I found a very interesting article at the ValueWalk site about the FDIC requiring banks to improve their cyber security, they started out with:
"Due to the increase in number and sophistication of cyber threats, cyber security has become a critical issue facing the financial services sector. This article discusses the cyber threat landscape and how financial institutions’ information security programs can be enhanced to address evolving cyber security risks. The article concludes with a discussion of actions taken by the federal banking agencies in response to the increase in cyber threats."
The final conclusion was that: "Bank management must incorporate cyber security into the bank’s overall risk-management framework; design and implement appropriate mitigating controls; update respective policies and procedures and, ultimately, validate the intended control structure through an audit program. When designing a cyber risk control structure, four components of traditional information security programs are critical: Corporate Governance, Threat Intelligence, Security Awareness Training, and Patch-Management Programs. Here is the full article.
Obviously we totally agree with this conclusion. Banks and Credit Unions are 25% of our customers. Find out how affordable this is for your organization and be pleasantly surprised.