PADUCAH, Ky.– In an effort to assist organizations in better understanding the cybercrime risk that is present within their own environments, Computer Services, Inc. (CSI), a provider of end-to-end financial technology solutions, has introduced its Cybersecurity Risk Assessment service as its newest regulatory compliance offering. CSI said its Cybersecurity Risk Assessment is designed to help an organization gauge the level of risk associated with its cyber presence, identify and evaluate existing cybersecurity controls and evaluate the need for additional security measures.
“Cybercrime is becoming a major burden on managing risk and compliance for financial institutions, especially as examiners become more focused on organizations’ cyber resilience,” said Paul Koziarz, group president of CSI Regulatory Compliance. “Based on recent updates from the Federal Financial Institution Examination Council (FFIEC) to its IT Examination Handbook, as well as a recent report from The New York State Department of Financial Services on cybersecurity in the insurance sector, we saw a need to design a more efficient cybersecurity risk assessment process for our customers to help them manage this evolving risk area.”
As part of the Cybersecurity Risk Assessment, CSI Regulatory Compliance experts will perform a thorough top-to-bottom review, which includes:
* Identification and classification of applicable systems.
* Calculation of inherent and residual risk.
Evaluation of controls.
Following the full assessment, the company said the institution receives a cybersecurity risk assessment report that contains all values and scores from each step of the assessment process, including inherent and residual risk scores for each applicable system.