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Cybersecurity Insurance: A missing element in Computer Risk Management?

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The U.S cyber risk insurance market has been growing over the years as small, medium, and multi-billion dollar firms – including financial institutions – consider insurance coverage a strategic tool in mitigating the loss and liability associated with successful cyber-attack and data breach. According to a study report, The cyber security insurance market was valued …

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the relationship between cybersecurity policies; standards, and guidelines.

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Information security policies, standards, and guidelines work together – like an engine – through which the objectives of an organization’s cybersecurity program are achieved. Policies define the institution’s control environment through a governance structure and provide descriptions of required, expected, and prohibited activities. Generally, policies spell out the decisions of policymakers. In turn, this decision …

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A discussion on botnets: Life Cycle, control mechanism, and malicious use.

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Have you ever heard of the term ‘botnets’? The term is coined from two words; robot and network. Seemingly, botnets are robots that are configured to operate in a network environment. Thus, there would be an existence of botnets when a collection of cloud-connected devices are infected and controlled by a common type of malicious …

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The US Cybersecurity Policy Environmental Scan: Cyber-Culture, Economy, and Jurisprudence

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Today, cybersecurity is one of the biggest categories of threat faced by governments, business entities, and consumers. According to a report, in 2013 people lost $84 million to online romance and dating scams, 51 million to scams relating to online auto theft, and about 18 million to real estate and rental scams. By 2014 a …

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Vulnerability Assessment Report: A critical step in risk management

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Have you ever wondered how banks manage the risk of computer data breach or loss? Well, you are not alone. One of the first things a bank should do is to develop a vulnerability assessment report. This report would allow management ascertain systems that are vulnerable to identified security threats. Usually, banks manage multiple retail …

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Introduction to The Federal Information Security Management Act (FISMA) 2002

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The Federal Information Security Management Act (FISMA) 2002 established the importance of information security principles and practices within the Federal Government, noting that information security is critical to the economic and national security interests of the United States. The emphasis of the FISMA was to establish a risk-based policy for cost-effective security. With the passage …

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Access Control Policy: A tool for security and operational efficiency

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What is Access Control? In the simplest term, a financial institution’s Access Control Policy (ACP) should define who has access to sensitive information; an electronic media or device, or a facility. APC should also specify how, when, and where to access such information, equipment, or facilities. Imagine the wealth of information and physical resources at …

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Financial Institutions Risk Management and Regulatory Compliance: Targeting two Birds with One Stone

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The term ‘compliance’ basically constitutes a cycle of actions, procedures, and policies that ensures an organization implements applicable laws, regulations, and best practices. It is critical for a financial institution to ensure it complies with applicable laws not just for being on the good side of the law, but more importantly, to promote an effective …

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