Importance of Optimizing Your Cyber Security Program

1. Importance of OptimizingYour Cyber Security Program ©Copyright by Jmrinfotech.com

2. What is a Cyber Maturity Assessment? • It is becoming more difficult for the financial services industry to keep its Flexcube implementation information safe and secure from corporate and governmental inspection. • On top of that, cyber thieves are becoming more sophisticated and dangerous. A constantly evolving digital ecosystem of Oracle Flexcube 14.x necessitates that organizations adapt their cyber security infrastructure. ©Copyright by Jmrinfotech.com

3. To assess an organization's cyber security preparedness, a Cyber security Maturity Assessment examines its people, processes, and technology to identify its degree of maturity. Among other things, it helps organizations identify and prioritize the areas of vulnerability, show both corporate and operational compliance, and transform information risk into an economic benefit. ©Copyright by Jmrinfotech.com

4. It is recommended that a Cyber security Maturity Assessment be performed if the cyber security capabilities of Oracle Flexcube are correctly examined across the following cyber security dimensions: • Identify: Ability to understand and manage cyber-security risk • Protect: Ability to protect critical infrastructure services • Detect: Ability to identify the occurrence of a cyber security event • Respond: Ability to take timely and effective action regarding a detected cyber security event • Recover: Ability to maintain resilience and restore capabilities impaired by a cyber security event ©Copyright by Jmrinfotech.com

5. What is the significance of this to the market? • According to Cyber security Ventures, cybercrime will cost the globe more than $6 trillion per year by 2021, increasing the previous year's figure by $3 trillion. According to the same survey, cyber security is the most significant corporate governance problem facing organizations today, but 87 percent of C-suite executives and board members express a lack of trust in their cyber security capabilities. ©Copyright by Jmrinfotech.com

6. Although many firms have begun to implement cyber risk assessment programs, these programs may merely cover a specific security framework or a narrow section of the company in shallow detail. When it comes to information security, they rarely take a complete look at the state of the whole organization or present a trustworthy security plan for the organization. ©Copyright by Jmrinfotech.com

7. There are a few things to keep in mind, regardless of the size of an organization: • Cyber security is now an issue that banks must champion from the top of the organization due to the rising number of cyber events affecting Financial Service Firms. It is no longer just a concern for the IT department. • Cyber resilience assessments should not be a one-time event as threats, cyber-actors, and strategies continue to evolve. Instead, they must be a continuous process. ©Copyright by Jmrinfotech.com

8. There will be a change in the cyber security environment due to new technologies like AI and machine learning. This is a threat and a possible opportunity to continually improve AI cyber defenses. Cyber resilience assessments should take into account both the existing and future landscapes. • Emergencies like the recent pandemic have shown the importance of finding a middle ground between efficiency and adaptability. Organizations that can endure or rapidly recover from unexpected or challenging situations will significantly influence cyber-security as disruptive changes in behavior and the usage of technology will frequently have. With COVID-19, for example, digital transformation has been accelerated and finalized. ©Copyright by Jmrinfotech.com

9. Cyber maturity evaluations allow an organization's leadership to track progress in integrating security into day-to-day and long-term operations. • We feel that understanding current cyber security capabilities of Oracle Flexcube universal banking are crucial to any organization's success. ©Copyright by Jmrinfotech.com