Financial data is one of the most perilous data in the world of information technology (IT). With a majority of financial transactions being completed online, there is certainly a humongous amount of personal data available online. Moreover, the implementation of new rules and regulations also offers easy access to such sensitive data.
In one such recent development released by the Reserve Bank of India (RBI) dated 19th October’ 2018, it was said that all the urban co-operative banks (UCBs) should comply with the prescribed guidelines and submit a compliance report after the framing of the required policies and implementation of cyber security controls. A few of the prescribed guidelines included identifying the weak areas in IT systems and processes, assessing the cost of breach and failure, putting a suitable cyber security system in place, etc.
While complying with these and many such rules is challenging for many financial institutions, the MK’s cyber security division has come up with a solution that may help a lot of them in keeping their customers’ data secure. Their team of talented professionals is capable of introducing a robust cyber security framework, enable implementation of RBI’s guidelines on this framework, frame new policies and execute cyber security controls within next four months of its launch i.e. March 31st’ 2019.
Safeguarding Financial Data With MK Cyber Services Pvt. Ltd.
Backed by a team of talented and skilled professionals, we, at MK Cyber Services Pvt. Ltd., make sure that the clients’ data stays safe and secure. With hands-on experience in handling RBI Cyber Security Compliance Assessment and Implementation, our current state security assessment enables us to conduct a detailed analysis of the financial institution’s security architecture, policies and technical controls. The current state assessment is designed by our team in such a way that helps us identify the absence or presence of the damaging effects of security incidents.
MK Cyber Services Pvt. Ltd. has divided its entire process of delivering cyber security into four different steps. This includes:
1. Current State Assessment
Having a detailed understanding of the RBI Cyber Security Framework, our team is capable of conducting a thorough and detailed current state security assessment (CSSA). Eliminating the role of any sort of guesswork, we are able to analyze and identify the loopholes in the entire process. This, in turn, helps us in making sure that there is no threat to data security.
2. Drafting of Policies & Procedures
Once the analysis of current status is completed, the team now moves on to the drafting of essential policies and procedures. These policies and procedures are majorly related to the ways in which cyber security would be ensured, data would be kept secure, etc. Once this step is completed, our team is certain that the further steps will be executed with accuracy and precision.
3. Implementation of Cyber Security Controls
Although diverse for different industries, upholding and implementing the cyber security controls to safeguard clients’ data is important. Cyber Security controls are the critical steps that are taken to protect the government bodies and other critical institutions, including financial, from any risk of data theft. Our team does not compromise on this front and makes sure that the best quality is maintained during this step.
4. Implementation and Management of CSOC
Based on the security needs and requirements of the financial institutions, various security standards are defined to keep the data protected. These security measures are defined, managed and implemented by the Cyber Security Operation Center (CSOC). This center at our organization aims to effectively shield networks, systems and data against increasingly complex cyber threats. They ensure this by keeping themselves well-informed about the current security status and implementing ways to improve the same.
5. Implementation Audit
Once the above-mentioned steps are completed, a thorough audit and quality check are conducted by our team to confirm that the implementation has been done as required in the RBI Cyber Security Framework. This helps us in ensuring that no compromise is done while implementing data security measures.
Stay Ahead of Data Threat, Innovatively!
With an increasing number of cyber-attacks on financial, strategic and national security data, it is evident that the data from across the globe are under threat. The attackers are using more refined and sophisticated methods to threaten data security. Therefore, it is the right time to make the best use of advanced technologies and implement the most suitable methods to safeguard data. Partner with MK Cyber Services Pvt. Ltd. for any data-related issues and we ensure to keep it safe and secure for you.