Innovative Cyber Risk Solutions Tailored
for Banks, Credit Unions and Financial Institutions
Cyber Risk In Banking & Finance
Banks and financial institutions thrive in a regulated environment and answer to a host of stakeholders. Cybersecurity for banks and financial institutions ought to be provided by a firm which understands the regulatory environment, unique threats and needs of this sector.
A tailored credit union package will soon be available.
Cybersecurity risk, cyber risk insurance*, and a risk management plan which satisfies outside legal counsel and the organization’s board of directors is exactly what the TripleHelix® family of cyber risk assessments provide to institutions of all sizes.
AssuredOne™ - 360° Cyber Risk Protection for Banks and Financial Institutions
Many cybersecurity risks are now foreseeable and readily avoidable. AssuredOne™ brings solid cyber risk insurance solutions together with cutting edge cyber risk assessments and complete regulatory compliance, for financial institutions.
For large institutions, a TripleHelix® cyber risk assessment provides
- visibility into the gaps, risks and vulnerabilities in the organization’s systems today
- a Roadmap of possible changes to reduce risk
- a CyberScore® designed to assist the Board in understanding their responsibilities in managing cyber risk and
- a full complement of regulatory compliance reporting, often provided with a minimum of internal disruption.
Innovative Cybersecurity and Cyber Insurance for Everyday Financial Provider
Banks and most financial institutions are federally regulated by one or more regulators: the Federal Reserve Board, the Office of the Comptroller of the Currency, the FDIC, the SEC, the CFTC, the CFPB or the National Credit Union Association (NCUA) specifically for credit unions. Then, there are the state regulatory requirements. Each regulator may mandate its own cybersecurity compliance regimen.
Need a regulatory compliance report you don’t see? Just ask – Assured Enterprises will integrate any regulatory compliance report at no cost.
Financial institutions must meet the requirements of the regulators, but savvy boards of directors know that “compliance does not equal security.” For this reason, TripleHelix® and its progeny, Cyber Health Essentials Checkup™ and Cyber Pro Maturity™, are tailored to the security needs of institutions of all sizes and threat profiles.
Visibility into cyber risk, a plan to mitigate the risk, a threat analysis to inform decision-makers and the choices for managing risk, a CyberScore® to measure the risk and to serve as a benchmark for future comparison and a complete regimen for satisfying regulatory compliance—whether governmental, best international practices, specific purpose compliance or internal compliance is available, too.
Combined with innovative cyber risk insurance, even the smallest financial institution can begin to address, to mitigate and to manage its cybersecurity risk and provide adequate insurance to protect its stakeholders
A Special Offer for New York State Financial Services
The New York State Department of Financial Services supervises a sophisticated cybersecurity compliance regimen—NYS DFS 23 NYRCC 500 also known as Part 500. These requirements mandate an annual cyber risk assessment, twice a year scanning, the signature of officers, directors and a CISO or a virtual CISO to accompany the annual filing.
Each of these requirements can be provided for large institutions through a TripleHelix® engagement. For small and medium sized firms, the key requirements may be secured online through a complete cyber risk assessment and the NYS DFS regulatory compliance report.
Cyber risk insurance rounds out the suite of cybersecurity risk management provided online to small and medium sized financial institutions. Additional services, such as scanning (using AssuredScanDKV®) virtual CISO services and other regulatory compliance reports are readily available—just ask us.
A Suite of Cyber Protection
AssuredOne provides cyber risk insurance to virtually any small or medium sized business, so that the leaders can rest with peace of mind in the event of a data breach.
We combine the best in legal compliance, cybersecurity engineering professionals and insurance experts to deliver our clients provides the one-stop support that is not available elsewhere.
Together we offer a Suite of Cyber Protection, including:
- Cyber risk insurance
- Insurance Gap Analysis (optional)
- Annual Cyber Risk Assessment (tailored to an organization’s size and threat profile)
- Compliance online (NYS DFS Part 500 is currently available, with dozens more online compliance systems to come soon)
- Deep Software Scanning (AssuredScanDKV®) the world’s foremost scanner focused on Detecting Known Vulnerabilities (DKV) in the software currently on a client’s system. Some 80% of the successful cyber-attacks, including those against banks and financial institutions, exploit a known vulnerability in the software resident on the company’s system. Only AssuredScanDKV® is able to see the holes by looking at the binaries, without the need for access to the source code or the data created by the client using the software. This is a powerful tool in the struggle to avoid data breaches and to prove to the regulators that the organization is taking commercially reasonable steps to proactively address foreseeable cyber risks.
Other à la carte services available through Assured Enterprises include:
- Review (redrafting as needed) of key security documentation and procedures
- Encryption and key management systems
- Cybersecurity risk training for executives and employees
- Virtual CISO services
- Design and implementation of unique solutions for clients
- Data Security Budget management and consultation
- Numerous other services
In Episode 68 of the Paradigm Shift Podcast, Libby Benet, past-president of AssuredOne, discusses her path from lawyer to insurance executive to cybersecurity advocate in The Truth and the Myth of Managing Cyber Security Risk.