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.


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  • 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.


  • 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.