Redefining Cybersecurity Part 2: Cyber Security Risk Readiness

In Part 1 of Redefining Cybersecurity, we discussed the importance of shifting your approach to cybersecurity to be more proactive by employing cyber risk management to stay threat ready and compliant. With a deeper understanding of this shift in ideology from reactive to proactive solutions, the question arises about your financial institution’s (FI’s) level of cyber risk readiness.

Cyber security risk readiness and cyber risk management go hand in hand. Cyber risk management involves identifying, assessing, and mitigating potential cyber risks, while cyber risk readiness focuses on the readiness of an organization to effectively manage those risks. Cyber risk readiness refers to an organization’s preparedness to identify, assess, mitigate, and respond to potential cyber risks and threats effectively. It encompasses the development of robust cybersecurity policies, procedures, and controls, as well as the implementation of proactive measures to safeguard sensitive data and valuable assets.

While some FIs are comfortable accepting a discernable level of cyber security risk and rely on the same security measures year after year, this approach can actually make your FI more vulnerable.

Consider this scenario: You are gearing up to add new digital elements to your daily banking practices. Have you assessed potential vulnerabilities associated with this new technology? Are your existing solutions prepared to proactively address any emerging risks that may occur as you make these changes?

This is where the contrast between defensive and offensive approaches to cyber risk management is visible. Many FIs are still looking at cybersecurity as an afterthought and reacting to vulnerabilities and risks AFTER an event has occurred, but there is too much at stake to just accept the risk and resign themselves to the impact. FIs suffer financial loss, disruption of business continuity, and damaged reputation and therefore you must pose this question: What is my FI’s level of cyber risk readiness?

DefenseStorm surveyed hundreds of FIs as part of our Cyber Risk Readiness IQ Evaluation and captured the results in the 2023 Cyber Risk Benchmarking Report.

How would you answer the question, Do you feel like you are adequately managing information security and cyber risks? While 48% were confident in their ability to do this, a majority felt they needed at least SOME improvement. And where improvement is needed, there are vulnerabilities.

A great first step to improving your cyber risk readiness is to take our FREE CRRIQ evaluation to get visibility into your preparedness. Our tool will help you pinpoint risk areas that are strong or lacking and make tangible and actionable recommendations for improvement.

In Part 3 of Redefining Cybersecurity, we will discuss next steps for finding the best solutions to meet your specific needs based on real data. One of the most daunting aspects of improving your cybersecurity solutions and practices is finding the right technology and services. DefenseStorm helps reduce the complexities with our free tools and resources.

Redefining Cybersecurity Risk Management Part 3: Bridging the Communication Gap

Redefining Cybersecurity Part 1: Cybersecurity and Risk Management