A summary of the client

Customers of SecureBank, a regional financial company, are served in five Midwest states. The bank was established in 1978 and now has over 500 employees, 35 locations, and over $3.8 billion in assets. Digital banking solutions, wealth management, mortgages, and personal and commercial banking are just a few of the banking services that SecureBank provides. SecureBank is a highly regulated financial organization that is trusted with sensitive client financial information and transactions.

The tough

Prior to collaborating with us in early 2021, SecureBank experienced serious cybersecurity issues that compromised their ability to follow regulations and maintain consumer confidence:

• The bank was being targeted by phishing scams and ransomware efforts, among other sophisticated cyberattacks.
• Regulatory Pressure: Some cybersecurity posture issues were identified as needing improvement after recent regulatory reviews.
• Digital Transformation: The bank was increasing its attack surface by continuing to go digital without implementing the required security safeguards.
• Skills Lack of expertise in cybersecurity, especially in areas where dangers are increasing, was a security gap in the internal IT staff.
• Because the bank has acquired a variety of security systems throughout the years, there are gaps, overlaps, and management issues.
• Limited Visibility: Security surveillance provided less information about possible environmental risks and was mostly reactive.

A phishing attempt that successfully compromised multiple staff accounts caused the situation to worsen, necessitating a major incident response effort and raising worries about possible data disclosure. According to James Wilson, CEO of SecureBank, "That incident was a wake-up call for our entire executive team." We saw cybersecurity as more than just an IT problem; it was a business risk that endangered the trust of our clients and the reputation of our organization. We required a thorough strategy to fix our weaknesses and create a sustainable security program.

Our Methods

Following a thorough evaluation of SecureBank's security posture, legal needs, and corporate goals, we created a comprehensive cybersecurity program that would solve current issues and enhance long-term security capabilities.

Phase 1: Security Assessment and Strategy (two months)

To create a baseline and a strategic plan, we started by conducting a thorough analysis:

• Security Maturity Assessment: SecureBank's security capabilities were assessed in light of industry standards and the NIST Cybersecurity Framework.
• Conducting penetration testing, configuration checks, and vulnerability scanning throughout the system was part of the technical vulnerability assessment.
• The GLBA, PCI DSS, and state data protection legislation are just a few of the pertinent rules that were found to have gaps in compliance using regulatory gap analysis.
• After assessing the current security architecture, the review of the security architecture revealed areas that needed improvement.
• Strategy: created a multi-year security strategy that is well-organized, complies with legal standards, and supports corporate goals.

Despite the fact that this phase also exposed important gaps, it assisted in prioritizing activities according to risk. Once again, Jennifer Martinez, CIO at SecureBank, comments, "The assessment was eye-opening." We were aware of our security shortcomings, but the thorough evaluation helped us pinpoint them and determine which were the most serious. As a result, we were able to concentrate our first efforts on the most efficient areas.

Phase 2: Security Foundation and Quick Wins (three months) of the Security Assessment Workshop

Following completion of the review, we concentrated on fixing serious issues and reintroducing essential security components:

• Establishing an established framework for security governance with distinct roles, duties, and reporting channels
• Policy Framework: A thorough security policy framework was developed in compliance with legal standards and industry best practices.
• Protection of Endpoints: Next-generation endpoint security now includes sophisticated threat detection and response mechanisms.
• Email Security: Advanced phishing prevention, user awareness indicators, and improved email security were all put into place.
• Management of Vulnerabilities: Create a systematic process for allocating patch priorities and conducting frequent vulnerability assessments.

This level lowered risk right away and paved the door for more sophisticated capabilities. According to Michael Thompson, the recently hired CISO, "The quick wins were critical for demonstrating progress to our board and regulators." "The enhanced email security alone reduced the number of phishing emails reaching our employees by over 90%, addressing one of our most significant attack vectors."

Phase 3: Advanced Security Capabilities (for five months)

By adding more complex security measures, we strengthened the security base to meet regulatory standards and sophisticated threats:

• creation of a Security Operations Center that is open around-the-clock and integrates managed security services with internal resources
• SIEM (security information and events) management: a SIEM system with unique use cases for threats unique to banking was put into place.
• Identity and Access Management: The comprehensive IAM system that was implemented incorporates multi-factor authentication and improved access management.
• Micro-segmentation and appropriate segmentation were integrated into the redesigned network architecture.
• Data protection: Sensitive information was protected by classification, loss prevention, and data encryption.

Change management and a large deal of technical expertise were needed during this period. "It was difficult to incorporate these state-of-the-art features while preserving day-to-day operations," says Sarah Johnson, Security Operations Manager. "The phased approach and knowledge transfer from your team were essential for building our internal capabilities while managing the transition."

Phase 4: Continuous Improvement and Culture of Security

We concentrated on creating a security-conscious culture and procedures for ongoing improvement when technical safeguards were put in place:

• A thorough security awareness program that includes phishing scenarios, role-based training, and gamification was put into place.
• A systematic approach to vendor risk management was employed to evaluate and track security risks posed by third parties.
• Response to Incidents: Plans were regularly tested and developed to deal with ransomware and data breaches.
• Security measures: We put security metrics and reporting in place to monitor developments and guide choices.
• Continuous Improvement: A procedure was in place for routine software updates, security evaluations, and tabletop exercises.

Impact and Outcomes

Thanks to the intense cybersecurity effort, SecureBank's security posture and regulatory compliance have seen significant, quantifiable improvements:

The following are just a handful of the qualitative outcomes that the endeavor has yielded:

• Instead of taking days or weeks to identify and address any attacks, the bank can now do it in a matter of hours thanks to improved threat detection.
• Regulatory Confidence: Recent regulatory reviews have yielded no noteworthy results and encouraging comments.
• Security Culture: Employees' security awareness scores have risen by 68%, creating a human barrier against social engineering.
• Digital Trust: With increased security, the bank may now comfortably speed up its digital operations.
• Competitive advantage: The bank now highlights its security capabilities in client conversations to set itself apart.

"This cybersecurity curriculum has completely changed the way our organization approaches security. Since its inception as a reaction to particular circumstances and regulatory demands, our bank has gained a competitive advantage. In a world going more and more digital, our clients trust us with their financial issues, and we can gain and keep their trust. Security is no longer seen as an IT problem or a nuisance, but rather as a crucial business function that fosters our expansion and safeguards our most precious resource: the confidence of our clients."

— James Wilson, CEO of SecureBank

Takeaways

SecureBank's cybersecurity deployment produced some practical findings that other financial institutions may find useful:

• The role of executive sponsorship: Obtaining resources and promoting organizational change require the active participation of the CEO and board.
• Don't lose your equilibrium. Technology and People: Investing in people and procedures is just as important to long-term security as controlling technology.
• Set priorities. Based on Risk: When employing a risk-based approach, resources are directed toward the most important risks and weaknesses.
• Connect Security to Business Procedures: Instead of being handled as a stand-alone task, security is best achieved when it is incorporated into current business operations.
• Assess and Communicate Value: It is easier to show the return on security initiatives and maintain executive support when security metrics are regularly reported.

More than anything else, the SecureBank case shows that effective cybersecurity in the financial services industry necessitates a comprehensive strategy that takes into account people, technology, processes, and governance in accordance with business goals and legal obligations.