Information is the knowledge obtained after an investigation and study in a particular field. In banking environment, where stakes are high and the risks are aplenty, information is very valuable. For a bank, keeping information of its clients safe is extremely important. If the information about clients’ bank account details is compromised, the whole structure of the banking institution can come crumbling down.
Threat of Hackers
In this world of ever-evolving technology, hackers have become more of a threat to the banking system than bank robbers. It is a lot safer to break into a virtual vault than to risk life and attempt a bank robbery. With so many hackers on the lookout for weaknesses in a security system, it becomes the responsibility of every bank to protect the information of its client from these virtual pirates.
Cyber Security is the protection of computer, programs, data, and network from unauthorized access, thefts, and hack attacks. Cyber Security Management allows organizations to proactively defend against harm that may come via different sources like code injection and malpractice by operators. It is important for banks to set up an effective cyber security management, which is good at detecting, analyzing, and responding to the targeted attacks. Such a set up will help in preventing the system from advanced threats which can lead to theft of intellectual property.
Security Threats and Cyber Security Management in Banks
As per the survey by PwC, CIO, and CSO, more than 9,600 global executives had experienced one or more security incidents in a year. The reports of financial losses in banks and intellectual property thefts are major security concerns which make Cyber Security Management essential for organizations. According to the data center operational models, there has been a 3 thousand percent increase in network connections per second and over 100 thousand new security threats are noticed every day. The traditional security solutions utilized by many organizations are complex and fragmented across the enterprise which leaves certain sections susceptible to security threats. Cyber Security Management addresses such issues and identifies threats within the whole organization and safeguards banking operations. Making use of AI powered Cyber Security Management Software is an effective solution for countering the increase in cybercrimes.
Artificial Intelligence and Big Data Approach for Countering Security Threats
The big data approach uses extremely large data sets which can be computed to reveal patterns, trends, and associations. All the interrelations found via big data relate to human behaviour and interactions. Siri and Cortana make use of big data for predicting and understanding our behaviour. These AI powered software collect data for Apple and Microsoft, and in the same way Cyber Security Management Software uses big data to understand and predict the security threats to a banking system. Predict360’s Cyber Security Management Software is AI powered software which is ideal for dealing with security threats.
Manage Bank Information Security Using Predict360’s Cyber Security Management Software
Predict360’s Cyber Security Management Software is able to find security threats that are currently not detected easily by rudimentary systems and methods. It integrates all modules and allows organizations to manage their cyber security compliance programs based on federal and state regulations via a single platform. This approach is perfect as it addresses the fragmentation problem (as discussed before) directly.
Predict360 is licensable as a standalone web-based application. It can also be procured as part of an integrated regulatory change management, procedures, competency, audit, incident, policy, and learning management solution.
Key Features of Predict360’s Cyber Security Management System
The AI powered Predict360’s Cyber Security Management Software has certain key features which make it ideal for addressing security issues and safeguarding organization from security threats. Below is a list of the important features which makes it ideal for protecting your organization from cyber-attacks:
- Identifies threats & anomalies in a system
- Gathers threat intelligence via Honeypots
- Develops signatures and rules to block threats
- Reduces the number of false positives by up to 25%, which makes resource utilization more efficient.
The AI powered Predict360’s Cyber Security Management Software is foolproof software for banks and financial institutions. For more information about Cyber Security Management System and how it can be further enhanced as part of an integrated risk and compliance management suite, visit https://www.360factors.com/.
About the company
360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.