Tag: SS Blog

21 May 2020
The Value of Network Reporting for Community Banks and Credit Unions

The Value of Network Reporting for Community Banks and Credit Unions

The Value of Network Reporting for Community Banks and Credit Unions

With increased cyber-attacks, shared data with third-party vendors, and strict regulatory requirements, community banks and credit unions have high standards to meet for information security. Adequate oversight and network reporting on the information security program is needed to ensure the proper controls are in place and that all stakeholders have visibility into the network.

In a recent webinar, Safe Systems shared some key observations on the need for financial institutions to have better communication and reporting between IT staff, the compliance department, and senior management. Here are a few key points to consider:

  1. Gaps Between IT Staff and ISO/Compliance Teams
  2. In many financial institutions, there is a lack of synergy and communication between the IT department and the information security/compliance team. Many ISOs simply do not have the technical background to fully understand how information is being protected. They tend to be more focused on vendor management, business continuity management, and performing risk assessments and less familiar with how systems are getting patched; if machines have antivirus; or if backups are updated consistently. It can be difficult to communicate effectively if ISOs don’t understand the IT world or don’t have visibility into network reports and the necessary information to do their job.

  3. Oversight to Better Manage Controls
  4. Because bank and credit union IT staff are human, sometimes errors will occur. While financial institutions have many technology solutions that automate IT functions and controls, oversight is required to ensure that the controls are adequate, working, and therefore mitigating risks. Without appropriate oversight, any gaps in the network can lead to a successful cyber-attack. Similarly, a finding during an exam that shows certain controls were implemented ineffectively can also leave the institution vulnerable.

  5. Limited Access to Reports
  6. Too often, when ISOs conduct a review of the information security program, the reports they receive are vague or too technical to decipher the key insights most important to the ISO role. Other key stakeholders, like the Board and senior management, also may need more access to high-level reports to better identify threats, assess risk, and make decisions on the appropriate controls to implement.

    Without access to adequate reports, the ISO and other stakeholders can become overly reliant on the IT team to explain what is happening on the network without having the ability to verify that information independently.

To learn more about information security reporting and get a demo of our NetInsight ™ cyber risk reporting tool, watch our webinar, “NetInsight: Trust But Verify.”

14 May 2020
Key Benefits of Cloud Infrastructure for Banking IT Operations

Key Benefits of Cloud Infrastructure for Banking IT Operations

Key Benefits of Cloud Infrastructure for Banking IT Operations

Cloud technology has been driving efficiency and innovation across many industries for years and today, many community banks and credit unions are adopting cloud services for their IT operations.

In a recent webinar, Safe Systems presented an overview of cloud infrastructure and the key benefits to financial institutions. Here are a few points to keep in mind if you’re thinking about implementing cloud services:

Data Centers

Cloud service providers, like Microsoft Azure or Amazon Web Services, have some of the best data centers in the world, providing space, power, cooling, and physical security. You no longer have to worry about the management burdens of an on-premise solution or co-location when your servers and applications are hosted in a secure cloud environment.

Lifecycle Management

The cost of server hardware does not end with its purchase. There are hidden costs of tracking which assets are still healthy, supported, and under warranty. Replacing aging equipment every few years often requires a complex project that impacts availability and takes time away from meeting more important objectives. With cloud services, you can eliminate lifecycle management of your server equipment, enabling you to focus your effort on higher-value projects that drive your business.

Availability

When you adopt cloud services, the availability of your critical application infrastructure and data is the responsibility of the cloud provider. The major cloud providers are able to attract and retain the best talent in the world to keep systems healthy and secure. They deliver your services from a highly resilient network of multiple data centers, vastly reducing your dependency on any single datacenter.

Flexibility

  • Experimentation
  • If your goal is to develop a specialized project for your institution, a platform like Microsoft Azure has many different services to make it easy for you to test scenarios or try new ideas without investing in hardware or navigating the justification and purchase order process. You simply visit the website, turn on a resource, and experiment. Later, you’re able to turn it off with no further commitment.

  • Fast Turnup and Fast Turndown
  • Cloud services enable you to get up and running fairly quickly in this new environment. Instead of having to order hardware and wait for it to be shipped or spend time setting up the solution, you can go from having an idea to having the solution turned on literally within a few minutes. Fast turndown is equally important. When you no longer need the solution, you can simply turn it off, and more importantly, the billing ends as well.

  • Elasticity
  • The elasticity of cloud service means that you can add capacity when you need it and remove expense when you don’t. For periodic computing tasks, like month-end processes, extra computing power can be added to your cloud services and then removed after the job is complete. This is more cost-effective than building an infrastructure that is sized for the busiest day of the year.

  • Serverless Functions
  • Lastly, large cloud providers have many advanced functions that can provide community banks and credit unions with new capabilities like serverless computing. Some workloads that traditionally required a dedicated server, like a Microsoft SQL database, may be able to move into a serverless alternative like Azure SQL. This creates the opportunity to start reducing the quantity of Windows Server instances that need to be patched and maintained.

Cloud infrastructure allows community banks and credit unions to reduce servers, internal infrastructure, and applications that would typically have to be hosted on-premises, in addition to the associated support each one requires. It also enables you to experiment and find the right services that fit your institution’s corporate strategy and IT objectives.

To learn more about cloud services, including cloud-based disaster recovery, watch our webinar recording, “The Cloud: Recovery and Resiliency is Just a Click Away.”