BANKS’ HOLISTIC APPROACH TO CYBER SECURITY: TOOLS TO MITIGATE CYBER RISK

Information security is a set of practices intended to keep data secure from unauthorized access o alterations. Cyber security has become a unique challenge for financial sector to prevent massive financial losses. It's not a clandestine that Cyber Crime is only escalating in this day and age and hence Cyber risk is receiving growing attention. Of late, Cyber security has risen to become a national concern as threats concerning it now need to be taken more seriously. Much of a bank or financial institution's operations take place with the use of technology, including through the Internet. Without solid cyber security measures in place, bank's sensitive data could be at risk. Banks and other finical institutions should understand how cyber criminals could invent complex new cyber attacks. The banking sector is considered as one of the most vulnerable as far as cyber crime is concerned. No single security technology is sufficient to foolproof a bank's IT system. Building up a bank's cyber security is not a one-time exercise but a continuous process. Systems need to be continuously monitored through surveillance technologies to identify any loophole that has been generated. Software and hardware need to be updated and upgraded as new and improved versions often address the vulnerabilities present in previous ones. This paper aims to help understanding the banks approach to toward mitigation of cyber risk.