If it’s not clear to you already, as a bank or credit union your institution is vastly different from other businesses. A solution that works for your local car dealer, manufacturing plant or school is simply not designed to meet the unique requirements of your institution.
DefenseStorm reached that same conclusion early on in our journey. Thousands of companies were attempting to tackle the enormous challenge of cybersecurity, but they didn’t specialize, instead applying the same general solutions across different industries. For us, it confirmed that being built for banking is how we could best serve organizations like yours. We’ve maintained that commitment over the years and it’s allowed us to develop a loyal base of very satisfied customers. Talk with one of them, and you’ll understand why our NPS score is 78.
As we go forward together on this journey, there are three forces shaping how banks and credit unions need to think about cyber threats.
The first relates to risk. While financial institutions are experts at managing risks in their loan and credit portfolios, that same level of discipline is not applied to cyber. The dynamic, continually evolving nature of cyber threats mean they need to be treated similarly as other risks. While many institutions believe what they’re doing is “good enough”, in reality, they’re at significant risk. Addressing this requires application of a risk mindset and management disciplines to cyber.
Next, banks and credit unions have a tendency of seeing cybersecurity as just another tech application. Another problem for the IT guys to fix. This limited view again opens the door to more risk. And the digital transformation initiatives many institutions are pursuing often happen without consideration for the impact on cyber risk. Net, effective cyber risk management involves a lot more than just cybersecurity technology. For one thing, it requires tight and continuous integration with risk assessments and governance programs.
The third issue is that the people charged with doing this kind of work face unbelievable pressure. Our infosec clients routinely tell us that they expect more threats, regulation and cost pressure. As one said, “I only get to be wrong once.” At the same time, they struggle to align their efforts with other growth and expansion efforts across the institution, making it hard to create a case for change in order to do what’s right for the institution. Solving this problem requires a broader understanding of and accountability for cyber risk across the institution.
Yes, these are daunting challenges. But the proven ability to tackle them is what sets DefenseStorm apart. By combining a risk management discipline with specialized built for banking products, we help our clients achieve what we call cyber risk readiness. It’s a fundamental shift from the fear of constant attacks to the hope that comes from knowing you’re actually getting ahead of the problems.
Community West CU was preparing for an examination that would elevate them to the next peer group. Faced with the challenges of having only two personnel managing their security, numerous disjointed systems, and impending reporting obligations, they recognized the need for a more efficient cybersecurity solution.
How do you measure up? Take this quick self-evaluation to determine your risk-related priorities.
With cybercrime rapidly evolving, financial institutions must be prepared to address emerging threats as they materialize. Learn about how this proactive approach can improve your level of cyber risk posture and how DefenseStorm’s products and services help you achieve cyber risk readiness.