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How do we create a Cybersecurity Program?

Does the thought of creating a Cybersecurity Program for your bank seem overwhelming? Are you having trouble building a viable, documented program?

A Cybersecurity Program should be part of your bank’s Risk Management efforts – as well as a critical element of your board’s fiduciary responsibilities.  A Cybersecurity Program should:

Be Right-Sized for your Bank.

You need to build the most robust cyber security program based on the acceptable risks for the entire organization. A cybersecurity program provides a strategic roadmap for effective security management practices and controls based upon your organization to get leadership agreement on information security plans, processes, and budget.

Align with your business strategy.

Strong alignment enables organizations to make wise cyber investments, optimize constrained resources, make progress on strategic goals, and manage business risk. In a cyber-business-aligned program, CISOs and CIOs are actively involved throughout business strategy development and budgeting cycles across business units, providing security input and sparking discussions.

Meet your board of directors’ risk management goals.

What is the board’s stated view on risk tolerance? Will every risk be mitigated without thought to cost? Of course not. But what is the level of risk your bank is willing to take to meet its objectives? Your Cybersecurity Program needs to reflect those decisions.

Use financial metrics to track your program’s effectiveness.

In other words – how much cybersecurity makes financial sense? If your bank avoids a $20 million data breach by spending $500,000 a year on cyber measures, is that a good return on investment? Does the cost meet financial goals?

Include a comprehensive Crisis Management plan.

Have you written a comprehensive Incident Response plan? Is it up-to-date with the latest legal, law enforcement, and forensics contacts? Have you completed a Tabletop Exercise to ensure incorrect assumptions – or problems – aren’t built into it?

Ensure employees follow best security practices.

Your employees should consistently follow best security practices, including password management, phishing awareness, device management, and Clean Desk policies. You can achieve this through ongoing training measures.

Include expert advice on the details.

An expert can ensure you cover all the details by bringing an experienced eye, a detached third-party perspective – and credibility for your plans.

Our experts are happy to assist your bank in developing or review your cybersecurity program. Just contact us for a short confidential chat today!