Hatstand Launches Cybersecurity Risk Assessment
Global capital markets specialist, Hatstand, announce the launch of its Cybersecurity Risk Assessment, which will enable businesses to better understand the current state of their preparedness against the risk of cyber attacks and identify any shortfalls within their existing governance programmes.
In light of the increasing volume of cybersecurity threats and breaches, both the Security and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) have made cybersecurity preparedness a top priority for their 2015 member firm examinations. This mandate is reinforced by recent research conducted at this year’s FICO's Asia Pacific CRO Forum, which revealed that 64% of the region’s 34 senior bank executives claim that they feel unprepared for cyber attacks. In response, Hatstand has designed its risk assessment model to help businesses take a proactive approach in addressing their cyber risk management to incorporate industry best practice. Through a process of interviews and self-assessments, Hatstand is able to create a comprehensive picture of both an organisation’s current and desired state of governance.
Lisa Toth, US Head of Risk, Compliance and Regulation at Hatstand, comments, “Cybersecurity really should be treated as an iterative and organic process and it must be acknowledged that every business, irrespective of size, is susceptible to cyber attacks. There is not a one size fits all solution to cybersecurity and a tailored approach will enable each firm to fit the framework to both their risk appetite and budget on a strategic and tactical basis.”
As experts in the capital markets field, Hatstand’s risk assessment model will act as an extension to a business’ existing approach, with an understanding of the best practices required to meet industry standards. Importantly, Hatstand’s tools pull data from the National Institute of Standards and Technology Cybersecurity Framework (NIST), the SEC/FINRA cybersecurity examination and the recently published Federal Financial Institutions Examination Council (FFEIC) Cyber Security Assessment Tool.
Following a self-assessment, Hatstand will provide a detailed report of its security findings, highlighting heat maps of key controls and gaps, aligned with a business’ internal key performance indicators. This, along with its detailed analysis and working papers, can then be used to assist communication with regulators, and complement current cybersecurity planning processes. Furthermore, Hatstand will provide the business with an understanding of what needs to be done in order to close the gaps, as well as provide additional services to better manage governance strategies, programme management, business analysis, and procedure/controls documentation.
Toth concludes, “With cybersecurity directly affecting clients’ data, networks, hardware, software, and operations it is crucial that organisations have sound governance practices in place in order to protect them from theft, business disruption and destruction. Cybersecurity is more than just an IT related issue; it needs to be something that is viewed as part of the overall enterprise risk management of the business.”
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