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Managing third-party risk, performing access reviews, and completing risk assessments are foundational elements of a sound information security program, especially in the banking industry. But these processes often rely on fragmented, outdated tools like spreadsheets....
It’s been a decade since the Cybersecurity Assessment Toolkit (CAT) was first introduced. For many institutions, especially community banks, it has become a familiar part of their cybersecurity routine. But with the recent decision by regulators to sunset the toolkit...
If you're gearing up for your next regulatory exam or audit, it might be time to pause and ask yourself one important question: how many spreadsheets are you using to manage the process? Chances are, it’s more than one. And if that’s the case, it may be time to...
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....
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.
