Cyber criminals tend to go where large pools of sensitive information and money are, making banks a top target. Global regulations are increasing, maintaining customer trust is a top initiative, banking institutions must be able to discover and remediate cyber threats, including those from their third-party ecosystem, that can jeopardize these. These cyber exposures, plus compliance regulations are the top two concerns at both small and large banks, according to a study from Deloitte. Explore FortifyData IT Risk Management and Compliance for Banks.
The FortifyData platform continuously identifies assets and vulnerabilities, allows you to view and manage risks across multiple locations, and performs third party risk management of vendors, in accordance with FFIEC third-party risk management guidelines that examiners look for; that serve the entire institution or only specific departments or branches. We also enable the management of questionnaires and compliance regulations specific to your needs.
Cybersecurity risks continue to be a critical concern for credit unions and they are increasingly subject to ransomware, malware and phishing attacks, denial of service attacks, ATM skimming, and supply chain attacks. Compounding the situation is the cybersecurity talent shortage. Now, smaller teams are having to deal with a heavier workload, making it even more difficult to identify and manage cybersecurity risk.
FortifyData provides a comprehensive platform to manage and continuously monitor your organizational and third-party cyber risk in line with NCUA regulatory expectations for third-party risk management. Our platform makes it easy for credit unions to get an accurate and complete view of their cyber risks, along with actionable data and recommendations for remediation. The platform also enables credit unions to meet certain requirements of various compliance frameworks for cyber risk management, assessments, vulnerability management and third-party risk management.
Cyber risk is a top concern for lending providers, which rely heavily on technology, have an expansive third-party network, and must collect, manage, store and transmit highly sensitive data – making them a top target for cybercriminals.
FortifyData works with lending companies to measure and manage their own cyber risk, as well as the cyber risk of their vendors and third parties. Our platform makes it easy to uncover top threats and risks, understand the risk that vendors may pose to their security posture, and quantify the financial impact of their cyber risk. Because much of the work in the lending industry is done through email, FortifyData also provides an email security capability that assesses email security for all domains tied to a company including SPF, DKIM and DMARC issues.
The ability to accurately assess cyber risk exposure and the financial impact of potential and existing investments, including how to protect them, is vital in assuring a cyber incident does not affect the value of the acquisition or introduce cyber liabilities to the acquiring organization.
With FortifyData’s automated cyber risk assessment and financial quantification capabilities, acquiring organizations can understand the cyber risks of the targeted companies that may be introduced into the business and financial investment firms can easily see how their investments fare individually and as a group, enabling them to identify and aggregate risk in ways that help prevent and protect their portfolio from unseen risk.
FortifyData can help insurance companies accurately assess cyber risk exposure and the financial impact of cyber risks for themselves, applicants seeking coverage and third parties to better understand any cyber liabilities that may exist. You will get a prioritized view of risks with recommended remediation steps for any identified vulnerabilities, and for companies applying for cyber liability insurance you’ll get an accurate view of their cyber risk exposure based on live, direct assessments of their systems which can help reduce future claims payments.
Further, if your organization offers cyber liability insurance, FortifyData’s automated cyber risk assessment and financial quantification capabilities, allow you to determine how much cyber liability coverage an organization needs, or if they are over or under insured.
