Protecting Financial Institutions Through Sound Cyber Security
Organizations greatly benefit from expert external assistance to navigate compliance risks and malicious cyber threat actors. Delta Risk draws upon a coveted combination of financial expertise and deep cyber security experience to adequately serve the financial sector’s cyber security needs.
As a strategic evaluator and advisor, Delta Risk can help develop a comprehensive cyber security strategy. Our team of certified security professionals has vast experience dealing with the most critical cyber challenges financial institutions face. We deliver a spectrum of services to help you maintain network security integrity, test your defenses, and identify any gaps in your current information security program.
Develop Or Refine Your Cyber Security Program
ActiveInsight: Financial Industry Security Program Assessments
The Gramm-Leach-Bliley Act (GLBA) — a portion of the Financial Modernization Act of 1999 — and other regulations require financial institutions to implement a comprehensive cyber security program. To meet this requirement, Delta Risk can help you develop or refine your program. We can review your current program maturity, outline its strengths, and deliver a comprehensive analysis, including a detailed action plan to rectify weaknesses and tackle your most crucial needs.
- Cyber Security Program Assessment
- Security Program Maturity Review
- Defense Assessment
- Third-party Vendor Review
We tailor our assessments to provide an objective evaluation of your information security program against the requirements of the GLBA and other regulations. We can also advise your organization on the best options for addressing deficits either in compliance or overall security.
Delta Risk also offers a host of red-team and tabletop exercises to test your cyber security program in replicated real-world scenarios. These exercises can either test technical aspects of your security program on a functional level, or they can test your company’s program at the higher, corporate decision-maker level.
Finally, a comprehensive cyber security program must address the people involved. That is why Delta Risk offers a host of cyber security training and awareness courses. Employing these training and education services can help an organization meet various regulatory requirements, including those under the GLBA.
ActiveEye: Financial Industry Managed Security Services
Delta Risk’s managed security services allow your organization to supplement its existing security infrastructure in a way that won’t break the bank. Our services are custom-tailored to meet your specific needs.
ActiveResponse: Financial Institution Breach Response Services
If you suspect your systems have already been compromised, Delta Risk maintains a full complement of services to help financial companies respond to a breach event. Delta Risk can hunt for active network threats, coach financial companies through post-breach response best practices, and provide a response team with the resources to actively engage intruders.
These preemptive planning services include:
- Business Impact Analysis
- Disaster Recovery Planning
- Incident Response Planning
- Digital Forensics Services
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There is a diversity of compliance requirements and threats facing financial institutions. For more detailed information on each of the areas discussed, please see our additional resources below:
Cyber Threats Target the Financial Industry
Although the financial industry is regarded as one of the most highly-regulated and most protected in terms of cyber defenses, that does not stop cyber criminals from aggressively going after the valuable information these companies retain.
While most of the malicious actors in this industry are after the money a company holds, a cyber-attack on a financial institution will damage much more than account dollar amounts. People invest money in all sorts of financial institutions because they believe that company is secure. After a breach, investors will not only lose confidence but the company’s bottom line will take a hit. Ultimately, a breach will affect a company’s brand.
A prime example is the highly-publicized cyber-attack on J.P. Morgan Chase in 2014 where attackers were able to get the highest administrative privileges on more than 90 of the bank’s networks.
From a threat perspective, cyber issues will initially involve an IT staff, but they may also require a company’s general counsel office and possibly the C-Suite to act. From a defensive perspective, threats must be handled with a three-tiered approach including people, processes, and technology.
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Cyber Compliance Requirements Impact the Financial Sector
It may be true that the financial sector is more secure because it is highly regulated, but those regulations present even more compliance issues for companies.
Cyber security duties in the financial sector originate from the “safety and soundness” concept embodied in 12 U.S.C. Section 1831p-1, and the associated federal banking agencies mandate for developing standards to ensure the security of financial institutions.
From authority granted from the GLBA, federal banking regulators require financial institutions to develop, implement, and maintain a comprehensive information security program. The requirements of the program are similar to those mandated in other industries, notably the healthcare sector.
Compliance issues do not stop with GLBA. Depending on the particular section of the financial industry that your company is a part of, you may be subject to the requirements of a host of other federal agencies or statutes, like the following: