CSI Introduces Cybersecurity Risk Assessment Service in Response to Increased Regulatory Pressure, Growing Threats to Security
26 March 2015 - 12:00AM
Business Wire
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.
CSIBrandon Dyce, 615-545-1675orDavid Jones,
678-781-7238orStephen Sprayberry, 678-781-7207
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