Regulatory Compliance

lock made of code and word cloud

Cyber Security Risk Assessment and IT Risk Assessment

Do you know your organization's level of cybersecurity risk, and are you properly protecting your IT assets? If not, your institution could be at increased risk for cyber attacks and scrutiny from examiners.

CSI’s Cybersecurity Risk Assessment and IT Risk Assessment services help organizations like yours meet Federal Financial Institutions Examination Council (FFIEC) and other federal guidelines by identifying and evaluating your existing security controls, calculating your risk levels and providing recommendations for additional controls that can help reduce the risk levels. 

5 Key Factors for Cybersecurity 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 tools help to mitigate the risks to your organization and close any gaps associated with those risks. Remember, the FFIEC wants to see cybersecurity risk management tied to your entire business strategy.

The FFIEC evaluates five key areas for cybersecurity preparedness:

  1. Risk management and oversight
  2. Threat intelligence and collaboration
  3. Cybersecurity controls
  4. External dependency management
  5. Cyber incident management and resilience

Cybersecurity compliance 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 Tools

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
  • Perform control evaluations 
  • Calculate your inherent and residual risk results

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.

IT Risk Assessment 

In addition to our cybersecurity compliance services, CSI offers an IT risk assessment. With CSI’s IT Risk Assessment service, you can classify your IT assets; then identify, measure and mitigate risks.

As part of our information security risk assessments for banks and credit unions, we:

  • Evaluate your institution to determine your inherent and residual risks to confidentiality, integrity and the availability of your informational assets.
  • Provide a comprehensive risk assessment report, giving recommendations to strengthen controls and reduce risks so you can create a successful ongoing information security risk management program.

CSI is also mindful of what auditors are looking for, using FFIEC guidelines, NIST standards, GLBA compliance and other regulatory guidance to complete your IT risk assessment.

Undergoing a security audit is complex and ever-changing. CSI is here to provide financial institutions with security risk assessment services, so you stay secure and compliant and strengthen your GLBA compliance. 

Learn More About Cybersecurity Risk Management and IT Risk Management

Risks and complexities are evolving all the time. CSI keeps pace with the latest cybersecurity and IT risk factors, so your institution stays secure and compliant. And we’re here to help your financial institution meet cybersecurity compliance and provide information technology risk management in banks. Find out more by completing our online contact request form.