Cyber Securty

Cybersecurity in the banking sector has become a critical issue, with cyberattacks increasing by 238% since the COVID-19 pandemic.Governance, Risk, and Compliance (GRC) frameworks are essential in addressing these threats by combining governance structures, risk management, and compliance protocols to safeguard assets and data. Effective GRC systems help banks meet regulatory requirements, mitigate risks, and build resilience.

The rise of cyberattacks, including ransomware, phishing, and DDoS, highlights the vulnerability of financial institutions. State-sponsored threats from countries like Russia, China, and North Korea further complicate security. The average cost of a data breach in the banking sector is CHF 3.88 million, underscoring the need for a comprehensive security strategy.

Building resilience requires multi-layered security architecture, including encryption, monitoring, and access controls. Incident response planning, business continuity, and regular stress tests help ensure banks remain operational during attacks. Furthermore, integrating AI and providing continuous staff training are crucial for effective cybersecurity. A robust GRC framework is vital for financial institutions to adapt to evolving cyber threats.