Cybersecurity for the Financial Services Industry

Banks, credit unions, and financial institutions are grappling with a dynamic array of IT security and compliance challenges in today’s digital landscape. The surge in cyber threats, ranging from sophisticated phishing scams to complex ransomware attacks, has put these institutions under immense pressure to protect sensitive financial data and maintain customer trust. The challenge is amplified by the need to stay abreast of evolving regulatory requirements, which aim to fortify cybersecurity but often require significant resource investment to ensure compliance. 

Emerging Technologies in Financial Services

As financial transactions continue to shift online, these entities must continuously fortify their cyber defenses, not only to safeguard against breaches but also to meet the stringent standards set forth by bodies such as the Federal Financial Institutions Examination Council (FFIEC), the Securities and Exchange Commission (SEC), and international standards like the General Data Protection Regulation (GDPR).

Compounding the issue is the rapid pace of technological innovation. Whether you are a bank, credit union, insurance company, investment advisor, mortgage lender, or brokerage firm, all financial institutions must adapt to new banking technologies, such as blockchain and mobile banking, which introduce new vectors for cyber threats. The implementation of comprehensive cybersecurity frameworks that include regular risk assessments, incident response plans, and employee training programs is critical. Moreover, the interconnected nature of modern financial systems means that compliance is no longer a siloed endeavor; it requires coordination across various stakeholders, including third-party vendors and cross-border entities. As banks and credit unions navigate this intricate environment, the demand for robust IT governance, risk management, and compliance programs has never been greater, necessitating a strategic approach to managing cybersecurity risks while keeping pace with the constant flux of regulatory demands.

Derek Boczenowski Circle

Derek Boczenowski currently serves as the SVP of Audit and Risk Management at Compass IT Compliance, where his in-depth experience in the highly regulated financial services sector informs his exemplary leadership. With 15 years in banking information technology preceding his role at our firm, he offers a nuanced perspective on audit and risk management, having sat on both sides of the audit table. At Compass IT Compliance, Derek employs his seasoned skills to conduct thorough risk assessments and audits across multiple industries. Additionally, he serves as a trusted security advisor to various banks and credit unions, reinforcing his pivotal role in fortifying financial data security.

“I have worked with Compass ITC for many years and I have found them to be very knowledgeable and helpful. Together we have established an internal IT audit partnership that works well for the bank and satisfies the examiners. I would recommend Compass ITC to other financial institutions”
Senior Vice President Internal Audit
Avidia Bank

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. Contact us online today for more information about how our services can benefit your organization!