Security Risk Assessment for the Financial Institution IT system

Business case:  Financial institution ( i.e. Bank) 

The bank has a data center with the following assets.

Database   for customers  ( 55,000 customers )

Database   for employees  ( 500 Employees)

Serves, data storage, and long-term archive   and address the blow given questions

Question 1 :  How to Perform an IT Cyber Security Risk Assessment for this Financial institution.

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Question 2 :  How to  Perform a Security Risk Assessment for the Financial Institution IT system

Resource:

Question 3 : How to  do Security Testing and Assessment for the Financial Institutions IT system

Resource : https://csrc.nist.gov/publications/detail/sp/800-115/final

How to  Perform a Security Risk Assessment for the Financial Institution IT system

Introduction

A security risk assessment is an important step in securing your company’s IT system. It can help you identify vulnerabilities, assess their impact on your organization and determine how best to protect sensitive data. In this article, we’ll walk through each step of performing a security risk assessment so that you can start addressing these issues today!

Step 1: Conduct a Threat Assessment

In order to conduct a security risk assessment, you will need to identify threats and vulnerabilities within your organization. There are two types of threats: physical and digital. Physical threats include natural disasters like earthquakes and floods; man-made disasters such as terrorist attacks or acts of war; intentional acts by individuals who want to disrupt operations at the financial institution (e.g., disgruntled employees); unintentional events that could lead to downtime such as power outages or natural disasters such as hurricanes in Florida where many banks have offices located near rivers where they can flood easily if it rains heavily enough during hurricane season (which happens every year).

Digital risks include data breaches from hackers who steal information from computers connected through networks such as those used by financial institutions when accessing their internal systems for customers’ accounts balances or making payments overseas).

Step 2: Identify Risks, and Protect the Data

The second step in performing a security risk assessment is to identify the threats, vulnerabilities and risks to your financial institution. The first step was to identify the vulnerabilities that exist on your network. This includes identifying:

• What might happen if our system were compromised?
• What would we lose if our system was compromised?
• Who might gain access to our data if someone breaks into our data center?

Next, you will want to identify any relevant controls or mitigation strategies available for protecting against these threats and vulnerabilities as well as their associated risks. These controls may include firewalls or other security technologies like encryption software (e.g., VPNs). They can also include policy statements related specifically toward managing risk exposure within IT environments such as restricting employee access privileges based on job function or location of workstation(s).

Step 3: Identify Vulnerabilities and Patch Them

Next, you need to use a vulnerability scanner. A vulnerability scanner is a tool that can help identify the security risks and flaws in your system. There are many different types of scanners out there, but they all have their own strengths and weaknesses.

Some scanners may be able to identify only one or two vulnerabilities on the system at once while others might scan multiple systems simultaneously. In addition, some scanners might require you to upload data manually while other types will allow you to do this automatically (for example, by using an API).

Finally, some tools let users specify which files they want scanned for vulnerabilities—otherwise known as scanning specific systems or folders—while others just scan everything within a given directory or folder structure without telling users how much data is being collected during these scans (which means that if someone deletes something from those folders later on then this could potentially cause problems).

Step 4: Protect Sensitive Data

• Encryption. Encryption is the process of converting plaintext into ciphertext and back again, so that only someone with the right key can read it. This protects your sensitive data from being stolen or hacked by hackers.
• Secure network access: You must ensure that employees cannot access private networks without proper authorization, such as when they need to perform their job duties in the financial institution’s IT system (such as writing reports). You also need to ensure that all outside traffic entering onto your internal network is properly filtered and screened for threats before passing through firewall protection mechanisms at each point along its journey from host to host within your organization’s internal network environment.* Access control: Make sure all applications used by employees are locked down so only authorized individuals can run them on their devices or computers without any user-specific passwords required in order (e.g., accessing an email client like Outlook). Also make sure these applications have up-to-date antivirus software installed so malware infections do not occur while running those programs under normal circumstances; this includes both web browsers like Internet Explorer 8+ which rely heavily upon third party libraries/plugins found within them today due largely because companies like Microsoft don’t want users having too much control over what happens inside them themselves anymore even though most people still prefer using default settings whenever possible because they’re easier than changing things after installing new software updates later down road when something goes wrong.”

A risk assessment is an important step in securing your company’s IT system.

A risk assessment is an important step in securing your company’s IT system. It’s a systematic process to evaluate the likelihood and impact of potential threats, as well as their impact on your organization.

The goal of performing a risk assessment is to reduce any potential risks related to cyber security by identifying vulnerabilities or gaps in your security plan, so that they can be addressed before an attack occurs.

Conclusion

As you can see, performing a security risk assessment is an important step in securing your company’s IT system.