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The FFIEC Cybersecurity Assessment has widely been adopted as the risk assessment process for financial institutions. At a minimum, most regulators are requiring financial institutions to complete an assessment on an annual basis. This process includes a review of an institution’s Inherent Risk Level, identification of currently implemented controls to reduce risk, and a gap analysis to identify additional controls needed to reach the institution’s desired risk appetite.
Over 1300 financial institutions have completed their Cybersecurity Assessment using our complimentary assessment solution. SBS has analyzed the results and identified the top 25 most common baseline controls not implemented by financial institutions. From a compliance perspective, these are controls that financial institutions MUST complete regardless of their inherent risk score. We will review some of the recent cybersecurity incidents that have affected the financial services industry to better understand the value of more informed decision making within the risk assessment process.
This session reviews the top 25 most common baseline controls not implemented, as well as practical solutions your institution can use to implement these controls. We will also discuss the next steps beyond the assessment to provide a comprehensive cybersecurity framework which institutions can repeatedly follow.
- Top Cybersecurity Risks
- FFIEC Guidance Review
- Inherent Risk Assessment Process
- Cyber Maturity Process
- Solution for Top 25 Controls
- Control Tracking Process
- Information Security Program Framework
Information Security Officer, IT Manager, Risk Officer, Internal Auditor, CIO, and Executives looking to understand the Cybersecurity Assessment process, common weaknesses in controls, and how to address them.