Compliance challenges galore and pilling up! While business challenges such as disruptive technologies are creating shifts in traditional business strategy, cybersecurity challenges keep on adding new dimensions to the list. Add more regulatory compliance to the already busy list such as FFIEC, California Consumer Privacy Act (CCPA), New York 23 NYCRR Part 500, SOC, PCI, etc. and regulatory compliance becomes an even more challenging task. Even though information security-based regulatory compliance is already one of the critical compliances to comply with, changing market driven landscape has further added complexities to the security compliance process.
Relentless attacks by malicious users against banking institutions shows no sign of let up. To add to the challenges, the threat landscape has greatly expanded in the past years with the advent of new technologies such as cloud platform, DevOps, container based applications, etc. Traditional approach to cybersecurity only meets part of the security controls and compliance. Changes in security controls have varied from physical access to the advent of complex container security (DevDecOps) and everything in between. Throw in boundaryless networks, complex access management, data security, vendor management and global compliance, meeting business expectations without compromising quality becomes a daunting task for any organization. This increase of complexity and threat landscape has resulted in increase in cybersecurity and business risk for any institution. Regional and community banks are not exempted from this rule and adequate security controls need to be implemented to meet regulatory compliance including FFIEC cybersecurity regulatory compliance.
With change comes adaptation! The advent of sophistication in cyber attacks has led to better strategy, planning and human capital allocation for some companies. A proactive and quick response to cyber attack is paramount and is the highest priority to avoid any business disruption. Increase in monetary losses has also led to big banks and other financial institutions purchasing cybersecurity insurance as a part of mitigation strategy. However, all these strategies come at a high price tag which large banking institutions can afford. Whether buying new technology and services, adding full time team members or procuring consulting resources is an affordable solution for large banks to mitigate the risks. On the other hand, small regional and community banks do not have similar budgets or staff available to manage cybersecurity risk and respond to threats. Add FFIEC compliance into the equation and the already taxed security or IT staff is even more overwhelmed. Irrespective of the size of a banking organization, banks have to keep their customers happy, provide more products and services, and serve them with highest satisfaction. Consumers do not keep business risk in their mind while banking and expect the highest level of service which is quick, easy and secure.
Cybersecurity threats are here to stay, and attacks will continue to get more sophisticated. Even though more executive level conversations and actions are happening in combating the threat and keeping it under some control, mitigating cyber threats will continue to be challenging. In the midst of managing security risk, regulatory compliance is still to be addressed and managed.
The FFIEC Cybersecurity assessment tool and handbook can be a valuable starting point to measure security around business processes and protect assets. Risk should be appropriately measured as a part of the assessment and adequate controls should be applied. Even though the FFIEC guidelines framework may have five domains to consider for maturity, iQuasar Cyber, Inc recommends reviewing leading practices in cybersecurity including the domains listed in FFIEC compliance. Whether the mitigation is via monitoring, vulnerability scanning, access management etc., leading practices should be an integral part of a cybersecurity strategy and part of control implementation.
With cybersecurity consultants in high demand and scarce human capital available in the current market, it is even harder for small banks to have full time staff to manage cybersecurity risks. iQuasar Cyber, Inc. can provide you with expert guidance on getting compliant with FFIEC cybersecurity controls, PCI-DSS compliance, CCPA, etc. so that you can focus on serving your customer. iQuasar Cyber, Inc. will review FFIEC cybersecurity compliance domains in addition to industry leading security practices. Our consultants have vast experience in providing assessments and strategies to lower risks and better prepare for cybersecurity and regulatory compliance. Our consultants have delivered projects in cybersecurity using NIST, ISO, CIS, CSF etc. frameworks and have served small to large global clients. Check our blog on Essential Security Controls to review what security controls you may implement to better manage your cybersecurity risk.
Call iQuasar Cyber, for a free consultation for 30 minutes to learn more about our services and how iQuasar Cyber can help you with securing your assets. iQuasar Cyber consultants can talk on the phone about your security needs and put a plan for combating breaches.
