Where to start?

If you are new to managing cybersecurity for a financial institution, I’m sure you’ll have a lot of questions.  More specifically, “Where do I start?”  

Managing cybersecurity for a financial institution is a critical responsibility that requires a comprehensive understanding of the institution’s systems, processes, and risks.  If you are new to this role, it can be overwhelming, but with the right approach, you can ensure that your institution is well-prepared to defend against cyber threats and comply with regulatory requirements.  Below are a few quick tips to help you get started. 

• Access the current state of cybersecurity.  Financial institutions are subject to numerous regulations and regulatory bodies. I encourage you to review the minutes of previous security committee meetings to gain an understanding of what’s been happening over the past 12 – 18 months. Focus on policies, IT audits, and exams, IT Risk Assessments, and any security incidents that may have occurred. 

• Grow the cybersecurity program.  Develop a cybersecurity program that addresses any identified gaps and vulnerabilities identified in previous and current assessments.  Implement security controls to protect and monitor the institution’s systems and data.  Be sure to incorporate best practices from frameworks such as the Cybersecurity Assessment Tool and NIST. 

• Train Employees. Employees are often the weakest link in cybersecurity. Train employees on best practices, such as strong passwords, phishing awareness, and social engineering. Provide regular training to ensure that employees are aware of the latest threats and how to respond to them. 

In summary, managing cybersecurity for a financial institution can be challenging, but with the right guidance, it is possible to establish a strong cybersecurity program that can protect the institution from cyber threats.  Bedel Security exclusively helps financial institutions develop and improve their cybersecurity program and would be happy to chat about how we can help mature your program.  Send us an email at support@bedelsecurity.com to start a conversation.