How Banks Can Ensure Effective Cyber Security Management?

Banks have always been an integral part of financial services since their inception, which can be traced back to the 14th century. From the time this institution was conceptualized and established, it has always remained under constant threat from anti-social elements. Bandits of yore have given way to more sophisticated criminals who make use of their keyboards instead of guns for infiltrating virtual vaults. These keyboard warriors known as hackers specialize in emptying the coffers with just a few lines of well-written code and are gone from the system before the overseers can bat an eyelid. Unlike their peers from the past who had the threat of life to contend with, the hackers of today do not face the same repercussion, which has resulted in an increase in their numbers.

Surveys and Results

The data center operational models of the modern world have seen 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 employed by many organizations are complex and fragmented across the enterprise which makes businesses reluctant or unable to address the increasing cyber risks. This has made the job of cyber security manager a lot harder and almost impossible in certain scenarios. The unfathomable rise in cybercrimes yearns for a solution that can act like a protective blanket for the whole organization. The answer to this extremely difficult problem comes in the form of the most effective modern creation which is known by the name of Artificial Intelligence (AI).

Cyber Security Management in Banks

According to a 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. Frequently used security solutions employed by organizations are not up to scratch as they are fragmented (as discussed previously) and do not blanket the whole organization. This leaves holes for the hackers to exploit, which they often use to compromise the system. In order to ensure smooth operations in bank without any threat of security, it becomes vital to employ AI powered automated Cyber Security Management System.

Effective Cyber Security Management with the Power of AI

In order to manage threats efficiently, Cyber Security Management software makes use of the big data approach in the security management process. 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 behavior and interactions. Just like Siri and Cortana make use of big data to predict and understand our behavior for Apple and Microsoft respectively, the same way AI powered Cyber Security Management System uses big data to understand and predict the security threats to a banking system.

Predict360’s Cyber Security Software: The Solution to Security Concerns

Predict360’s Cyber Security Management makes use of big data and is able to find security threats that are currently not detected by signature based or SIEM systems. It addresses the challenge of fragmentation by vertically integrating all modules and allows organizations to manage their cyber security compliance programs based on federal and state regulations via a single platform. This approach enhances productivity of threat monitoring teams and heavily cuts down the reaction time, which is vital for countering and eradicating the threat.

Key Features of Predict360’s Cyber Security Management System

The AI powered Predict360’s Cyber Security Management System has certain key features which make it ideal for addressing security issues and nipping them in the bud. Below is a list of the important features:

1. It can easily identify threats & anomalies in a system.
2. It works by aggregating knowledge in a graph-based database.
3. It is an affordable and powerful cyber security software that helps businesses save money and increase productivity.
4. It is able to gather threat intelligence via Honeypots.
5. It is able to develop signatures and rules to block threats.
6. It is known to reduce the number of false positives by up to 25%, which makes resource utilization more efficient.

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.

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.

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