New Regulations and New Threats Require New Tools

Author: David Deckter

Introducing Edgile Technology Diagnostics for Financial Services

Today, we announced Edgile Technology Diagnostics, a new offering available as a managed service to our clients.

Global banks and other financial service institutions are under increasing pressure to comply with regulatory standards and protect their clients’ data. Because of highly publicized data breaches, consumers have justified concerns about  the security of their personal data. Even the most well-known brands are under fire. CISOs are under intense pressure to ensure these fears never become a reality, while simultaneously proving to their boards and peers in the c-suites that information security, risk management, and cybersecurity are  being properly managed.

The traditional approach of building control plans and producing elaborate documentation is both time consuming and costly. And enforcement of new regulations — such as NY DFS Cybersecurity Law and based on Section 5 of the Federal Trade Commission Act, unfair business practices — are causing a new requirement for comparative data sets (“peer benchmarking”) for governance programs.

So there had to be a better way?

And that’s why we created Edgile’s new managed service:  Edgile Technology Diagnostics

The Edgile Technology Diagnostics Managed Service runs across the enterprise, including platforms, applications, processes, facilities, and business functions. Financial institutions teams in security, risk, and audit  can choose from more than 100 enterprise-appropriate diagnostics leveraging Edgile’s industry-specific benchmarking data. This enables companies to more easily identify unknown security issues and demonstrate their proactive security posture.

Our diagnostics enable CISOs to answer the toughest questions:

  • Is our technology secure?
  • Are we compliant with cybersecurity regulations?
  • Where are our largest technology gaps?
  • How do we compare against other firms?

With increased regulatory scrutiny — coupled with increased personal liability of the board and c-suite imposed by new laws — it is now more than important than ever for security and risk executives to understand the depth of their risks and exposure and to ensure that their company’s information security, risk management, and cybersecurity are being properly managed. Edgile’s Technology Diagnostics service provides financial institutions with the deep and broad industry-specific insights to assess their risk, demonstrate compliance, and make the investments in security that materially reduce risk.

Edgile’s managed service, Technology Diagnostics, is currently available for Financial Services clients.

To learn more, contact Edgile’s Integrated Risk Management team.