Cybersecurity Risk Assessment
Do you know your organization's level of cybersecurity risk? If not, your institution could be at increased risk for cyberattacks and scrutiny from examiners. Cybersecurity risk has become one of the top threats for companies of all sizes. And if you aren’t proactively managing your risk, you’re leaving the door open to hackers, which could result in regulatory enforcement actions and fines, as well as damage to your organization’s reputation.
CSI’s Cybersecurity Risk Assessment service helps organizations like yours meet Federal Financial Institutions Examination Council (FFIEC) guidelines by identifying and evaluating your existing cybersecurity controls, calculating your cybersecurity risk levels and providing recommendations for additional controls that can help reduce the risk levels.
5 Key Factors for Cyber Security Risk Management
Due to all of the potential cybersecurity risk factors, the FFIEC has issued guidelines to identify and evaluate your existing cybersecurity controls. The recommended cybersecurity assessment helps to mitigate the risks to your organization and close any gaps associated with those risks. Remember, the FFIEC wants to see cyber security risk management tied to your entire business strategy.
The FFIEC evaluates five key areas for cybersecurity preparedness:
- Risk management and oversight
- Threat intelligence and collaboration
- Cybersecurity controls
- External dependency management
- Cyber incident management and resilience
Cybersecurity is a challenge that affects your entire enterprise—it’s no longer just an IT issue. Along these lines, the FFIEC is also pushing for management and boards of directors to take more active roles in cyber security risk analysis, setting a top-down approach to this responsibility.
CSI Cyber Security Assessment Services
An important part of mitigating cyber threats is having a trusted compliance partner regularly test the controls you already have in place. CSI Cybersecurity Risk Assessment services evaluate the level of risk associated with your cyber presence.
CSI’s risk and compliance experts will:
- Identify and classify applicable systems
- Conduct on-site interviews with staff
- Review policies and procedures as well as previous audits
- Calculate your inherent and residual risk results
- Perform control evaluations
Our experts have decades of experience in compliance, IT security and risk management. And with CISSP, CISM, CISA certifications and many more, we’re able to provide your institution with a comprehensive report containing all values and scores from each step of the cyber security risk assessment process. This report shows inherent and residual risk scores for each applicable system, giving your institution a clear picture of where you may need additional controls to reduce risks.
Learn More About Cybersecurity Risk Management
Risks and complexities in the world of cybersecurity are evolving all the time. But CSI keeps pace with the latest cybersecurity risk factors, so your institution stays secure and compliant. And we’re here to help your financial institution meet cyber security risk analysis process standards. Find out more by completing our online contact request form.