How is Operational Risk Management Relevant to Nonstops?
Financial institutions operate in fast-paced, complex environments with increasing operational risks. Robust operational risk management and resilience enhance the ability to prevent, detect, respond to, and recover from adverse events.
Operational risk management involves identifying and managing risks that could impact a financial institution’s operations. The goal is to minimize the frequency and intensity of disruptions and losses caused by those risks.
It is a cornerstone of operational resilience, enhancing a financial institution’s ability to withstand disruptions. Operational resilience focuses on a financial institution’s response and recovery by taking a holistic approach, considering all critical operations.
Financial entities must have internal governance and control frameworks to ensure effective and prudent management of ICT risk and achieve strong digital operational resilience. That means critical information stored on Nonstop systems.
Increasingly, governing bodies worldwide are developing frameworks requiring comprehensive and continuous resilience and security standards.
How to Develop an Effective Operational Risk Management Framework.
An effective operational risk management framework includes regularly reviewed and updated policies and procedures, a risk classification system that includes categories of risks related to people, inadequate internal processes and systems, and external events, and assessment and monitoring tools to evaluate risks and controls.
From an organizational standpoint, operational risk management requires several collaborative defensive systems to properly assess and manage risk, including vulnerability scanning, user validation, and threat detection.
Implementing Tools to Manage Operational Risk
Operational risk management is centered on the assurance that all vulnerabilities associated with business activities are properly identified and understood, that the associated risks are formally assessed and quantified, and that there is a structured process in place for enacting the decisions made by leadership functions to manage vulnerabilities and the associated risks.
Organizations should regularly assess operations to identify and effectively manage risks through tools such as vulnerability scans, control assessments, operational risk event data analysis, and scenario analysis.
Why is Vulnerability Management Important for an Organization’s Operational Resilience Strategy?
Vulnerability management is the ongoing practice of managing vulnerabilities in your IT systems. It is an essential pillar of cybersecurity and a critical part of any organization’s overall security and digital resilience strategy.
Every system has vulnerabilities and weak spots that present prime targets for threat actors. Adapting a vulnerability management process will help reduce your system’s attack surface, strengthen your security posture, and enhance your digital resilience strategy.
It’s hard to defend your organization if you don’t understand the threats you face. As such, the first step to approaching operational resilience is profiling not only the threat actors that target the financial services sector, but specifically which actors will attack and how they will carry out those attacks.
How can Vulnerability Scanning Strengthen Operational Resilience?
Vulnerability Scanning is an integral part of a holistic approach to Vulnerability Management. It is defined as the practice of identifying security weaknesses in systems, networks, and applications. Organizations can proactively address vulnerabilities by conducting regular scans, which reduce the risk of cyberattacks and data breaches.
Vulnerability scanning also helps organizations maintain compliance with industry regulations and security standards, as many frameworks require periodic vulnerability assessments. Implementing vulnerability scanning also demonstrates a commitment to data protection, instills confidence in stakeholders, and strengthens overall security measures.
Regulatory compliance is no small undertaking. It requires the right partner to ensure not only compliance but also an environment of readiness and continuous improvement.
How can you Effectively Identify Vulnerabilities in your System?
CSP has been an innovator in NonStop security for over thirty years and understands the complex security challenges facing the NonStop platform.
No organization is immune to threats. Corporations cannot trust any single element within their organizations. Inaction to provide protection, hoping for the best, is not a strategy.
CSP understands enterprises must continuously check their NonStop systems for inconsistencies, so we developed CSP Vulnerability Scanner v3.0, an easy-to-use vulnerability scanning and reporting tool for NonStop Systems.
CSP Vulnerability Scanner is a vulnerability scanning and reporting solution for HPE NonStop systems that analyzes risks and identifies vulnerabilities by checking the NonStop system’s configuration, access permissions, and security settings. It generates insightful reports for users and recommends changes to improve the security posture.
There is no GUI to install, and users can run reports from TACL and export them using Spoolview. Vulnerability Scanner is also easy to install and use.
CSP Vulnerability Scanner version 3.0 is available now. VulScan v3.0 can now scan Pathways and the OSS environment.
It includes all the features and reports from our previous release, but we have now enhanced it with several new OSS and Pathway reports. Request a free evaluation copy today!
New OSS Reports in v3.0
- OSS File Verification Report
- OSS User Access Report
- OSS Orphan Files Report
- OSS SetUID/SetGID report
- OSS Directory Contents report
- OSS Symbolic Links report
New Pathway Reports in v3.0
- Pathway Files Report: List files containing Pathway commands and TPS objects.
- Compare History of Pathway Files:
- Summary report of Pathway files added/deleted between two reports.
- Details report of Pathway files added/deleted between two reports.
Key Features:
- Scans NonStop systems to identify vulnerabilities
- Provides recommendations to improve security
- Very easy to install and use
- Quickly perform scans and generate insightful reports
- Easily select from list of available reports
- Export reports with Spoolview
- Share reports with management and auditors
Vulnerability Scanner includes various reports within each report category, which helps generate more customized and focused reports.
When it comes to securing your NonStop Systems, you have options. For more information about the CSP Vulnerability Scanner, visit CSPsecurity.com.
CSP – The Superior Choice in NonStop Security
For complimentary access to CSP-Wiki®, an extensive repository of NonStop security knowledge and best practices, please visit wiki.cspsecurity.com
We Built the Wiki for NonStop Security ®
+1(905) 568 –8900
Be the first to comment