Being unprepared for a cyber breach can have devastating effects to bank’s reputation, especially if customer personal information is compromised. The regulatory landscape has again changed and banks must now comply with new regulations related to cyber resiliency. Many banks are challenged by not having the internal resources in place with both the technical and cyber intelligence competencies needed to address cyber security risk.
Your first step in mitigating cyber risk is to ask yourself the following questions:
- Can you define the potential cyber threats to your financial institution?
- How is your financial institution connecting to third parties and ensuring that they are managing their cyber security risks?
- In the event of a cyber-attack, how will your financial institution respond internally as well as with customers, third parties, regulators, and law enforcement?
If you need help in answering these questions Global Atlantic Partners has the technical knowledge and practical experience to help you both understand and mitigate cyber security risk. Our team of cyber security consultants can help you gauge your current state of cyber risk management practices and readiness by providing the following services:
Do you need technical expertise in determining whether your systems and customer data are secure? Are you confident that your third party services providers have the proper controls in place? Our team of information security consultants are here to help you understand and mitigate the risk of unauthorized access to sensitive and confidential data.
Do you need assistance in performing a cyber security assessment using the FFIEC’s Cyber Security Assessment Tool? We can perform and/or review your assessment and provide you with a gap analysis of your current cyber security posture as well as what it takes to get you to your desired state of cyber readiness.
Do you have a comprehensive Cyber Security Program in place that is aligned with your information technology (IT) strategy and risk profile? We can develop a Cyber Security Program that is both compliant with regulatory requirements as well as best practices while still being cost effective by leveraging your current IT policies and procedures. In Europe we can help you with your ISO 27001 assessments.
Are you aware that a Cyber Incident Response Plan must provide guidance before, during, and after an incident? Have you tested your Incident Response Plan for cyber threats? We can develop an Incident Response Plan that includes detailed procedures for the full lifecycle of an incident.