In today’s digital era, where financial services are increasingly moving towards online platforms, cybersecurity plays a critical role in safeguarding sensitive customer data and ensuring the integrity of core banking systems. As organizations embrace digital transformation, it is imperative to adopt robust cybersecurity measures to protect against evolving cyber threats.
Importance of cyberse2curity in core banking systems
Core banking systems serve as the backbone of financial institutions, managing critical operations such as account management, transactions, and customer information.
With the rise in cyber-attacks targeting financial institutions, robust cybersecurity measures are essential to safeguard against data breaches, financial fraud, and reputational damage. A comprehensive cybersecurity framework is necessary to protect core banking systems from both external and internal threats, ensuring the confidentiality, integrity, and availability of sensitive data.
Key Cybersecurity Challenges in Core Banking Systems
Today’s banking systems, especially core banking systems, face a range of risks and challenges in the area of cybersecurity, including:
Data breaches
Cybercriminals continuously target financial institutions to gain unauthorized access to customer data, leading to identity theft, financial loss, and legal implications.
Advanced Persistent Threats (APTs)
APTs are sophisticated attacks that aim to breach security defenses and gain prolonged access to the core banking systems, potentially causing significant damage.
Insider threats
Internal employees with privileged access can pose a significant risk to core banking systems by intentionally or inadvertently compromising sensitive data.
Regulatory compliance
Financial institutions must adhere to stringent regulatory requirements, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS). Compliance with these regulations is crucial to avoid penalties and maintain customer trust.
BOS approach to cybersecurity
A fully flexible and scalable BOS system lives as much as the best financial safety standards. It’s additionally compliant with the maximum crucial enterprise requirements, as tested and confident through an outside certification body. Here’s how BOS makes it:
Certified practices:
As a BOS provider, INCAT maintains an Information Security Management System (ISMS) in accordance with ISO/IEC 27001 to proactively manage information security risks and verify the effectiveness of technical and organizational controls through internal and external audits.
Vulnerability Management
As part of Vulnerability management, we run activities such as vulnerability scanning or security patch management, which we perform not only at the BOS level, but also at the level of supporting services. Thanks to this, we are aware of the existence of vulnerabilities not only in our product but in the entire system where BOS operates. This in turn enables us to implement the entire process in accordance with the principles of continuous risk management.
Secure Infrastructure
BOS core banking systems are built on a secure cloud infrastructure, leveraging industry-leading security protocols and encryption standards to protect customer data. Cloud infrastructure facilitates the use of security against cyberattacks – DDOS attacks, detection of intruders, or behavioral anomalies. The cloud makes it easier to resist such attacks.
Continuous Monitoring
BOS employs real-time monitoring and threat intelligence to detect and respond to potential cyber threats promptly. Monitoring solution leverages advanced analytics and machine learning to identify anomalies and proactively mitigate risks. We use the SIEM Security Information and Event Management system for monitoring.
Access Controls
BOS implements strong access controls, including multi-factor authentication and Role – Based Access Control (RBAC), to ensure that only authorized personnel can access sensitive data and functionalities within the core banking systems.
In the realm of core banking systems, cybersecurity is of paramount importance to protect sensitive data, maintain operational continuity, and uphold customer trust.
BOS’s approach to cybersecurity encompasses a range of measures aimed at preventing, detecting, and responding to cyber threats. By adopting a comprehensive cybersecurity framework, organizations can leverage the benefits of digital transformation while safeguarding their core banking systems against evolving security risks.