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IT Security Assessment Of Service Co-operative Banks

Besides, the IT framework should be security compliant. The framework here includes networks, databases, servers, applications and end-user systems among others.

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IT Infrastructure should be security compliant:

It is crucial to ensure the security compliance of the IT framework, encompassing networks, databases, servers, applications, and end-user systems, among other essential components.

Securing the IT infrastructure is paramount for financial institutions, especially for Scheduled Commercial Banks (SCBs). It is imperative that the IT framework complies with stringent security measures, covering networks, databases, servers, applications, and end-user systems. Regular security reviews are essential to identify vulnerabilities and loopholes in the bank’s infrastructure, with prompt actions taken to address and rectify these issues.

Given the high-profile nature of banks and the immense value of the data they hold, safeguarding against potential threats is of utmost importance.

The three primary insider threats include

  1. Unauthorized access for personal gain.
  2. Theft of trade secrets or customer information.
  3. Sabotage of an organization’s data, systems, or network.

IT Infrastructure should be security compliant:

Inventory Management of Business IT Assets:

Inventory Management of Business IT Assets is a foundational practice for SCBs, necessitating an updated register detailing critical information about each IT asset. This includes categorizing systems that contain customer information based on sensitivity levels.

Preventing Access of Unauthorised Software

Preventing access to unauthorized software is a crucial aspect of IT security. SCBs should maintain a centralized inventory of authorized software, monitor and block the installation of unauthorized software, and ensure the up-to-date settings of web browsers with restricted internet usage.

Network Management & Security

Network Management and Security demand regular configuration checks on all network devices, periodic password changes with complexity, and securing wireless networks, access points, and client access systems.

Anti- Virus & Patch Management

Anti-Virus and Patch Management are critical components of a secure IT infrastructure. Systems should be in place to monitor patch statuses for servers, operating systems, and software. Centralized anti-virus management is a must.

Secure Mail & Messaging Systems

Securing Mail and Messaging Systems is equally vital. SCB’s vendors’ and partners’ email and messaging systems should be secured, and specific controls for email servers must be implemented and well-documented.

Removable Data

The use of removable data devices should be strictly controlled in the banking domain. Even when authorized, these devices should undergo scans for malware and viruses, with data erasure ensured post-use.

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