No company wants to experience a data breach. With more information being stored online and in the cloud, security is essential for businesses of all sizes and across numerous industries. Banks are no different, which is why the right risk assessment software can help these organizations remain current on the best strategies to keep their data and that of their customers protected.
According to InformationWeek, social media can be a major asset for small- to medium-sized businesses. However, cybersecurity is an issue that must be taken into consideration. Whether a password is hacked or an employee posts something detrimental on a company's Facebook page, risk management is not what it used to be.
InformationWeek explained that in this digital information age, data is plentiful and can be distributed easily.
"That's great news for SMBs, which can harness technologies like cloud and analytics and geolocation to engage customers online and compete with much larger companies," the article said. "But companies that think they are too small to need information governance, or too nimble to be held back by information security safeguards are taking a big risk."
Financial organizations are no different. A recent AmericanBanker article explained that the types of risks have changed as technology has evolved. For example, the traditional forms of risk—credit, market, liquidity and interest rate risks—still exist, but there are also operational, legal, reputational and regulatory risks to consider.
Furthermore, as banks continue to work toward a full recovery from the financial crisis, it is important to remain even more diligent in developing their risk assessment tools.
By implementing comprehensive risk assessment software, and keeping it up-to-date, organizations of all sizes will ensure the security of all company data.