The first step in the implementation of information security in a bank is to conduct a thorough and detailed risk analysis. This process will highlight the internal and external risk factors for information security and therefore present a clear picture of where measures should be put in place.
Risk assessment is comprised of identification of various risks, analysis of these risks, and finally an assessment of existing security policies.
Identification of risks is a complex, involved, and thorough process. It entails examining the infrastructure of the system minutely, and even going as far as viewing the system from an external standpoint to assess potential vulnerabilities.
Once the identification is complete, the analysis of the risks quantifies the severity of the risks. This step allows the organization to dispose its data in various locations, in an effort to keep it as secure as possible.
Lastly, a review of the existing security measures and policies is undertaken to ensure that they are up to date and adequate. Security policies need to be constantly reviewed and updated, as the potential attacks are always changing.