Assessing IT Security Risks in Finance IT Systems

Financial industry is driven by data from user details, transactions, account details, payment information, access governance, vendor management and so on. For financial organizations, having a strong plan to defend against cyber-attacks and creating an action based process to deal with a potential attack are crucial. Getting basics in place, and augmenting IT security with right set of technology not only secures IT assets but works towards thriving operations within an organization. There are drastically lower computing challenges related to IT hold up.

A strategically aligned IT Security System with right set of application integration, identity management, governance of access, notification mechanism etc. are imperative for IT Systems to flourish. Despite the best of technological systems in place, the robustness of a system has to stand the test of time, and whether it has come of age with respect to technological offerings in the market that are up to the needs of the system.
The basics of assessment of any IT system relates with following set of checks:

  • Cover Cyber/IT Security Basics: The most common vulnerability that is looked up by cyber criminals is to look for targets that lack the basic technology to ensure cyber security. Firewalls, and antivirus is fine, but management of identities (of users and devices) and governance of access cannot be overlooked. A benign user might allow an encroached to dig up corporate information.
  • Achieve IT System Robustness: Testing the robustness and making fixtures to ensure robustness not only brings security, but also enhances operational efficiency. It can bring to the fore the limitations of a system can help in getting a clearer understanding about unattended and unknown vulnerabilities and achieve workplace operational.
  • Comply with Industry Regulation: A deep understanding of regulatory compulsions while implementing, upgrading or migrating an IT Security solution. Information security management system needs more than industry regulation, it has to attend to implementation of strict rules to oversee data flows, protect sensitive information.
  • Taking care of System Vulnerabilities: A system’s foundation is strengthened when vulnerabilities assessed from an attacker’s standpoint get a careful consideration. It is important in the financial industry to ensure that the Big Data flowing through various channels is management.
  • Secure Applications Integration: Various corporate applications have to be secured, and optimized for users. Establishing connections with the IT System enables business to make the most of their It systems while being compliant to regulations.

Avancer’s Testing Service is designed to extensively analyse external and internal vulnerabilities of a system. Our testing services follows a detailed approach to test threshold performance levels and examine system vulnerabilities of the implemented technology. It generates a detailed risk scores and a prioritized remediation list through a detailed testing of operating systems, network devices, services and software such as databases and web applications.

The exploits on the world wide web are gaining grounds exponentially in newer ways. Businesses in the financial industry need to constantly learn about the dangers and discover solution to fix it. A clear understanding of what generates corporate cyber security risks brings a clear understanding of vulnerability to attack, the value of their critical assets, and the profile or sophistication of potential attackers.

Do you need testing your IT System? Connect with IT Security experts now!

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About the Author

Team Avancer

Avancer Corporation is a systems integrator focusing on State of Art Identity and Access Management technology. With over a decade of experience of integrating IAM solutions for world’s leading corporations we bring you some insights through our articles on Avancer Corporation’s Official Blog

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