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For Financial Institutions, ensuring secure and efficient access management is a top priority. Protecting sensitive financial data, maintaining regulatory compliance, and preventing unauthorized access are critical responsibilities. However, many institutions still...
Preparing for audits and exams can be an unnerving task, especially when spreadsheets are at the heart of the process. While spreadsheets have long been a go-to tool for many organizations, they often come with hidden costs that hinder efficiency. In this blog, we'll...
The Risks of Spreadsheets in Cybersecurity and Why It’s Time to Move On As regulators phase out legacy tools like the Cybersecurity Assessment Toolkit (CAT), it’s the perfect opportunity for institutions to rethink their approaches to governance and risk management....
In an industry where cybersecurity threats continue to evolve, community banks must ensure that governance and oversight processes are airtight. Yet, many still rely on spreadsheets to manage critical security tasks, compliance tracking, and risk assessments. While...
In the world of cybersecurity and third-party risk management, spreadsheets have become a popular tool. Institutions often use them for tasks such as tracking exceptions from audits, managing access rights, and conducting risk assessments. Despite their frequency of...
Securing your information security budget is challenging—especially in tight economic times. While the strategies for approval are crucial, it’s equally important to have a plan for when not everything makes it through the budget process. This is where documenting...
For financial institutions subject to FDICIA, the Federal Deposit Insurance Corporation Improvement Act, the annual management attestation is a critical declaration of compliance. It signifies that the institution’s internal controls over financial reporting (ICFR) are effective. One key control to validate is how user access reviews are performed.
During Thanksgiving, it’s the perfect time to reflect on gratitude—both personally and professionally. At Finosec, our commitment is grounded in one key principle: the customer is the reason why we’re in business. This belief has been instilled in me since childhood, thanks to the lessons of my father, who not only shaped my views on business but also inspired me to carry these values into my leadership today.
Access management is a critical component of cybersecurity and compliance, especially for financial institutions where security expectations are paramount. The challenges surrounding permissions management, particularly during user access reviews, are increasing due to regulatory expectations and the complexity of banking applications. In this blog post, we’ll explore the regulatory expectations, common exam findings, and best practices that can help your organization manage user access effectively while adhering to the principle of least privilege – limiting user access to only the resources necessary to perform their job functions.
As highlighted in a recent article from the Federal Reserve, managing third-party relationships and the access associated with those relationships is a critical component of Third-Party Risk Management (TPRM). The associated access third party vendors have to banking systems is known as Access Management and is foundational for mitigating risks associated with third-party relationships. Access Management may be easy to overlook because it does not always reside with the same person or team as TPRM; making it difficult to provide critical oversight.
With increased regulatory focus, how should institutions be thinking of Access Management? Here are five steps your institution can take today to strengthen your third-party governance.
