Cyber Readiness

Cyber Readiness for Financial Institutions

By Yap Yu Qing, Marketing Executive

Digital financial services have brought immense convenience to end users everywhere, particularly against the backdrop of COVID-19. (BDO, 2021) Along with the rise of these services, we see the inevitable accompaniment of cyber attacks attempting to exploit the increased attack surface that is being presented.

As reported by Boston Consulting Group, the banking and financial institutes are 300 times more at risk of cyber attack than other companies. Furthermore, in a study by Accenture, data breaches for financial services companies globally have amount to an average annualised cost of $18.5 million.

So here are some areas to consider when determining your organisation’s cyber readiness:

  1. Do you have a secured Information Security Management System (ISMS)?

Establishing, and maintaining a working ISMS that integrates all relevant areas of concern is necessary in mitigating risk.

  1. Have you done thorough risk assessments to protect customer information?

It’s crucial to identify any reasonable and foreseeable internal and external threats when assessing policies and procedures.

  1. How well are you securing your customer’s personal data?

To effectively manage your organisation’s risk, compliance with regulation would be one of the most crucial steps towards effective protection. Some compliance regulations include:

  • Payment Card Industry Data Security Systems (PCI DSS)
  • Personal Data Protection Act (PDPA)
  • Data Protection Trust Mark (DPTM)
  • Monetary Authority of Singapore Technology Risk Management (MAS TRM)

The lists go on, where compliance regulations and needs differ for every industry.

Book a consultation with us now to see how you can better your security posture. Simply drop us an email at info@privasec.com or call us at 1800 996 001 (AU) / +65 6610 9597 (SG) for more details.