How to Conduct an Internal Cybersecurity Assessment for Your Bank

by | Aug 6, 2020 | Managed Services, Security | 0 comments

As an IT manager or CIO of a financial institution, how do you know what you need in order to assess your current and future cybersecurity? The financial services industry is at the front lines of cyber threats and in desperate need of a comprehensive cybersecurity program. As a leader in your bank or financial business, you know that you are a big target for financial fraud.

The Growing Threat

The past decade has shown cybersecurity to be one of the most critical challenges that a financial institution will face. In today’s world, there is and will continue to be a need to assess and strengthen information security procedures and programs. All financial institutions need to focus on where they are at from a cybersecurity standpoint and where they need help to strengthen the security for their customers.

Financial service businesses like your community bank are 300 times more likely to receive a cybersecurity attack than most other types of business. These attacks cost the banking industry millions per year. For that reason, we want you – IT managers, CIO’s, or bank owners – to understand what really goes into assessing the cybersecurity of your community bank.

Assessment Best Practices

Annual cybersecurity audits and assessments are required for all FDIC-insured banks and financial institutions. These assessments include administrative and logic controls – such as storage and transmission encryption – access rights administration, malicious attack defenses, anti-virus procedures, and gateway and firewall rules.

These assessments must be performed by third-party IT teams who will help you understand your current security posture and look for areas where you may be deficient. This is a very significant task and not something that a single IT person or even a small team can effectively accomplish in today’s dangerous cyber world.

Many community financial institutions are family owned and operated – which can mean they require outside knowledge and expertise for a thorough cybersecurity assessment.

You don’t want to fail your cybersecurity audits. That’s where we come in. We understand your business and the industry as a whole. We can help make sure that you are in compliance and secure.

Partnering With Experts

Peters & Associates is a family business that has ridden the waves of technology and has continued to navigate any changes brought on by the industry, market conditions, and customer preferences. These challenging times call for a team approach.  In partnership with your understanding of the business, we’ll bring our assessment capability paired with our banking managed services experience to form a solid wall of defense.

While a solid security plan can block the majority of attacks, no cybersecurity strategy is complete without a worst-case scenario plan. To help you guard against breaches and react quickly and appropriately in the wake of an attack, we’ve developed a free Incident Response Plan (IRP) Checklist. Download it now.

To get started on a security assessment today, go here.

Download My Incident Response Plan (IRP) Checklist