Did you know?
52 million data breaches were recorded in the 2nd quarter of 2022 alone. And the average cost of a data breach hit an all-time high of $4.35 million this year.
Since the pandemic, people’s social and financial lives have gone digital. More than 2.5 quintillion bytes of data are generated every second across categories and channels. Imagine this quantum of information falling into the wrong hands due to compromised login credentials, phishing attacks, and cloud misconfigurations. It could expose consumers and businesses to financial loss, reputational damage, operational disruptions, and legal repercussions.
As data is one of the most valuable assets a financial organization can possess, securing the data environment from the risk of cyber threats, data breaches, and other attacks is critical.
So how can financial companies secure their data environment?
Using ISMS.
How ISMS enables a secure environment?
Financial organizations need a robust Information Security Management System (ISMS) to avoid threats and secure sensitive data. ISO 27001 & ISO 22301 certifications are imperative to ensure data environments are secure without data exfiltration and unauthorized data manipulation. ISMS compliance prevents financial penalties, reputation loss, and legal and regulatory non-compliance.
What is ISMS?
ISMS is a framework that improves data security by protecting all forms of information, viz., digital, paper-based, and other cloud devices. It establishes a systematic approach that maintains an organization’s confidentiality, integrity, and availability.
- Confidentiality- ensuring the right access control
- Integrity -keeping data complete and accurate at all times
- Availability -making sure data is accessible anytime as required
The ISMS framework comprises policies, processes, and controls that protect organization data and increase attack resilience. Businesses can leverage their risk analysis approach to reduce costs associated with adding layers of defense technology that might not always work.
Avert security threats with ISO 27001 standard
Security threats apply not just to IT assets. Non-IT data sets are under significant threat too. Financial companies need to be proactive with ISO 27001 compliance to secure all data assets, manage data privacy and integrity and ensure customer confidence.
ISO 27001 is a security management standard that helps an organization manage risk factors that may include procedures, policies, and staff training. The international standard ISO/IEC 27001 comprises guidelines jointly established by the International Electrotechnical Commission (IEC) and International Organization for Standardization (ISO).
The ISO 27001 standard relies a lot on regular risk assessments. These assessments ensure that the organization is so prepared and secure, that when threats appear, all the appropriate measures are already laid out. The ISO 27001 standard encompasses deep risk assessment processes, information classification, organizational structuring, monitoring and reporting guidelines, information security policies, and access control mechanisms, among other procedures.
Combat disruptions with ISO 22301 standard
In case of untoward incidents and natural disasters, there is often little or no time for businesses to prepare a proper response. This leads to disruption between people, processes, networks, and infrastructure.
Financial companies need to combat data attacks during unexpected times to stay out of financial loss, secure customer confidence, manage customer loyalty and operate their business smoothly. This is precisely what ISO 22301 solves for. ISO 22301 mitigates risks and helps an organization tide over vulnerabilities.
ISO 22301 is a global standard published by the International Organization for Standardization (ISO) for Business Continuity Management Systems (BCMS). This business continuity management standard helps an organization identify threats, respond to them, and recover quickly with the least disruption to their business.
Top-notch data security, our priority
Certified under ISO 27001 and ISO 22301 standards, we prioritize data environment security to defend against cyber-attacks, data breaches, and other risks. We are accredited to deliver products that are embedded with top-notch security and operational excellence.
Subscribe to our newsletter and get the latest fintech news, views, and insights, directly to your inbox.
Follow us on LinkedIn and Twitter for insightful fintech tales curated for curious minds like you.
0 Comments