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Financial Institutions And Cybersecurity Research Paper

Cybersecurity for Mistral Bank Mistral Bank is one of the global financial services company headquartered in the United States where it is the third-largest bank holding firm and fourth-largest in assets held by deposit and market capitalization respectively. Since its inception, the company has experienced tremendous growth and profitability to an extent that it currently serves customers in over 40 countries and has significant relationships with U.S. Fortune 500 and Fortune Global 500 companies. The other factor that has contributed to the growth of Mistral Bank is mergers and acquisitions such as the acquisition of a major regional bank 6 years ago. However, the successful operations of this financial institution is threatened by cybersecurity threats, which have become common in the modern business environment. As a result, this financial institution faces the need to create a comprehensive cybersecurity plan to support its business mission by addressing cybersecurity threats. This paper focuses on discussing cybersecurity technology issues/threats in the banking and financial services sector as part of developing a cybersecurity profile to support the business mission of Mistral Bank.

Cybersecurity Technologies Used to Attack Banks and Financial Institutions

Banks and financial institutions have undertaken several measures to enhance their cybersecurity efforts in recent past given the proliferation of cybersecurity threats and issues. However, these efforts to bolster cybersecurity have not completely eliminated these threats and issues. This is primarily because criminals use different classes of cybersecurity technologies to attack banks and financial institutions. One of the major classes of cybersecurity technologies used to attack banks and financial services is computer networks. According to Snow (2011), cyber criminals are increasingly targeting computer networks of large payment processors. Through this process, the cyber criminals compromise the personal information of millions of people, which they utilize for the criminal activities. For example, in November 2008, hackers breached a company's
Cybersecurity Technologies Used in the Banking/Financial Services Sector

Companies in the banking and financial services sector have become increasingly aware of the compounding challenges relating to threats from cybercrime. Cybercrime has become a major
risk factor to the successful operations of banks and financial institutions because they rely on legacy technology systems that are expensive to maintain (Snow, 2011). In light of the increased awareness of the threat of cybercrime, organizations in this industry utilize several technologies to enhance their cybersecurity. One of the cybersecurity technologies utilized in this center is authentication, which is customized for every customer. Authentication is utilized as the basis with which the bank monitors the behavior and attributes of the customer as well as the key for accessing the institution's infrastructure and data. As a result, this cybersecurity technology is utilized to provide greater protection to…

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References

KPMG. (2016, September 6). Cyber Security is the Most Prevalent IT Risk for Banks. Retrieved June 30, 2017, from https://home.kpmg.com/bh/en/home/insights/2016/09/cyber-security-most-prevalent-it-risk-fs.html

Price Waterhouse Coopers. (2014). Threats to the Financial Services Sector. Retrieved June 30, 2017, from https://www.pwc.com/gx/en/financial-services/publications/assets/pwc-gecs-2014-threats-to-the-financial-services-sector.pdf

Soto, C. (2016, December 6). Top 3 Cybersecurity Challenges Facing the Finance Sector in 2017. Retrieved June 30, 2017, from https://www.tenable.com/blog/top-3-cybersecurity-challenges-facing-the-finance-sector-in-2017

Snow, G.M. (2011, September 14). Cyber Security Threats to the Financial Sector. Retrieved from The Federal Bureau of Investigation website: https://archives.fbi.gov/archives/news/testimony/cyber-security-threats-to-the-financial-sector
Symantec Corporation. (2015). Cyber Security for Financial Services: Strategies That Empower Your Business, Drive Innovation and Build Customer Trust. Retrieved June 30, 2017, from https://www.symantec.com/content/en/us/enterprise/white_papers/cybersecurity-whitepaper-financial-wp-21352892.pdf
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