Independent Banker - November 2017 - 50

SPECIAL SPOTLIGHT
NEXT-GEN BANKING
Are You Viewing Cyber Risk Across the Enterprise?
From insider threats to third-party vulnerabilities, community banks must tackle
the rising challenge and costs of protecting customer information.
n 2017, we have seen a wave of sophisticated
cyber attacks and data breaches. September alone
saw the Equifax breach of 145 million Americans'
information, Deloitte's breach through an internal
email platform and the SEC's disclosure of a hack that
may have enabled illegal trades. Noting that intrusions
will continue in both the public and private sectors,
SEC Chairman Jay Clayton said, " A key component of
cyber-risk management is resilience and recovery. "
But how can you be resilient when attacks continuously
evolve, compliance demands grow, digital
ecosystems expand and resources for protecting data
cannot keep pace? Community banks are increasingly
looking for better, more cost-effective solutions. A fi rst
step is to view cyber risk as part of an Enterprise Risk
Management (ERM) strategy. By doing so, banks elevate
cybersecurity as a top concern for all departments, and
can prioritize resources to those areas most in need.
REGULATORY FOCUS ON THIRD PARTIES
Regulators are increasing demands on banks, including
greater board oversight, hiring of information security offi cers,
and proof that the large number of third-party vendors now
frequently involved in critical activities are being assessed,
monitored and managed. There is an urgent need for economical
solutions that answer crucial questions such as:
1) How do I know I'm assessing what's necessary to be
compliant and managing the risk appropriately?
2) How do I ensure that vendors are assessed uniformly?
3) How do I risk-score vendors?
4) How do I monitor vendors' performance?
ENTERPRISE SECURITY PROGRAM
For community banks, vendor risk is compounded by
substantial resource and budget constraints that hamper the
implementation of a robust information security program,
especially one that includes both defensive measures to
protect non-public information and implements plans to
recover from potential cybersecurity events.
I
" Managing cyber risk
doesn't have to 'break the
bank!' There are effi cient,
scalable solutions that
help community banks
understand and mitigate
vulnerabilities. "
- DAVID COTNEY,
ADVISOR, FORMER COMMISSIONER
OF BANKS, MASS
Allow CyberFortis-TSC, powered by its proprietary Secure
Halo™ platform, to help provide a cost-effective and
comprehensive suite of services to help community banks
address these challenges now:
* Secure Halo™ enterprise security assessments that are
mapped to NIST and international standards to improve
cyber posture, mitigate vendor risk and qualify for cyber
insurance.
* Advisory services that include compliance readiness,
security program development and training.
* Professional and managed security services that utilize
leading vulnerability management products.
* Founders with extensive fi nancial services expertise who
understand the needs of the community bank industry.
As you consider your security program development and
management, CyberFortis-TSC can be a helpful resource.
With more than a decade of experience protecting critical
assets of the federal government and Fortune 500 companies,
CyberFortis-TSC delivers mission-critical, economical solutions
for community banks. Contact us. Free assessment of
your cybersecurity maturity to fi rst 20 respondents.
962 Wayne Ave, Suite 900, Silver Spring, MD 20902
617-429-1755 | www.cyberfortis.com
http://www.qmags.com/clickthrough.asp?url=www.cyberfortis.com&id=20402&adid=P50A1
Independent Banker - November 2017

Table of Contents for the Digital Edition of Independent Banker - November 2017
