An industry which includes systems of financial institutions called banks that help people store and use their money. Banks offer clients the opportunity to open accounts for different purposes, like saving or investing their money
These include robberies, burglaries, and vandalism. Banks are particularly vulnerable to these types of threats due to the large amounts of cash and valuable assets that are kept on site.
Banks may be affected by natural disasters such as floods, hurricanes, earthquakes, and wildfires. These events can cause damage to facilities and disrupt business operations.
Banks rely on electricity to power their operations, and a power outage can cause significant disruptions to their ability to provide services to customers.
Banks rely on a complex network of infrastructure, including telecommunications and internet services, to provide services to customers. Any failure in this infrastructure can disrupt operations and compromise customer data.
Cybercriminals use fraudulent emails, text messages, or phone calls to trick employees or customers into divulging sensitive information.
Cybercriminals use malicious software to gain access to sensitive data or lock users out of their own systems until a ransom is paid.
Hackers flood a bank's servers with traffic to overload them and disrupt their services.
Employees with access to sensitive information may accidentally or deliberately disclose it to unauthorized parties.
Cybersecurity risks can also arise from third-party service providers or vendors, such as payment processors or cloud providers, who may have access to a bank's systems and data.
Older systems that are no longer supported or updated may contain vulnerabilities that can be exploited by cybercriminals.
The increasing popularity of mobile and online banking services has led to a rise in cyber attacks targeting these platforms.
Insider threats are a significant concern for banks, as employees or contractors with access to sensitive information can intentionally or unintentionally cause data breaches. This can include insider theft of sensitive data, mishandling of data, or accidental disclosure.
Banks often outsource their operations to third-party vendors, which increases the risk of data breaches. These vendors may have weaker security measures than the bank itself, making them an easy target for hackers.
Banks must also protect their physical assets, such as ATMs, cash registers, and data centers, from physical theft or damage. This can include physical attacks, such as robberies or burglaries, or natural disasters like fires or floods.
Banks must comply with regulations like the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS). Failure to comply with these regulations can result in financial penalties, legal action, and reputational damage.
IT systems in banks are critical to daily operations. A hardware or software failure can result in service disruptions, which can lead to customer frustration, loss of trust, and revenue loss.
Banks rely on uninterrupted power supply to keep their IT systems running. A power outage can result in service disruptions, data loss, and delays in transaction processing.
Network connectivity issues can occur due to technical problems or cyber attacks. This can cause service disruptions and make it impossible for customers to access their accounts or conduct transactions.
Banks often rely on third-party service providers for IT services. Any failures by these providers can lead to service disruptions, data loss, and delays in processing transactions.
Insiders such as employees, contractors, or vendors with access to the IT systems can pose a threat to IT service continuity. They can intentionally or unintentionally cause service disruptions, data loss, or other IT-related issues.
Equipment failure can cause a bank's ATMs, servers, and other critical systems to malfunction or shut down, leading to service disruptions and financial losses.
Power outages can disrupt the operations of a bank and cause downtime, data loss, and customer inconvenience.
Human errors such as accidental data deletion, misconfiguration of systems, and accidental data disclosure can cause data loss, system downtime, and compromise the confidentiality of sensitive information.
Supply chain disruptions can impact the availability of critical resources such as software, hardware, and services, leading to service disruptions and financial losses.
Failure to comply with regulatory requirements can lead to fines, penalties, and reputational damage for a bank. It can also lead to business interruption if the bank is forced to suspend operations or face legal action.
Standards | Requirement | Clauses |
---|---|---|
ISO 27001:2022 | Information Security Management System (ISMS) | 5.24 – Information security incident management planning and preparation 5.26 Response to information security incidents |
ISO 22301 | Security and resilience | Clause:8 8.5 – Operations |
ISO 27701 | Privacy Information Management System | 6.13 Information security incident management 6.13.1 Management of information security incidents and improvements |