As a financial institution, you want to ensure you’re doing everything you can to protect yourself and your customers. This is especially true as inevitable changes continue to happen—technology evolves and progresses, criminals become more creative, business landscapes shift.

One crucial step toward peace of mind is to create a robust security program. This starts with a risk assessment.

A risk assessment is an evaluation of possible risks and an analysis of the likelihood and impact of reasonably anticipated threats. This assessment provides you with an understanding of what the possibilities are. You can use that information as guidance to properly allocate people and investments to address cyber risk.  

Why Complete a Risk Assessment?

Identifying risks and, ultimately, working toward a risk management program allows your financial institution to make informed risk-based decisions. These decisions lead to smarter spending and position your financial institution to respond to threats in a programmatic manner.

Completing a risk assessment will:

  • Identify possible risks in your financial institution
  • Create a starting point for your risk management program
  • Alert you to specific areas in which your employees should be trained
  • Allow you to be proactive rather than reactive when it comes to possible risk outcomes

It’s important that you and your assessor maintain awareness of what risks and compliance obligations are applicable to your financial institution, even as changes occur; therefore, risk assessments should be completed on a consistent basis.

LBMC’s Risk Assessment Process

Our risk assessment process covers the three pillars of security:

  • We start by interviewing key personnel who administer or oversee IT security and privacy functions.
  • We review security policies, processes, IT systems, logs, and training materials to compare them to regulations relevant to the financial industry.
  • We perform a variety of automated and manual assessments to assess your information security system and identify areas that could pose a threat.

We then synthesize this information into a current state assessment report and compare your financial institution’s standing to other relevant security frameworks.

Finally, we deliver an executive summary report. The report provides a clear understanding of your financial institution’s progress toward enhancing its cybersecurity posture while achieving and maintaining regulatory compliance.

Our methodology combines aspects of:

  • NIST SP 800-30 Rev 1, “Guide for Conducting Risk Assessments”
  • Industry threat identification resources
  • Guidance disseminated by regulatory authorities
  • Real-world experience conducting assessments in financial institutions of all types and sizes

Software solutions are also available to streamline your risk assessment process with an intuitive, automated tool.

LBMC and the Financial Industry

In a recent client spotlight, we share an overview of our work with Wilson Bank & Trust. Although the financial institution had an experienced IT team, “due to the complex and dynamic nature of banking security, Wilson Bank & Trust sought out third-party experts to evaluate and recommend solutions tailored to its specific banking culture.”

LBMC’s experience in the financial industry gives our assessors the background knowledge to understand clients’ industry-specific challenges.

Schedule Your Risk Assessment

We are here to help your financial institution stay ahead of possible threats. Contact LBMC Information Security today to schedule your risk assessment.