Financial Services Industry

Cybercriminals and hackers constantly attack financial institutions worldwide. As a result, these banks, credit unions, insurance companies, mortgage lenders, and brokerage firms must put information security atop their priorities to mitigate their risk of an attack. While these organizations are heavily regulated and required to have advanced security measures in place, cybercriminals are upping the ante in their methods of attack:

  • Financial institutions face attacks from hacktivist organizations, nation-states, and insiders
  • According to the Ponemon Institute, the average cost per record of a data breach is $264
  • The average total cost of a data breach is $7.01 million

Managed IT Services for Banks and Other Financial Institutions

Financial institutions are among the most heavily regulated industries due to the high-value customer data and funds they handle. From community banks to thrifts, these businesses must contend with a wide array of federal, state, local, and industry regulations and standards, such as the Gramm-Leach-Bliley Act (GLBA) and the Federal Financial Institutions Examination Council (FFIEC) requirements. Organizations that accept, store, process, or transmit credit card information must also comply with the Payment Card Industry Data Security Standard (PCI DSS) requirements to protect cardholder data. Examples of our managed information technology (IT) services include:

IT Risk Assessments

Review your network environment to identify risks and gaps, then map their impact specific regulations and frameworks.
IT Risk Assessments

Penetration Testing

Identify and attempt to exploit vulnerabilities that cybercriminals could take advantage of, providing valuable remediation insights.
Penetration Testing

Outsourced IT Audits

Verify that stated security controls are in place and are sufficient to comply with relevant financial regulations and standards.

Outsourced IT Audits

Business Continuity Planning

Document your essential business functions, identify which systems and processes must be sustained, and detail how to maintain them.

Business Continuity Planning

Vulnerability Assessments

Discover and report on security flaws to identify potential attack vectors across networks, hardware, software, and systems.

Vulnerability Assessments

Social Engineering Assessments

Assess your capability to defend against criminals that look to exploit weaknesses in your on-premises physical security controls.

Social Engineering Assessments

Virtual CISO (vCISO)

Leverage a team of veteran security professionals full or part-time to identify risks and enhance your security program.

Virtual CISO (vCISO)

Firewall Security Review

Identify any potential security vulnerabilities present within your firewall according to industry requirements and best practices.
Firewall Security Review

Digital Forensics

Collect, preserve, protect, and analyze digital data to better understand the root cause of a security incident.

Digital Forensics
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Learn More About Our Financial Services Industry Solutions

Compass IT Compliance employs a team of highly experienced and certified IT Auditors and Security Specialists, many with a background in financial services, to support your business through a comprehensive suite of solutions. We are also listed in the Financial Industry Regulatory Authority (FINRA) Compliance Vendor Directory. Call (401) 353-3024 or contact us online today for more information about how our services can benefit your organization!