Academic journal article ABA Banking Journal

Risk Management Tool Lets Community Bank Focus Security Spending

Academic journal article ABA Banking Journal

Risk Management Tool Lets Community Bank Focus Security Spending

Article excerpt

Before it found the right security assessment tool, Ptantation Federal Bank, Pawleys Island, S.C., had a security dilemma shared by many: an ill-defined sense of its exposures and the potential to over-spend on data and system safeguards.

Yet examiners and customers are unsparing in wanting certainty regarding hacks, breaches, or other data security issues. Unwilling to continue to build a security program without a better sense of its existing strengths and vulnerabilities, the bank at first attempted its own profiling exercise.

"We were using a spreadsheet to try to create our own risk assessment tool," recalls Chief Information Officer Elise Anderson. "It was cumbersome." As indicated by Federal Financial Institution Examination Council's Guidelines, a given risk assessment requires that digital assets be identified and valued first. After an analysis of protections in place, a ranking comes from a comparison of exposure and system value. The resulting information should be used to develop mitigation strategies.

Milford, Conn.-based Perimeter, a managed security firm (www.perimeterusa.com) provided a handy fix. It's Risk Profiler lets the user point-and-click through a series of system options, so they can check off what is currently deployed to create an organization profile depicting protected IT assets. …

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