One of the most difficult moments in my career happened several years back at an ICBA Live event in New Orleans. I can immediately go back to that moment…
“The Customer is Why You are in Business” Allen Duke, Mentor & Father.
Those who know me well have probably heard me talk about my father's impact on me and business. For those of you who haven’t heard the passion I have related to these lessons I learned, here is some context:
My dad was a manufacturer sales representative for furniture companies, selling furniture to furniture stores across multiple states. My dad was intentional about teaching me business lessons; some of the most memorable lessons were when I would travel with my dad. As part of these trips, we would visit his customers all across the territory. I learned so much from these trips and have many fond memories of the time with my dad…
One of the lessons that he continuously reiterated to me was that “The Customer is Why You are in Business.” Being in business held a ton of weight, partly because my dad didn’t have a base salary; he only made an income if the furniture stores sold his furniture, and it was embedded in his deep-rooted integrity for going the extra mile.
In case you haven’t heard, we are ecstatic to announce that Beth Sumner has joined us as VP of Customer Success. Beth has deep roots in community banking, technology, and information security. As part of her role, she will be a facilitator for our customers to maximize the Finosec impact of helping our customers simplify information security and cybersecurity governance. She will also be a conduit for our customers to give our team feedback on enhancements and improvements we can make to go the extra mile for our customers. If you are a customer, be on the lookout for a meeting with Beth in the coming weeks, and if you have known Beth for as many years as I have, you know we are truly blessed to have her on the team.
We learned about the importance of a System Map in Step One: Building the Foundation, last week.
This week, we are discussing Step 2 – Start with the Most Important. In this critical step in the user access review process, you will identify the most important systems by identifying the high-risk activities each system performs.
Financial institutions have long viewed user access reviews as a double edged sword. On one hand, regulators require them. They’re a crucial component in managing to least privilege. But they’re a challenge to conduct on a regular schedule. And if you have to rely on legacy technology and outdated manual processes, the frustrations can compound logarithmically.
But you don’t need to be stuck in the past. Help is on the way.
Cybersecurity insurance is an increasingly important component of your financial institution’s overall information security program. When a data breach or other hostile technology event occurs, cybersecurity insurance proceeds can provide funds to repair your hardware, recover intellectual property, and even pay for the work you do to reverse adverse reputational impacts.
Be ready for Cybersecurity Awareness Month – use Finosec’s Cybersecurity Awareness Toolkit
Cybersecurity Awareness Month occurs in October. The US Cybersecurity and Infrastructure Agency (CISA) created it to increase general awareness of emerging online threats and how best to avoid them.
There are likely a high number of systems in place at your institution. Running a successful financial institution relies heavily on tools and technologies that will improve the efficiencies of you and your team.
It’s vital for you to fully understand the information security management systems you have in place
But it’s a nuisance to keep track of them all. First, you need to know the status of every component, especially for the systems you outsourced. Then, you must also understand the different kinds of information the systems store, how it’s stored, how data is transmitted, and what kinds of information is transmitted.