Assignment 5: Cybersecurity Measures for a Financial Institution

You are a cybersecurity consultant for a financial institution, such as a bank or credit union, which manages large volumes of sensitive financial data. The organization is concerned about the increasing sophistication of cyber threats targeting the financial sector. Your task is to design and implement robust cybersecurity measures to safeguard customer information and financial transactions.1. Endpoint Security for Banking Systems: Assess the security of endpoint devices used in the financial institution, including teller systems, ATMs, and employee workstations. Recommend measures such as endpoint protection software, secure boot processes, and regular security audits to mitigate the risk of malware and unauthorized access.2. Secure Online Banking Practices: Develop guidelines for secure online banking practices for bothcustomers and employees. Propose measures such as secure login procedures, transaction monitoring, and customer education on phishing threats. Address the importance of secure communication channels for online banking transactions.3. Multi-Factor Authentication Implementation: Evaluate the current authentication methods used forcustomer access to online banking and other financial services. Recommend the implementation of multi-factor authentication (MFA) to enhance the security of customer accounts. Discuss the use of biometrics, one-time passwords, and smart tokens.4. Data Encryption for Financial Transactions: Assess the encryption practices used for financial transactions, both internally and externally. Propose encryption standards and protocols to securedata in transit and at rest. Discuss the importance of securing communication channels for online transactions and inter-bank communications.5. Incident Response Plan for Financial Cyber Threats: Develop an incident response plan specific to cyber threats targeting financial institutions. Outline procedures for detecting and responding tocyber incidents, including data breaches and ransomware attacks. Emphasize the importance of collaboration with law enforcement and regulatory bodies.Your assignment must follow these formatting requirements: Be typed, double spaced, using Times New Roman font (size 12), with one-inch margins on all sides; citations and references must follow APA or school-specific format. Check with your professor for any additional instructions. Include a cover page containing the title of the assignment, the student’s name, the professor’s name, the course title, and the date. The cover page and the reference page are not included in the required assignment page length.The specific course learning outcomes associated with this assignment are: Compare and contrast the methods of disaster recovery and business continuity. Explain risk management in the context of information security.  Use technology and information resources to research issues in disaster recovery. Write clearly and concisely about disaster recovery topics using proper writing mechanics and technical style conventions.Grading for this assignment will be based on answer quality, logic / organization of the paper, and language and writing skills, using the following rubric