productivity, improve supplier/partner integration, and reduce operational costs. To achieve ongoing conformity and streamline security best practices for these regulations, Wilson Consulting Group assists financial institutions by identifying vulnerabilities. We provide detailed recommendations to design and implement solutions to address the vulnerabilities by:
- Ensuring corporate regulatory compliance
- Deploying means to ensure safer and robust data encryption mechanisms online
- Installing security alert systems that identify networks vulnerable to breaches and initiate a scam alert
- Identify network vulnerabilities and secure them against the threats posed by botnets and other malicious codes
- Utilizing COBIT, ISO 27001, ISO 27002 (formerly 17799) and other well-known information technology and security standards to carry out effective and robust information technology and security risk assessments
- Establishing information risk management practices and systems
- Establishing internal and external privacy infrastructure
- Advising on business continuity and disaster preparedness services