Information Security Audit for Banking Sector

Information Security Audit for Banking Sector

With rapid advances in Information Technology (IT), institutions engaged in the financial services sector have actively begun to utilize systems using open network as typified by the Internet. IS or IT Audit is “the process of collecting and evaluating evidence to determine whether a computer system safeguards assets, maintains data integrity, allows organizational goals to be achieved effectively and uses resources efficiently.”

Primarily, vulnerabilities in the Bank’s Information System include:

  • Improper system/network design,
  • Programming errors, weak or inadequate physical/logical access controls
  • Absence of or poorly designed procedural controls
  • Lack of back up/contingency procedures
  • Ineffective employee supervision, and management controls
  • Lack of awareness among employees etc.

Cyber security is critical for every business. But, for banks, the stakes are even higher. Financial institutions hold important data that may be siphoned off for indulging in fraud or various other criminal activities. Security measures are therefore indispensable for Banks. Such measures should be designed in a manner to detect and prevent attempts to steal consumer data.

Biggest Threats to a Bank’s Cyber Security

Financial threats are still profitable for cyber criminals and therefore continue to be an enduring part of the threat landscape. From financial malwares that attack online banking, to attacks against ATMs and fraudulent interbank transactions, there are many different attack vectors utilized by criminals. Most of the banks or financial institution’s operate with the use of technology, including the Internet. Without a good cyber security measures in place, your bank’s sensitive data could be at risk. Here are some biggest threats to a bank’s cyber security :

  • Mobile Banking Risks
  • Social Networks and Web 2.0
  • Malware, Trojan, Botnets, and DDoS Attacks
  • Phishing
  • ACH Fraud: Corporate Account Takeover
  • Inside Attacks
  • First-Party Fraud
  • Skimming
  • Unencrypted Data
  • Third Party Services that aren’t Secure
  • Spoofing
  • Data Breaches

ANA Cyber Forensic Financial Security Solutions and Services

Primary goal of our Bank IS audit is to determine information and related technological security loopholes and recommend feasible solution. IS Audit is all about examining whether the IT processes and IT Resources combine together to fulfill the intended objectives of the organization to ensure effectiveness, efficiency and economy in its operations while complying with the extant rules. ANA Cyber Forensic offers following services and solution to banks:

  • IT Asset Management
  • ISMS Policy implementation
  • IT Service & Facility Management
  • Physical (client/server interface, telecommunication, server, data storage, intranet, internet & Environmental Security)
  • User & Access Management
  • Database Access & Network Security Management
  • Data Center Security
  • Change & Patch Management
  • Problem & Incident Management
  • IT Strategies, IT budget
  • Audit trails &Data Privacy Protection Management
  • IT Service Contract & Agreements and Vendor Management
  • IT Risk Management
  • Data Integrity & Transaction control
  • Data Retention & Disposal
  • System Acquisition, Development Management
  • Business Continuity & Disaster Recovery
  • Risk Based Adaptive Authentication
  • Fraud Analyzer and Intrusion Detection
  • Two Factor Authentications
  • Data Warehousing and Business Intelligence Security
  • Mobile Checkpoint Security
  • Secure Web Gateways and Firewall services
  • PCI DSS Compliance Check

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