- July 16, 2020
- Posted by: Pat Riot
- Categories: CyberSecurity, Finance, Security Operations
The amount of cyberattacks in the United States is increasing each year, with the Financial Industry being the frontrunner for attacks. Last year, there were over 1,400 cyberattacks which lead to an astonishing 164 million successful data breaches, according to Fortunly. Even for a small business, breaches can be detrimental to a company’s revenue and reputation. Data gathered by the CPA Journal suggests that the cost of a breach isolated to payroll records of a business with only five employees, bimonthly pay periods, and operating for 10 years could be nearly $300,000.
As attacks increase, so does the responsibility of companies to prove they are dealing with these attacks. Companies must now demonstrate that they are equipped to protect their client data with efficient software and personnel to manage, detect, and respond swiftly to data breaches. With a laundry list of compliance regulations (Federal & State) and Reporting that is required by companies, it is almost impossible for them to focus on their actual services. Compliance and reporting have become nightmares for the financial sector due to the fact that there is a shift to digital transformation and being the number one target for a cyberattack. Companies are now being asked to provide extensive reports as to what processes are set in place to secure their clients data and are those processes effective or not.
In 2017 the AICPA created a System and Organization Control (SOC) Cybersecurity Risk Management Framework. The goal of this framework is to help organizations communicate and report on the cybersecurity risk management programs they have in place. According to the CPA Journal it will, “enhance public trust in entity-prepared communications about the effectiveness of their cybersecurity risk management programs.” Basically, it is a set of guidelines recommended to follow in order to provide confidentiality, integrity, and ethical value. This report creates authenticity and demonstrates compliance at the State and Federal level. The fact of the matter is most financial organizations aren’t properly staffed with employees that can effectively control the security processes to follow said guidelines.
Here at Steel Patriot Partners we want to take away the burden of compliance and reporting. With our Security Operations Center (SOC) we are able to provide comprehensive security for all financial organizational needs. Our SOC team uses a next generation virtual SIEM which allows them to collect, manage, and research real time log data consolidated from any source with our software. We help organizations to better communicate the effectiveness and process in place in a consistent common manner, which we can provide for any SOC report or Compliance regulation. Our team stays up to date on the latest security threats, manage around your time so you don’t have to focus on security, and provide data reports per your request. Organizations that are prioritizing cybersecurity are investing in the future.
For more information on how you can secure your company’s network and ease reporting burdens please contact us [email protected] or give us a call at 855.578.7272 and we would love to talk!