Businesses are becoming increasingly dependent on IT and telecommunications. This allows owners and employees to handle a growing workload with more ease than ever before. However, this convenience doesn’t come without its drawbacks.
Hackers can disrupt the flow of business through unauthorized access from within the system, which can bring a business to its knees in mere moments. Not only does this temporarily disrupt workflow, costing unrealized profits in the potential millions of dollars, but it also damages the reputation of the impacted institution, causing irreparable long-term harm.
Despite the fact that these attacks or hacks have become more frequent and sophisticated, most of them are entirely preventable. Appropriate cybersecurity preparedness and good practices are key to thwarting any unwanted and unwarranted access to system files.
FFIEC Cybersecurity Assessment Tool
Effortless helps businesses use The Federal Financial Institutions Examination Council’s (FFIEC) Cybersecurity Assessment Tool as part of the Effortless Defense product to help keep clients safe and compliant by identifying risks and determining the business’ cybersecurity maturity.
“As cybersecurity becomes regulated, businesses are scrambling to meet compliance standards, and eventually those that don’t will be forced to comply or essentially shut down if they can’t keep up,” said Sonya Meline, Channel Manager at Effortless Office. “The FFIEC Self Audit Tool is geared specifically to financial institutions; however, any company can use most of the tool. It’s a great way to get organized and determine a company’s overall inherent risk profile. Once that’s established, and the amount of accepted risk is determined, the tool helps the organization delve into where they are now, and where they want to be. Finally, the tool presents how to get there with each action item that Effortless can help with along the way.”
Released last year, this tool is constantly updated as new threats and vulnerabilities emerge.
How It Works
At Effortless, we use the Assessment Tool to analyze two things: Inherent Risk Profile and Cybersecurity Maturity. This allows us to provide our clients with a repeatable and measurable process that informs us of the level of preparedness their business is currently at for potential threats by comparing them to industry-accepted standards.
Inherent Risk Profile
This is used to identify — as the name states — the inherent risk of the business. This is done by assessing the risk profile based on the following:
- Technologies & Connection Types – We check your ISP and third-party connections, how your hosting is set up, if you have any unsecured connections, how secure your business WiFi is, what cloud products your business has access to, and what personal devices are being used inside the company.
- Delivery Channels – We take a look at how services are delivered to customers.
- Online/Mobile Products & Technology Services – We analyze how payments are made, such as debit and credit cards, P2P, ACH, wire transfers, etc.
- Organizational Characteristics – We look at the foundation of your company and the way your company is structured in terms of contractors, employees, security staffing, who has privileged access and how it’s being used/managed, and where your data is being stored.
- External Threats – We analyze the type, frequency, and number of attacks that have occurred and are still occurring.
After Inherent Risk has been analyzed, we look at five maturity levels of the business’ current cybersecurity defenses that are currently in place, within the following domains:
- Cyber Risk Management & Oversight – We take a broad overlook at your company’s cybersecurity program and the policies it has in place to establish accountability.
- Threat Intelligence & Collaboration – We look at how well your business is able to effectively discover, analyze, and understand cyber threats.
- Cybersecurity Controls – What monitoring practices does your business have in place to protect proprietary information and infrastructure?
- External Dependency Management – How is your business overseeing third-party connections to your business and sensitive information?
- Cyber Incident Management & Resilience – How is your business establishing, identifying, and analyzing hacks or potential intrusions to your business? Is unwarranted access being contained? If so, what are the procedures in place to do so and are they up to the current standards?
Once the assessment is done, Effortless helps you analyze and interpret the data so that there is a solid foundation of understanding when it comes to where your business’ cybersecurity stands. Once we have identified the vulnerabilities and weak points, we can generate a plan for your business to close any potential holes and get your security measures up to compliance.
Using the FFIEC Cybersecurity Assessment Tool is just one of the many ways Effortless Defense can help keep your business running smoothly. Learn more about how Effortless’ suite of products helps businesses meet compliancy standards and regulations. Speak to an agent today!