Brainwave GRC protects your data, applications and processes
The banking sector is currently facing many challenges: increased regulatory requirements, digitization (both internal and external to the organization), protection of sensitive assets, and combating data leakage.
The cyberattacks on the Central Bank of Bangladesh involving over 100 million dollars and the attempts to hack SWIFT fund transfers are only two examples of many recent external attacks targeting banks and financial establishments. In 2013, a hundred banks in 30 countries were victims of a cyberattack involving over a billion dollars. Due to the sensitivity of the assets and business processes of this sector, the risk of external attacks, fraud, and data leaks is rising even as the growth in digital use increases the vulnerability of businesses to these risks.
The development of online banking activities has opened up gaps in the information systems of many establishments, constructed as “fortresses” but now out of date in the face of changes and current risks.
Comply to regulatory requirements easily and rapidly
Mitigate your security risks with Brainwave GRC
Challenges facing the sector
Banks and organizations offering financial services are often quite large, structured by the purchase of other enterprises or by strategic decisions to merge and break up departments and subsidiaries. The results are organizations with complex HR structures, subject to convoluted internal restructuring, that have relationships with partners and third parties that may be more or less visible and well defined.
These elements further fragment banks and exacerbate the lack of visibility for all internal actors, whether they be auditors, internal controllers, managers, or IT.
Continuous management of user access
The Brainwave solution lets you easily and quickly manage user access for what is often a large payroll—several thousands or tens of thousands of people—thanks to automation of the collection and treatment of data, reconciled with the HR data, contextualization of risks, and automatic review of access rights.
Since each review is saved, it is only necessary to evaluate the changes since the previous review of access rights. Individuals who have left the company are continuously visible, as are inactive accounts.
Significant compliance requirements
Due to the very sensitive data and processes involved in the banking sector, regulatory and compliance requirements are increasing. Despite this, the actors responsible for ensuring this compliance often do not have the most effective means to respond easily and quickly to these increasing requirements.
Automate your auditing and monitoring processes
To respond easily and completely to regulatory requirements, the Brainwave solution allows quick access to all information collected, and also allows production of audit and internal monitoring reports customized for the needs of each business. This means that compliance is no longer a “manual” exercise, and can be done frequently and effortlessly if needed.
Complex information systems
Like their structure, the information systems of banking and financial service establishments have become more complex over the years with the proliferation of data, applications, and infrastructure. For most of the actors in this sector, the security and compliance of such complex IT systems requires more and more time and resources because there is a lack of effective solutions.
360° vision of your IS
The Brainwave solution can guarantee the protection of your information system and give you a precise overview of the information system through natural language searches and control panels that are customizable for the needs of each party.
Major risks of fraud and data leakage
Due to the sensitivity of the data and assets in the banking and financial services sector (personal data, significant financial transactions, payment management, etc.), the risks of internal fraud, leakage of data, and cyberattacks are higher.
Reduce your security risks
To manage security risks for the company, the Brainwave solution makes it easy to define and map those risks, automate monitoring and review processes, and scan each upload for any unusual situations or user behaviors.
Take a look at your needs by Industry
DIGITAL TRANSFORMATION - REGULATORY COMPLIANCE - FIGHT AGAINST FRAUD
The Insurance sector is chaging very fast. With an increasing regulatory pressure, insurers need to face multiple challenges such as conducting properly their digital transformation without security imperatives impending operational efficiency, the management of sensitive business processes and fighting against cyber attacks.
REGULATORY COMPLIANCE - SENSITIVE DATA - DIGITALIZATION
The banking sector faces multiple challenges today: intensification of compliance requirements, wide spread digitalization, imperative of protecting sensitive assets, preventing data breaches, etc.
FIGHTING AGAINST CYBER ATTACKS – CYBER SECURITY
The energy industry has quickly become a privileged target for hackers, especially petroleum and gas industries. These external attacks are becoming more common, and they can quickly impact all or part of an entire country by shutting down the electrical grid, like the hackings in Ukraine and Israel, for example.
OPENING IT SYSTEM - SECURING LOGISTICS CHAINS - DIGITAL TRANSFORMATION
The manufacturing industry, now rapidly changing, is faced with many strategic issues, both circumstantial and structural. The proliferation of unstructured data, logistics chains’ sensitivity (particularly to fraud risk), the size of the organizations, and the importance of protection for information systems are all major current challenges for the industry players.
CYBER ATTACKS – LEGISLATION ISSUES – DIGITAL TRANSFORMATION
The increasing number of cyber attacks on hospitals and health facilities in general, as in the hacking of the Hollywood Presbyterian Medical Center, implies higher risks of fraud, data breach, and external attacks for the entire sector, without any recourse for stakeholders to better protect themselves.
CYBER ATTACKS – SENSITIVE DATA AND PROCESSES - REPUTATION
Currently, trading activity is faced with more and more cyber security risks, at the height of the financial and economic issues connected to it. The financial consequences and impact of a cyber attack on the reputation of the companies involved represent increasingly significant risks. The industry players are starting to take action against these risks.
Take a look at your needs by job title
- CISO and CSO
- INFRASTRUCTURE AND APPLICATION MANAGER
- INTERNAL CONTROL
- CFO and CRO
- GENERAL MANAGEMENT
SECURITY POLICY - RISK MAPPING - OPERATIONAL EFFICIENCY
The "security" topic within a business is often taken in charge by the CISO and CSO's collaboration, when both actors are present. Yhe definition of the security policy and the risk mapping, conducted by the CISO, define the path to follow fot the policy's implementation, this being the CSO's responsability.
OPERATIONAL EFFICENCY - PERFORMANCE – GOALS
The operational plan's efficency and the IT function's performance are the CIO's first priorities. In this context, IT security is often perceived as a constraint. Nevertheless, not considering enough IT security issues can rapidly impact IT teams' operational efficiency.
ENSURE OPERATIONAL FUNCTIONING AND SECURING WITHIN THE SCOPE OF YOUR BUSINESS.
Each application and infrastructure manager within the organization must ensure operational maintenance within their scope. They must also operate level 1 controls to implement internal control plans and respond to any auditor request.
COMPLIANCE REQUIREMENTS, ANALYSIS, RISK GOVERNANCE
The current challenges present in IT auditing are manifold: verification of the integrity of data and systems, verification of compliance with internal policies and regulations, detection of drifts, etc. In addition to monitoring regulatory compliance, audit is taking on a role that is increasingly complementary to data security: are the organization’s resources and data being used appropriately and by legitimate users?
COMPLIANCE – RISK MANAGEMENT AND MANAGEMENT OF ACTIVITIES – RESOURCES – PROCESSES
Internal control has now a vast scope of responsibilities: compliance checks, the definition and proper application of segregation of duties (SoD) matrices, control plans’ implementation and the resulting KPIs, remediation processes’ implementation, etc.
PERFORMANCE – OPERATIONAL EFFICIENCY – SECURITY OF THE DEPARTMENT
Any supervisor of a department or business unit is primarily responsible for organizational efficiency and ensuring that objectives are achieved. The challenges that you face today include access rights review of your teams, fulfilling regulatory compliance requirements, and being aware of security risks such as internal fraud.
FIGHT AGAINST FRAUD - ENSURE OPERATIONAL AND FINANCIAL EFFICIENCY
"Fake president" scams, information theft, internal fraud... Never have finance departments had so much to worry about in terms of IT resources misappropriation. These forms of embezzlement present known risks to organizations’ image and profitability. Statutory Auditors are increasingly demanding in their audits, and they point out systematically failures regarding control monitoring, which are becoming increasingly difficult to ignore.
GROWTH - RISKS - DIGITAL TRANSFORMATION
Information thefts, confidential data breaches, internal fraud... Never have financial departments have had to worry as mcuh regarding proven and potential risks threatening their organization's profitability and reputation. External auditors are more and more demanding in verifications and highlight more and more failures to comply to control obligations, becoming impossible to ignore any longer.