Information Security & Risk Management
Risk Management for Banks
Cyber threats are escalating, fraudsters are getting smarter, and the vulnerability of customer data is at an all-time high. Threats are all over the place, and the reality is it’s no longer a question of “if” but “when” they will strike. As a result, in addressing risk management for banks, you’re challenged to keep up with ongoing cybersecurity challenges, related IT regulatory compliance pressures, and critical disaster preparedness issues.
Be Proactive in Addressing Risk Management
Right now, many banks are trying to address risks in a reactive way: solving for a problem as it comes up. Instead of investing the money and resources to proactively bolster security to better protect against impending threats, banks have been addressing threats as they arise. Doing what they can, when they can, with what resources they have.
The problem with this approach to risk management for banks is that risks are becoming more sophisticated, complex, and pervasive, so staying in a reactive mode is not enough.
Accenture research on cybersecurity across the financial services sector found that “among the thousands of phishing, malware, and penetration attacks that financial services firms face each year, there were an average of 85 serious attempted cyber breaches. Of those, about one third (36%) were successful – meaning at least some information was obtained through the breach.”1
What’s perhaps more concerning from Accenture is that “a majority (59%) of successful breaches go undetected for several months – demonstrating that the cybercrime industry has evolved from its early days of being ‘smash and grab’ to a more sophisticated approach of getting inside in order to listen, learn, and extend the criminal activity.”
If you continue down this path, you’re leaving your bank vulnerable to threats that could lead to non-compliance and have negative financial and reputational consequences.
Embrace a Layered Approach to Risk Management for Banks
There’s a better way to address risk management for banks. You should embrace a multi-layered defense strategy to help your bank fend off today’s complex threats, facilitate compliance, and help ensure business continuity. Each layer of protection performs an important role to help you enhance your organization’s overall security posture.
Effective Risk Management Means Being Prepared for the Unexpected
Your customers expect access to their accounts 24x7x365, so downtime is unacceptable. You need to be prepared to conduct business no matter what unexpected event – such as a natural disaster, power failure, cyber attack, pandemic, etc. – is thrown at you. Planning is key to effective risk management for banks, so that your bank is always ready, always on.
Information Security is Not a Product, It’s a Process
Information security is not a product, but rather, it’s a process. It’s time to embrace a multi-layered approach to risk management for banks, to ease your vulnerability to threats and reduce the cost to mitigate those threats. We can help.
Jack Henry Banking’s Information Security & Risk Management solutions, you’ll be able to:
- Proactively address impending threats and related challenges regarding security, IT regulatory compliance, and disaster recovery concerns.
- Facilitate a multi-layered approach to information security to reduce vulnerabilities to threats and reduce the cost to mitigate those threats.
- Help prevent financial and reputational losses, for your customers and bank.
- Minimize business interruptions and promote customer loyalty.
By choosing Jack Henry Banking’s Information Security & Risk Management solutions, you can proactively manage risk and help ensure that all your customers’ data is safe.
Connect with one of our Information Security & Risk Management specialists to get started.
1 Forbes: Banks Face Challenge of Integrating Cyber and Operational Risk. 2017.