Scribd
Upload
25 views13 pages

Understanding Cybersecurity For Banks

The document outlines the importance of cybersecurity in the Canadian banking system, defining it as the protection against cyber attacks on systems, networks, and devices. It discusses the Bank of Canada's policies and strategies to safeguard financial institutions, highlighting common threats such as phishing scams and ransomware. Additionally, it emphasizes the need for banks to adapt to evolving regulations and develop flexible compliance processes to mitigate risks associated with cybercrime.

Uploaded by

IlannaSharonMandel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
25 views13 pages

Understanding Cybersecurity For Banks

The document outlines the importance of cybersecurity in the Canadian banking system, defining it as the protection against cyber attacks on systems, networks, and devices. It discusses the Bank of Canada's policies and strategies to safeguard financial institutions, highlighting common threats such as phishing scams and ransomware. Additionally, it emphasizes the need for banks to adapt to evolving regulations and develop flexible compliance processes to mitigate risks associated with cybercrime.

Uploaded by

IlannaSharonMandel
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 13

Canadian Banks

Understanding
Cybersecurity
Designed by Mandel Creative 2023
The Learning Objectives • Define the term Cybersecurity
• Analyze the need for cybersecurity in
the banking system
• Evaluate the strategies used by
banks to engage cyber security
• Create an interactive presentation for
staff education
• Review and summarize course
content
• Takeaways and handouts

2
What is Cybersecurity?
Systems

Let’s Define
Cybersecurity Cybersecurity
is the process
that protects
these from
cyber attacks.

Networks Devices
Video: Types of Cyber Attacks
Brief review

In the spaces below, list at least four types of cyber threats that could attack a
bank or other financial institution?

6
Canada’s Cybersecurity Policy for
Financial Institutions
The Bank of Canada has adopted progressive policies and strategies with respect to
protecting Canadian banks. They published this well-written document to educate the
public on the strategies they are using to protect our financial institutions from cyber-
attacks: Cyber Security Strategy 2019-2021 (bankofcanada.ca)
Bank of Canada’s Top 3 Goals

8
Some of the Top Threats

Phishing Scams: Trying to steal


information through the use of false data.
The goal is to steal data by deceiving
people into revealing sensitive
information.

Ransomware: This is a pernicious scam


whereby attackers steal private data and
demand a ransom to return it safely.

Cyber attacks: These are direct attacks


to bring down a bank’s firewall to steal
data. One of the most common ways is
9 to attack using cyber viruses.
Regulatory Issues

Regulations for banks are constantly evolving – this includes capital requirements and how
to use customer data.

Compliance with regulations is often a costly necessity to banks.

Banks have a responsibility to engage with regulators to stay current on issues and guidelines.

One of the ways banks can cope with these evolving guidelines is to develop flexible
compliance and processes to adapt more easily.

Adapting more easily will help to prevent disruptions in the bank’s service.

10
Risks and Cybersecurity

• One of the ways banks mitigate risks is to protect


itself from cyberattacks.
• In the world of cybersecurity new ways of attacking
peoples’ information is constantly being developed by
cyber criminals.
• As such, international organizations such as the
RCMP, the CIA, the FBI, MI6, and others are
developing their own strategies to fight cyber crimes.

Cyber criminals are highly


adept at designing new ways
to attack peoples’ information an
11 institutions such as our banking
system.
Quick Check-in

Name the top five ways banks can


be at risk from cybercrime?

12
Thank
you

You might also like