Cybersecurity in Finance

Description: Cybersecurity in Finance Quiz
Number of Questions: 15
Created by:
Tags: cybersecurity finance information security
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What is the primary goal of cybersecurity in finance?

  1. To protect financial data from unauthorized access

  2. To ensure the availability of financial services

  3. To maintain the integrity of financial transactions

  4. All of the above


Correct Option: D
Explanation:

Cybersecurity in finance aims to protect financial data, ensure the availability of financial services, and maintain the integrity of financial transactions.

Which of the following is NOT a common type of cyber attack in finance?

  1. Phishing

  2. Malware

  3. Ransomware

  4. Insider trading


Correct Option: D
Explanation:

Insider trading is not a cyber attack, but rather a type of financial crime involving the use of non-public information to make trades in the stock market.

What is the purpose of a firewall in a financial institution?

  1. To block unauthorized access to the network

  2. To detect and prevent malware attacks

  3. To encrypt financial data

  4. To back up financial data


Correct Option: A
Explanation:

A firewall is a network security device that monitors and controls incoming and outgoing network traffic based on predetermined security rules.

Which of the following is NOT a best practice for securing financial data?

  1. Using strong passwords

  2. Regularly updating software and security patches

  3. Implementing multi-factor authentication

  4. Storing financial data on a personal computer


Correct Option: D
Explanation:

Storing financial data on a personal computer is not a secure practice, as personal computers are more vulnerable to cyber attacks.

What is the role of encryption in cybersecurity in finance?

  1. To protect financial data from unauthorized access

  2. To ensure the integrity of financial transactions

  3. To prevent malware attacks

  4. All of the above


Correct Option: D
Explanation:

Encryption is used in cybersecurity in finance to protect financial data from unauthorized access, ensure the integrity of financial transactions, and prevent malware attacks.

Which of the following is a common regulatory requirement for financial institutions in terms of cybersecurity?

  1. PCI DSS

  2. SOX

  3. GDPR

  4. All of the above


Correct Option: D
Explanation:

PCI DSS, SOX, and GDPR are all common regulatory requirements for financial institutions in terms of cybersecurity.

What is the purpose of a security information and event management (SIEM) system in a financial institution?

  1. To collect and analyze security logs and events

  2. To detect and respond to security incidents

  3. To generate security reports

  4. All of the above


Correct Option: D
Explanation:

A SIEM system is used in a financial institution to collect and analyze security logs and events, detect and respond to security incidents, and generate security reports.

Which of the following is NOT a common type of fraud in the financial industry?

  1. Identity theft

  2. Credit card fraud

  3. Check fraud

  4. Insider trading


Correct Option: D
Explanation:

Insider trading is not a type of fraud, but rather a type of financial crime involving the use of non-public information to make trades in the stock market.

What is the purpose of a disaster recovery plan in a financial institution?

  1. To ensure the continuity of financial services in the event of a disaster

  2. To protect financial data from unauthorized access

  3. To detect and respond to security incidents

  4. To generate security reports


Correct Option: A
Explanation:

A disaster recovery plan is designed to ensure the continuity of financial services in the event of a disaster, such as a natural disaster or a cyber attack.

Which of the following is NOT a best practice for cybersecurity awareness training in a financial institution?

  1. Regularly conducting training sessions for employees

  2. Providing employees with access to up-to-date security resources

  3. Encouraging employees to report suspicious activities

  4. Allowing employees to use personal devices for work-related tasks


Correct Option: D
Explanation:

Allowing employees to use personal devices for work-related tasks can increase the risk of cyber attacks, as personal devices may not be as secure as work-issued devices.

What is the purpose of a cybersecurity incident response plan in a financial institution?

  1. To define the roles and responsibilities of personnel in the event of a cybersecurity incident

  2. To establish procedures for detecting and responding to cybersecurity incidents

  3. To provide guidance on how to communicate with stakeholders during a cybersecurity incident

  4. All of the above


Correct Option: D
Explanation:

A cybersecurity incident response plan defines the roles and responsibilities of personnel, establishes procedures for detecting and responding to cybersecurity incidents, and provides guidance on how to communicate with stakeholders during a cybersecurity incident.

Which of the following is NOT a common type of malware used in cyber attacks against financial institutions?

  1. Ransomware

  2. Phishing

  3. Malware

  4. Insider trading


Correct Option: D
Explanation:

Insider trading is not a type of malware, but rather a type of financial crime involving the use of non-public information to make trades in the stock market.

What is the purpose of a penetration test in cybersecurity in finance?

  1. To identify vulnerabilities in a financial institution's network and systems

  2. To evaluate the effectiveness of a financial institution's cybersecurity controls

  3. To provide recommendations for improving a financial institution's cybersecurity posture

  4. All of the above


Correct Option: D
Explanation:

A penetration test is conducted to identify vulnerabilities in a financial institution's network and systems, evaluate the effectiveness of its cybersecurity controls, and provide recommendations for improving its cybersecurity posture.

Which of the following is NOT a best practice for securing financial transactions?

  1. Using strong encryption algorithms

  2. Implementing multi-factor authentication

  3. Storing financial data on a personal computer

  4. Regularly updating software and security patches


Correct Option: C
Explanation:

Storing financial data on a personal computer is not a secure practice, as personal computers are more vulnerable to cyber attacks.

What is the purpose of a cybersecurity risk assessment in a financial institution?

  1. To identify and assess cybersecurity risks faced by the financial institution

  2. To evaluate the effectiveness of the financial institution's cybersecurity controls

  3. To provide recommendations for improving the financial institution's cybersecurity posture

  4. All of the above


Correct Option: D
Explanation:

A cybersecurity risk assessment is conducted to identify and assess cybersecurity risks faced by the financial institution, evaluate the effectiveness of its cybersecurity controls, and provide recommendations for improving its cybersecurity posture.

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