Standardized cybersecurity software and services for financial institutions

Personal data is valuable. We know it’s true in healthcare. For the same reason, financial organizations are just as vulnerable to cybersecurity breaches, and must take adequate steps to protect themselves and their customers.

Created in 1979, the Federal Financial Institutions Examination Council (FFIEC) is a formal agency that prescribes principles and standards to promote uniformity around the supervision of financial institutions. FFIEC issued a set of security standards in 2005 for online banking, and created its Cybersecurity and Critical Infrastructure Working Group in 2013 specifically to strengthen the financial sector’s preparedness for cybersecurity.

Using the NIST Cybersecurity Framework as a primer, the agency created FFIEC compliance guidelines and developed its Cybersecurity Assessment Tool (CAT), which financial institutions can use to assess risk areas, identify vulnerabilities and make plans to mitigate high-risk areas.

Like the NIST CSF, the FFIEC compliance guidelines are simply a framework for cybersecurity, and include 39 different audit tracks in 5 categorized domains:

  1. Technologies and connection types
  2. Delivery channels
  3. Online/Mobile products and technology services
  4. Organizational characteristics
  5. External threats

With 39 different audit tracks, how can financial organizations manage all of this information to accurately assess and mitigate cybersecurity risk? With scalable, easy-to-use FFIEC compliance software and services from ComplyAssistant.

How ComplyAssistant works

ComplyAssistant’s FFIEC compliance software enables you to more easily document information requested in the 2-part FFIEC CAT. Using our software solution, you can first gather the appropriate data, and then determine the greatest areas of risk for your organization.

Part 1: Inherent Risk Profile

Used to determine a financial institution’s overall inherent risk profile, this part of the assessment can be completed directly in ComplyAssistant’s proprietary solution.

With ComplyAssistant, you have the flexibility to complete the profile on your own as a self-assessment, or with the help of a qualified cybersecurity consultant. Once the profile is complete, you will be given a risk profile score, which is then used for part 2 of the FFIEC assessment.

FFIEC - Inherent Risk Profile

Part 2: Cybersecurity Maturity

Using the input results from the inherent risk profile, ComplyAssistant’s software and services solution will help determine how a financial institution’s can attest to one of five cybersecurity maturity levels – baseline, evolving, intermediate, advanced or innovative – across each of five domains:

  • Cyber Risk Management and Oversight
  • Threat Intelligence and Collaboration
  • Cybersecurity Controls
  • External Dependency Management
  • Cyber Incident Management and Resilience
D5.DR.De - Detection

Why ComplyAssistant is unique

Our FFIEC compliance software is designed to simplify and standardize complex risk assessments. But we don’t just stop at software. You’ll have a team of consultants by your side who will assist in gathering data, assessing for risk and planning for short- and long-term mitigation. Because of our unique combination of software and services, our solution is customizable to fit your needs, and can grow with you as your program expands.

See the software in action.

Tell us about yourself and one of our friendly experts will contact you to arrange a time for a demo. The demo is about 30 minutes depending on questions. We look forward to connecting.

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