Financial organizations identify how security is changing, they have set their priority on avoiding data breaches along with attaining banking compliance as their next highest priority. With financial services storing very sensitive and valuable data, it is vital to prevent the loss of this data to protect brand reputation and customer loyalty.
Even with increased demands and attention from regulatory bodies, financial organizations are unsure of how to implement proper cybersecurity. There are a multitude of governance, risk management, and compliance frameworks developed by NIST, PCI DSS, ISO, ISACA, GLBA, FINRA and the FFIEC to help assess risk and identify security gaps. These frameworks will help improve your cybersecurity stance if implemented correctly. This is a hard task for most internal IT staff as they are either short-handed or unprepared for this overwhelming security demand.
“The average cost of cyber crime for the financial sector has increased by over 40% over the past three years, from $13 million per firm in 2014 to $18 million in 2017.”
Accenture - Cost of Cyber Crime
We offer a number of services designed to reduce the main risks affecting financial services organizations:
- IT risk assessments
- Data privacy assessments
- Penetration testing
- Regulatory compliance management
- Operational and branch audits
- Enterprise risk assessments
- Incident response plan
- Employee awareness training
RB Advisory has the expertise to help you protect your assets and reputation as you grow, innovate, and embrace technical innovation.
Developing procedures for financial services security will help you:
- Protect valuable intellectual property and customer data from cyber criminals
- Improve financial services compliance thus reducing regulatory pressures
- Educate your organization on cybersecurity best practices to reduce the likelihood of cyber breaches
- Enhance continuous monitoring and prepare your organization with an incident response plan
- Reduce the time it takes to respond to new and ongoing threats