PADUCAH, Ky., March 25, 2015 – Across all industries, cybersecurity is at the forefront of concern as organizations fight to ensure the safety of confidential data and prevent reputational damage. As a result of recent cyberattacks and system compromises—as well as regulatory updates—both financial institutions and insurance companies have experienced the need to improve their ability to combat cybercrime. Overall, these organizations in particular are at an increased risk for cyberattacks and are also seeing cybersecurity become a much larger focus among state and federal regulators.
In an effort to assist organizations in better understanding the cybercrime risk that is present within their own environments, Computer Services, Inc. (CSI) (OTCQX: CSVI), a provider of end-to-end financial technology solutions, has introduced its Cybersecurity Risk Assessment service as its newest regulatory compliance offering. CSI’s Cybersecurity Risk Assessment is designed to help an organization gauge the level of risk associated with its cyber presence, identify and evaluate existing cybersecurity controls and evaluate the need for additional security measures.
“Cybercrime is becoming a major burden on managing risk and compliance for financial institutions, especially as examiners become more focused on organizations’ cyber resilience,” said Paul Koziarz, group president of CSI Regulatory Compliance. “Based on recent updates from the Federal Financial Institution Examination Council (FFIEC) to its IT Examination Handbook, as well as a recent report from The New York State Department of Financial Services on cybersecurity in the insurance sector, we saw a need to design a more efficient cybersecurity risk assessment process for our customers to help them manage this evolving risk area.”
As part of the Cybersecurity Risk Assessment, CSI Regulatory Compliance experts will perform a thorough top-to-bottom review, which includes:
- Identification and classification of applicable systems;
- Calculation of inherent and residual risk; and
- Evaluation of controls.
Following the full assessment, the institution receives a cybersecurity risk assessment report, which contains all values and scores from each step of the assessment process, including inherent and residual risk scores for each applicable system. As a result, institutions will gain a clearer picture of where they may need additional controls, and can then make the necessary adjustments to further reduce risk to an acceptable level.
“The world of cybersecurity is complex and ever-changing,” Koziarz said. “Our new service gives organizations the help they need, from certified risk experts, to mitigate the risks associated with the very serious threat of a cyberattack. Through this risk assessment, our customers not only keep pace with new risks, but also ensure they are successful in maintaining an effective compliance program.”
Since 1998, CSI Regulatory Compliance has provided organizations with software solutions and consulting services focused on OFAC watch list screening, risk management and fraud prevention. As a leader in the regulatory compliance space, CSI provides solutions and services that ensure customer success by leveraging the latest technology advancements to consistently deliver superior results.
About Computer Services, Inc.
Computer Services, Inc. (CSI) delivers core processing, managed services, mobile and Internet solutions, payments processing, electronic and print distribution, and regulatory compliance solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industry-wide rankings as the FinTech 100, Talkin’ Cloud 100 and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.