Explain three actions that banks can undertake to manage cyber risk?

 

The three actions that banks can undertake to manage cyber risk are;

1. Banks should implement an enterprise-wide security policy
2. IT teams at bank should respond as if the network has already been breached
3. Banks should enforce security policy 

Step-by-step explanation

Essentially, bank robbers are not committing physical acts the way they used to before. The new generation of cyber criminals has an intimate knowledge of banking systems' inner workings and are using vulnerabilities to their advantage. The three actions that banks can undertake to manage cyber risk are discussed below.

Banks should implement an enterprise-wide security policy. Basically, a well-defined security policy serves as a crucial road map for any bank IT team to maintain a truly adaptive security architecture. It's what helps the people tasked with protecting the bank's systems determine the best way for the network to operate with minimal risk. 

IT teams at bank should respond as if the network has already been breached. Adopting this mindset forces the IT team to prioritize the most banks-critical parts of the network and use network segmentation as a strategy. Notably, network segmentation limits the ability for a hacker to move laterally across a compromised network. It requires continual updates and configurations, but it can mean the difference between a hacker getting only as far as an employee's infected computer and helping themselves to the bank's ATM systems.

Banks should enforce security policy. It is important for banks to have a security policy that defines how the IT platform behaves and another to actually validate that it is being enforced across your network. Banks must constantly monitor their network for changes to configurations and ensure that these changes are approved and compliant with policy.

While managing network security can be a complex, resource-intensive task, it is crucial for senior management to have an accurate picture of the bank's security posture at all times and the ability to act quickly to close any gaps.