The client is a mid-size fintech firm equipped with 30 servers and 250 workstations that has tasked its IT department with overseeing network security. Alarmed by potential cyber threats, they decided to initiate a comprehensive cybersecurity risk assessment to identify and evaluate risks to its data and operations, where Sparity played a key role in identifying and developing a strategy.
Client Fintech Services Cybersecurity Risk assessment and Management Year 2023
Key Challenges
- The client encountered challenges in identifying potential cyber security risks within the organization.
- Evaluating the likelihood and impact of these risks has posed another significant challenge for the organization in the past.
- There was a need to develop a comprehensive risk management plan to effectively mitigate and respond to the identified cyber security risks.
- The organization faced challenges in implementing a strong password policy and ensuring its consistent enforcement across the entire network and all workstations.
Technologies
Solution
- Our IT and management team identified potential cybersecurity risks through a review of the company’s information systems, network architecture, and business processes.
- Sparity used a cybersecurity risk assessment matrix to evaluate the likelihood and impact of identified risks.
- Identified several potential cyber security risks including: Unpatched software vulnerabilities, Weak password policies and Lack of incident response plan.
- Developed cybersecurity risk management plan that included regular vulnerability scanning, software patch management, password policy enforcement, incident response planning and regular review of identified risks.
Benefits
- Cybersecurity risk assessment helped the client to identify and evaluate potential cyber security risks, which enabled them to develop a risk management plan to mitigate and respond to these risks.
- By implementing the recommendations provided, the company reduced the risk of a successful cyber attack and ensured the security of their data.
- Additionally, regular employee training on identifying and reporting security incidents helped them enhance the overall security posture of the organization.
