Information Governance and Cyber Security : Assignment

Information
Governance and Cyber
Security

Table of Contents
INTRODUCTION...........................................................................................................................2
Recent cyber security attacks.......................................................................................................2
Background Scope and Objectives..............................................................................................3
Cyber security definition.............................................................................................................3
Information Governance Definition............................................................................................3
Information Governance frameworks in the financial sector......................................................5
Critical Analysis and suitability for PFJ BANK..........................................................................8
IG implementation guide.............................................................................................................8
A maturity model.........................................................................................................................9
The Policy of PFJ BANK..........................................................................................................10
CONCLUSION..............................................................................................................................10
REFERENCES..............................................................................................................................12

EXECUTIVE SUMMARY
This report has described about information governance and cyber security issues due to
which companies have to protect their data. It has been discussed about recent cyber attacks that
occurred in financial sector. Besides this, key principles of information governance in financial
sector has been described. Also, ISO standards and controls are been discussed. Apart from this,
many other IS frameworks in financial sector like COBIT 5, ISO/IEC27001, FSMA, NIST, etc.
is been discussed and what guidelines or policies in each one is followed is shown. Moreover,
benefits and weakness of each framework is explained. In last section it has been described that
what policy should be followed by PFJ BANK and maturity model is developed. . It is also
discussed that what policies has been formed by bank in order to organize and manage
information.
1

INTRODUCTION
In present time, it is very essential for companies engaged in financial sector to protect their
information. This is because of rise in cyber crimes and attacks that is resulting in huge losses.
Information governance is a practice of preventing unauthorized access, use, disruption, etc. of
information. Thus, businesses are focusing on maintaining information so that its integrity and
confidentiality is maintained (von Solms and von Solms, 2018). However, there are several
policies which are used in managing information. Moreover, the government is responsible to
formulate laws and regulations related to data privacy. It provides a framework through which
data and information is protected. For every business it is essential to secure information so that
it can not be misused. However, by analysing this it becomes easy to retain customers. PFJ Bank
is a European retail and investment bank headquartered in the UK with operations across Europe. It is
governed by all UK and EU law. This report will describe about information governance and its
principles in financial sector. Besides this, it will discuss about framework of information
governance and how they are applied in PFJ bank. Also, capital analysis and suitability of bank
is discussed. At last maturity model is described along with policy of PFJ bank.
Main Body
Recent cyber security attacks
Cyber crime is a world that is emerging to a great extent. It has majorly impacted on
financial sector. The rate at which attacks are increasing is very high. So, this has been a major
concern for banks and investment companies to focus on it. Due to emerging advance
technologies it has become easy for hacker to steal data. Despite protocols and high quality
protected network and system, data breach is easily possible. Currently there have been a lot of
cyber attacks that has occurred. It has led to data breach and its misuse. Due to cyber attacks,
companies have lost their customer base and trust as well (Data breach in 21st century. 2016).
The rise in cyber attacks is main reason due to which it has become necessary in financial sector
to maintain information. The cyber attack are as below:-
A cyber attack was occurred in 2016 on US postal services. It was due to data breach,
theft of data, etc. due to this there was a huge loss of data of about 1 million people (Liu, Huang
and Lucas, 2016). Moreover, it was observed that US financial stability was impacted to a great
extent to frequent cyber attacks and loss of data. It was a major issue for postal services and
banks. Therefore, laws and policies were developed through which cyber attacks were managed.
2