Available for National and Global Banks to Rapidly Provide the C-Suite with a Defensible Technology Risk and Compliance Readiness Posture
AUSTIN, Texas, and Lake Buena Vista, FL (2017 FS-ISAC Annual Conference), May 1, 2017 — Edgile, the leading security and risk consulting firm and provider of industry-specific regulatory content libraries, today introduced its Technology Diagnostics Managed Service providing financial services organizations with critical insights to more quickly and effectively assess their cyber practices, risks and compliance readiness.
Financial Services organizations are increasingly required to expand the depth and breadth of their enterprise’s risk and compliance intelligence for systems both on-premises and in the cloud. This insight is becoming more and more essential to identify potential cyber risk to sensitive business information and clients’ confidential data, find compliance gaps, and benchmark security capabilities against the industry to ensure security programs, practices and investments are on track.
Edgile’s Technology Diagnostics Managed Service facilitates exactly that by rapidly providing management with a defensible risk and compliance readiness posture through robust assessment and comprehensive intelligence reports. The firm’s diagnostics service leverages its significant investment in Edgile’s Content Managed Service knowledge base, which enables regulatory change management through industry-specific harmonized laws, and facilitates compliance readiness reporting.
“With increased regulatory scrutiny coupled with greater personal liability of the Board and C-Suite imposed by new laws it is now more important than ever for security and risk executives to understand the depth of their risks and exposure. This knowledge helps them ensure that their company’s information security, risk management and cybersecurity are being properly managed,” said David Deckter, partner, Edgile. “Edgile’s technology diagnostics managed 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.”
Data breaches, which are significantly increasing as a result of cyber attacks targeting sensitive valuable business information such as intellectual property and trade secrets, are driving Federal and State laws and regulations to impose greater privacy and security obligations on companies to protect consumer information stored on their servers. To remain in compliance, businesses must navigate a complex web of laws and regulations with fragmented and overlapping coverage, and multiple government players.
Financial services organizations must comply with the Gramm-Leach-Bliley Act (GLBA), which governs financial institutions’ obligation to protect financial nonpublic consumer information. Beyond risk and compliance, organizations are now facing increasing scrutiny from such agencies as the Federal Trade Commission (FTC) to prove their security conformance with the ‘commercially appropriate’ standard determined by practices of similar companies in their industry, or be threatened with sanctions for unfair or deceptive practices.
Edgile Technology Diagnostics Managed Service
Edgile’s Technology Diagnostics Managed Service significantly reduces the time it takes to properly assess and diagnose an organization’s information and technology landscape, enabling them to more rapidly and credibly answer the hard questions on the mind of the Board, C-Suite executives and regulators. ‘Are we secure and compliant? How do we stack up to peers in our industry?’
Edgile’s technology diagnostics run across the enterprise, including platforms, applications, processes, facilities and business functions. Financial institutions’ security, risk, and audit teams can choose from over 100 enterprise-appropriate diagnostics leveraging Edgile’s industry-specific benchmarking data. This allows companies to more easily identify unknown security issues and demonstrate their proactive security posture.
Organizations can now provide the Board and C-Suite with rich intelligence on risk and control capabilities, practices and configurations across the entire organization. Benchmark and compliance reporting, including real-world risk narratives, provides clients with the operational insights to assess and diagnose their cybersecurity infrastructure and benchmark their organization against current industry security practices. Edgile’s Technology Diagnostics Managed Service, which can be set up within a client’s existing GRC solution, covers the IT estate including business functions, business processes, applications, infrastructure, support services and facilities.
Edgile’s Integrated Risk Management (IRM) practice enables companies to modernize their governance, risk and compliance programs through industry-leading models, approaches and accelerators which significantly improve the effectiveness of risk management practices throughout the entire technology estate, whether on-premises or in the cloud. The firm’s integrated IAM-GRC capabilities and business-aligned approach uniquely qualifies Edgile to lead organizational transformation to stay ahead of the cybersecurity curve. Edgile’s iGRC Content Managed Service powers the regulatory programs of institutions, including 12 of the top banks and seven top hospitals, by providing clients with streamlined access to the latest regulations and tools to efficiently stay in compliance.
Edgile provides GRC Technology Enablement services to lead clients through current-to-future state roadmap strategy-to-planning, and to implement enterprise-wide GRC solutions.
Edgile is the trusted partner and advisor on cyber risk, providing strategy and implementation consulting services to the world’s leading organizations. Our mission is to secure the modern enterprise for the new age of digital, where trust is the most valuable asset, allowing today’s enterprise organizations to be more agile, business-driven and transparent with all partners in their ecosystems. Edgile’s services include security strategies; cybersecurity; integrated risk management and GRC technology enablement; and identity and access management (IAM).
Edgile is a Microsoft Gold Partner and SailPoint Partner of the Year for the Americas. Experiencing increased demand for its cyber risk consulting services, Edgile was recently included on the 2016 Inc. 5000 list as one of America’s fastest growing private companies.
To help clients stay on top of constantly changing regulatory requirements, Edgile maintains a database of industry-specific harmonized laws and regulations known as the Edgile iGRC Content Managed Service, which integrates with existing client resources across the enterprise for insurance, banking, health and life sciences, retail and manufacturing, government and energy.