Managing information security risks in global financial institutions Essay - 1

Managing information security risks in global financial institutions - Essay Example The management of Information Security Risks and to implement various methodologies to mitigate the security risks is a growing challenge in the filed of Information technology. The battle is on for finding out the efficient ways and design methodologies that can analyze the security risks and implement the appropriate mitigation solutions. One such field that has taken up high technology for the implementation of various processes amongst the other entities communicating with it are Financial Institutions. The financial institutions have adapted to various advanced technologies so as to enhance the services they provide to the customers dependent on the upgraded business processes. Thus Information Security risks need to be mitigated as they pose a high threat to the successful functioning of the business processes that are carried out internally in a Financial Institution. Over the years there have been various strategic methodologies and risk management frameworks being adapted by numerous financial institutions to ensure security of the critical information related to their business processes, communication processes, Customer data and information related to individual accounts and financial details. As, every event or technique has a better impact and a worse impact, the technologies that speed up the business processes are also prone to increase risks of computer intrusion, fraud, disruption and many more. This is the result of the enhanced evolution of technology from the very existence of computer systems to the interconnection and accessibility of information from the nook and corner of the world. Many financial institutions collect the information related to individual customers such as their personal details and their financial details associated with the institutions and various businesses carried out over a period of time. This information is the most sensitive data that has to be