The FDIC requires that within a financial institution’s budget there must be a specific allocation for cybersecurity elements. That is, that there is money going toward services, programs, and coverage related to this item. More than just a requirement, though, it is important that your institution structures the budget in such a way that you can feel confident in your cybersecurity and information security abilities. Because “cybersecurity” can tend to be a rather nebulous term, sometimes getting lumped together with all things IT, Founder and CEO Zach Duke spends a few minutes discussing how to have fruitful conversations and create an effective budget around this element. Watch the video below for more information.
First and foremost, this process is about validating, financially, initiatives that can help secure the institution and its assets. For example, this wouldn’t be expensing a dual monitor setup, but rather about implementing multi-factor authentication for your critical systems. Below are a few questions to consider as you continue this conversation:
- How does this budget support the Strategic Plan?
In 3 years, where would you like the institution to be? Do the budgeted changes align with and support those goals?
- How are other team members involved in the process?
It is important to create leadership inside the institution and cultivate a culture of cybersecurity governance that permeates throughout the business.
- What has changed from year to year?
What was included last year, and how has that changed for this year? Furthermore, it is worth considering what is not approved in order to make the best decisions for your institution and staff.
- How is this going to be documented?
Documentation is vital, and making sure these items are adequately tracked and recorded will be important when auditors and examiners ask to see this information.
We hope this information has been helpful! If you would like to read more about cybersecurity governance and stay up to date on the latest in the industry, be sure to sign up for Finosec Academy. Centered around an innovative community, you can interact with other members and keep up on the most current information in the industry.