Organizations in the Banking and Capital Markets have to cope with an increased number of regulatory compliance standards such as Gramm-Leach-Bliley Act (GLBA), Federal Financial Institutions Examination Council (FFIEC) and Basel II. These regulations place stringent demands on banks' internal resources by ensuring that financial institutions maintain data confidentiality and integrity. Additionally, demand for security is driven by the business initiatives to pursue competitive advantage via information technology.

With the popularity of online and phone banking, one of the greatest challenges facing the banking and capital markets today is the increasing threat posed by cyber crime. As hackers get more sophisticated so do their methods. These cyber criminals can deploy sophisticated means to defraud banks through deployment of botnets and other malicious codes to aid identity theft and steal customer information like account passwords and proceed to make unauthorized transactions. Such illegal activities can negatively impact the banking and capital markets and industries.

Meeting regulatory requirements and securing the business against cyber and other malicious attacks ensure increased customer satisfaction, greater workforce productivity, better supplier/partner integration and more cost-effective back-office operations. To achieve ongoing conformity to and streamline security best practices for these regulations, WCS assists financial institutions by identifying vulnerabilities and providing detailed recommendations to design and implement solutions to address the vulnerabilities by:

• Ensuring corporate regulatory compliance
• Deploying means to ensure safer and robust data encryption mechanisms online
• Installing security alert systems that could identify networks vulnerable to any breach and initiate a scam alert
• Identify network vulnerabilities and secure them against the threats posed by botnets and other malicious codes
• Utilizing CobIT, ISO 27001, ISO 27002 (formerly 17799) and other well known information technology and security standards to carry out effective and robust information technology and security risk assessments
• Establishing information risk management practices and systems
• Establishing internal and external privacy infrastructure
• Advising on business continuity and disaster preparedness services.