Importance of Information Security
and Goals for Preventing Data
Breaches
15 May 2023
By Kimsrung Lov

In today's digital age,
information security
is crucial for the
success and survival
of companies in the
financial services
industry.
Here are some benefits of information security:
Protecting customer trust: Customers rely on us to
safeguard their sensitive financial information, and
any breach can erode their trust in our company.
Legal and regulatory requirements: Non-compliance
with data protection regulations can result in
significant fines and penalties.
Competitive advantage: Demonstrating a strong
commitment to information security can differentiate
us from competitors and attract more customers.

However, without
information
security, it could be
resulted in losing
data and data
breach
Let’s take a look in the potential consequences of a
data breach as below:
Financial losses: Data breaches can lead to financial
losses due to legal expenses, customer
compensation, and loss of business opportunities.
Reputational damage: A breach can tarnish our
company's reputation, leading to a loss of customers
and difficulty in acquiring new ones.
Legal and compliance issues: Data breaches can
result in legal consequences, including lawsuits from
affected customers and regulatory investigations.
Customer churn: Customers may choose to leave our
services if they no longer trust us to protect their
sensitive information.

Key goals of
information security
To effectively protect our company's assets and
meet customer expectations, we must strive to
achieve three fundamental goals of information
security - confidentiality, integrity, and availability -
which are interconnected and must be balanced.
Let’s dive in detail of them.
Confidentiality: ensures that sensitive information is
only accessible to authorized individuals. It involves
measures such as encryption, access controls, and
secure communication channels to prevent
unauthorized disclosure or access.
For example: By implementing strong encryption
protocols, we can ensure that customer data
remains confidential, even if it falls into the wrong
hands.

Key goals of
information security
Integrity: ensures that data remains accurate,
complete, and unaltered throughout its lifecycle. It
involves safeguards against unauthorized
modifications, errors, or tampering.
For example: By using digital signatures and
checksums, we can verify the integrity of critical files
and detect any unauthorized changes.
Availability: ensures that information and systems are
accessible and usable when needed. It involves
implementing robust infrastructure, redundancy, and
disaster recovery plans to minimize downtime
For example: By establishing redundant servers and
implementing effective backup and recovery
mechanisms, we can ensure high availability of our
services even during unforeseen events.

Security Measures
It’s really important of how to achieve our information
security goals of confidentiality, integrity, and
availability. To take this further, the specific
implementation of security measures should be
following as belows:
Access Controls: using multi-factor authentication
and privilege principles by granting users access level
based on employee roles and responsibilities.
Encryption: converting information into a coded
language - using SHA-256 algorithm - that can only be
decoded with the appropriate key.
Physical Security: locked doors, security cameras, and
security personnel.

Security Measures
Monitoring: having a IDPS to monitor network traffic
and detect any suspicious/malicious activities, SIEM
for log collection, analysis, and alerting for proactive
threat detection and response.
Employee Training and Awareness: conducting a
cybersecurity training and awareness programs to
educate employees about common threats, safe
practices, and their role in protecting company assets.
Compliance and Regulations: Adhere to relevant
industry regulations and compliance frameworks
Supplier and Third-Party Management: engaging with
third-party vendors or service providers to ensure the
system meet security standards.
Continuous Improvement: keep system up-to-date

Importance of
Employee Training
and Awareness in
Maintaining
Information
Security
Our employees are a vital component of our
information security strategy. The importance of
employee training and awareness cannot be
overstated.
Many security breaches occur due to human error,
such as falling for phishing emails, weak password
practices, or inadvertently disclosing sensitive
information.
Every employee has a role to play in safeguarding
company and customer data. Their actions and
behaviors directly impact the overall security
posture.

Benefits of
employee training
and awareness
programs
Risk reduction: Well-informed and trained
employees are better to identify and mitigate
security risks, reducing the likelihood of successful
attacks or breaches.
Enhanced threat detection: Training employees
could have the ability to recognize and report
potential security incidents promptly.
Improved adherence to security policies: Training
programs promote understanding and compliance
with security policies and best practices, ensuring
consistent security measures across the
organization.
Cultivation of a security-conscious culture: Regular
training and awareness help employees actively
prioritize information security in their daily activities.

Example of
Awareness training
programs
Phishing awareness: Educate employees on how to
identify phishing emails, and the importance of not
clicking on suspicious links or providing sensitive
information.
Password hygiene: Teach employees about strong
password creation, regular password updates, and the
use of password managers to prevent unauthorized
access.
Social engineering: Raise awareness about social
engineering tactics, such as pretexting or baiting, and
the importance of verifying requests for sensitive
information or unusual activities.
Data handling and protection: Train employees on
proper data handling such as data classification, secure
file sharing, and adherence to privacy regulations.
Mobile device security: Emphasize the need for secure
mobile device usage, including the installation of
security updates, the use of encryption, and the
avoidance of public Wi-Fi networks.

An outline Plan for
monitoring and
evaluating the
effectiveness of the
company's
information security
program
Monitoring and evaluation are crucial components of
a proactive approach to information security. They
allow us to assess the effectiveness of our security
measures, identify potential vulnerabilities, and make
informed decisions to strengthen our defenses.
Establish Key Performance Indicators (KPIs): Define
measurable KPIs that align with the company's
security goals and objectives. These KPIs should
capture essential aspects such as incident response
time, vulnerability management, employee awareness,
and compliance with security policies.
Implement Continuous Monitoring: Utilize security
monitoring tools and technologies to collect data and
generate real-time insights into the company's
security posture. This includes monitoring network
traffic, system logs, access logs, and security event
alerts.

An outline Plan for
monitoring and
evaluating the
effectiveness of the
company's
information security
program
Conduct Regular Vulnerability Assessments: Perform
periodic vulnerability assessments and penetration
testing to identify weaknesses in the company's
infrastructure, applications, and systems. This helps in
identifying potential entry points for attackers and
addressing vulnerabilities promptly.
Incident Response Testing: Conduct simulated
exercises and tabletop drills to evaluate the
effectiveness of the incident response plan. These
exercises help in identifying any gaps in the response
process and allow for necessary improvements.
Security Audits and Assessments: Engage
independent third-party auditors or conduct internal
audits to assess the compliance of the information
security program with industry standards, regulations,
and best practices. These audits provide an objective
evaluation of the program's effectiveness.

An outline Plan for
monitoring and
evaluating the
effectiveness of the
company's
information security
program
Employee Surveys and Feedback: Regularly gather
feedback from employees through surveys or
feedback mechanisms to assess their awareness,
understanding, and adherence to security policies
and training initiatives.
Performance Review and Reporting: Evaluate the
collected data and generate periodic reports that
highlight the effectiveness of the information
security program. These reports should include
metrics, trends, and actionable insights to guide
decision-making and drive improvements.
By reinforcing the company's commitment to
regular monitoring and evaluation as a means to
proactively detect and mitigate security risks,
protect sensitive information, and ensure the
resilience of the information security program

Thanks You
Q&A