Computer Services Inc., a provider of end-to-end financial technology solutions, has added Cybersecurity Risk Assessment to its regulatory compliance offering.
The services is designed to help an organization gauge the level of risk associated with its cyberpresence, identify and evaluate existing cybersecurity controls and evaluate the need for additional security measures, according to a CSI press release.
“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 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.”
The service includes a top-to-bottom review by CSI regulatory compliance experts, and provides:
•identification and classification of applicable systems;
•calculation of inherent and residual risk; and
•evaluation of controls.
The resulting cybersecurity risk assessment report contains all values and scores from each step of the assessment process, including inherent and residual risk scores for each applicable system. This information can present an organization with a clearer picture of controls and adjustments required for risk reduction.
“Through this risk assessment, our customers not only keep pace with new risks, but also ensure they are successful in maintaining an effective compliance program,” Koziarz said.