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[Blaka]

A reputable electronic money institution usually carries out cybersecurity audits on a consistent basis, frequently on an annual basis or even more frequently, in accordance with industry norms and regulatory mandates. These audits play a crucial role in evaluating and improving the institution's security protocols, guaranteeing the safeguarding of financial information and adherence to ever-evolving cybersecurity regulations.

 

[0xjuice]

The fact that financial institutions are responsible for large amount of money means that a lot of people are generally going to target them. Code is something that can be quite complex and that is why financial audits especially from different independent organisations is usually required for trust. I would more likely feel safe if my money is with a company that has been audited severally by multiple companies than one that is not.

 

[IB DD]

When cyber security audits are carried out as frequently as possible, there would be less incidents response measures which are always very expensive. That would help to reduce operating costs for the EMI company. Cyber security audits also help to keep the company always in operations because cyber vulnerabilities that would have halted operations would be identified early enough and taken care of.

 

[Wisdom01]

I think Cybersecurity audits help identify vulnerabilities in an institution's systems and processes. This allows an institution to fix these vulnerabilities and strengthen its overall cyber defenses. that's the notation there I think

 

[kayode10]

Cybersecurity audits are vital for Electronic Money Institutions (EMIs) to assess and fortify their digital defenses. These audits identify vulnerabilities, assess compliance with regulations like GDPR and PSD2, and evaluate the effectiveness of security measures. By proactively identifying weaknesses and gaps, EMIs can enhance their cybersecurity posture, protect sensitive data, mitigate risks of breaches, and maintain trust with customers and regulatory authorities.

 

[lamia5765]

Cybersecurity audits are vital for Electronic Money Institutions (EMIs) to assess and fortify their digital defenses. These audits identify vulnerabilities, assess compliance with regulations like GDPR and PSD2, and evaluate the effectiveness of security measures. By proactively identifying weaknesses and gaps, EMIs can enhance their cybersecurity posture, protect sensitive data, mitigate risks of breaches, and maintain trust with customers and regulatory authorities.

People could even focus 50 % or even more of the budget of the company to pay people who find weakness of service of security because if they do not find this bug it could cost them more than the cost to pay people to test the system or similar tricks.

 

[Dean1]

Because they handle such valuable financial assets, electronic money institutions are often the targets of cyberattacks. Through the implementation of suitable controls to lessen the risk of cyberattacks, cybersecurity audits assist organizations in identifying vulnerabilities in their systems and processes.