The Banking and Finance Sector, the backbone of the world economy, is a large and diverse sector primarily owned and operated by private entities. In 2007, the sector accounted for more than 8.0 percent of the U.S. gross domestic product. This Sector consists of over 29,000 financial firms, including: banks; thrifts; credit unions; insurers; securities brokers/dealers; investment companies; and certain financial utilities.
Corporate officers have responsibilities to investors, stockholders, employees, customers, and the public to ensure continuity of business operations. Today's assurance of banking & financial operations depend heavily on the confidentiality, integrity and availability of all enterprise and operations facilities and systems. Behind these critical functions is the information technology backbone - with complex information connectivity to the national and global financial community.
Today's corporate board needs the assurance that current assessment and evaluation of all cyber systems supports current defensive measures for continuity of operations. An unexpected interruption in service in any business or transaction function can impact on revenue and public trust in the market - almost immediately. Mitigation of cyber vulnerabilities is an on-going challenge as external and internal threats continue to grow in the 21st Century.
Industrial Cyber Security, LLC, brings you the global expertise for your security challenges today.
Banking & Finance Sector
Industrial Cyber Security, LLC
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Industrial Cyber Security, LLC
"On Tuesday, September 11, terrorists destroyed a portion of the critical infrastructure that supports the U.S. financial markets, disrupted communications networks, and forced numerous market participants to move to contingency sites. These challenges, along with the tragic loss of employees of a few major financial firms, complicated trading, clearing, and settlement of a number of financial instruments. Operational disruptions caused uncertainties about payment flows, making it difficult for the reserve market to channel funds to where they were needed most. Depository institutions that held more reserve balances than they preferred had difficulty placing and delivering the excess in the market; on the other hand, depository institutions awaiting funds had to scramble to cover overdraft positions. As a result, market participants experienced significant liquidity dislocations, and the demand for reserves grew rapidly.n Tuesday, September 11, terrorists destroyed a portion of the critical infrastructure that supports the U.S. financial markets, disrupted communications networks, and forced numerous market participants to move to contingency sites. These challenges, along with the tragic loss of employees of a few major financial firms, complicated trading, clearing, and settlement of a number of financial instruments. Operational disruptions caused uncertainties about payment flows, making it difficult for the reserve market to channel funds to where they were needed most. Depository institutions that held more reserve balances than they preferred had difficulty placing and delivering the excess in the market; on the other hand, depository institutions awaiting funds had to scramble to cover overdraft positions. As a result, market participants experienced significant liquidity dislocations, and the demand for reserves grew rapidly."
Federal Reserve System Governor Mark W. Olson's testimony on 8 September 2004 before the Committee on Financial Services, U.S. House of Representatives.
Cyber Security also brings stability though continuity of operations and reliable disaster recovery planning. Terrorism and natural disasters must be part of a financial institution's planning preparedness - without exception.
