Compliance and regulatory issues, especially as they relate to cybersecurity, are top of mind concerns for financial institutions. For many community banks keeping up with the ever changing regulatory requirements and expectations can be a challenge. One area of concern for many banks is the Federal Financial Institutions Examination Council’s (FFIEC) CAT, which was released in June 2015 and is designed to ensure banks are prepared in the event of a cybersecurity attack. Although regulators said they would not require banks to complete the CAT, they began using this set of criteria to examine institutions and determine their level of cybersecurity preparedness.
This was the case for Small Town Bank, a $215 million institution headquartered in Wedowee, Ala., that serves East Central Alabama and its surrounding communities. To comply with the FFIEC’s cybersecurity requirements, Small Town Bank began implementation of the new CAT requirements. However, the bank’s IT department found the 123-page assessment to be a time consuming and cumbersome task for the bank to manage and understand. The bank was unclear on what they needed to do to improve their cybersecurity processes and understood they needed to find a more efficient way to complete the assessment, understand their level of risk and make improvements to their IT environment.
The Solution – Safe Systems’ Cybersecurity RADAR Application
Small Town Bank began looking for a solution that could simplify this process and provide guidance on exactly what the staff needed to do to improve its compliance posture. When the bank heard about Safe Systems’ new automated cybersecurity tool, the staff was excited to learn more about its key features and functionality and how this product could help them achieve their long-term goals for cybersecurity. The Cybersecurity RADAR solution combines compliance expertise with an Enhanced Cybersecurity Assessment Tool (ECAT) application to help document notes for examiners, create reports and maintain an up-to-date record of the assessment. After reviewing the information about the Cybersecurity RADAR product, Small Town Bank knew it would have a knowledgeable team to provide expert knowledge and support to ensure a more streamline assessment process.
The Results – Improved IT Examination Results
Working with Safe Systems, Small Town Bank was able to realize significant operational efficiencies in its CAT assessment reviews and reporting and reduced the time its staff spent on completing the CAT from days to hours.
For more information on how Safe Systems helped Small Town Bank, please download our complementary case study, Small Town Bank Improves IT Examination Results.