AUSTIN, TEXAS—April 24, 2019 — Cybernance Corporation, a provider of cyber risk governance technology solutions, today announced that it would conduct the most comprehensive study of cybersecurity and cyber resilience of critical infrastructure in the financial market. This is the largest study ever undertaken on cybersecurity resilience at U.S. banks. The study, which has begun, will measure cyber risk, maturity and preparedness of U.S. community banks. First results will be available in early Q3 2019, with an expected completion date by the end of 2019.
Cybernance has partnered with a large banking association and will benchmark at least 15% of all banks in the U.S. The benchmarking incorporates the results of bank assessments based on standard cybersecurity reporting of the Federal Financial Institute Examining Council (FFIEC) using their Cybersecurity Tool (CAT) as well as other sources. Participants will have comparative results across 400+ cyber controls points.
The critical element of the benchmarking study is the assessment of cyber maturity and cyber risk based on the industry and government standard FFIEC CAT. Participation is voluntary and study results will be provided to each participating bank to compare and contrast individual member results, as well as the ability to compare and contrast to the group as a whole.
“Partnering with one of the country’s largest banking association to engage us to design and conduct this groundbreaking study will enable its members to gauge how well they are doing against their peers” said Mike Shultz, Cybernance CEO. “ We know that cyber risk concerns have risen to unprecedented levels among boards and management. Our study will provide them a wide reaching understanding of their risk, resilience and how and where to manage risk reduction. We are excited to undertake this massive study to ensure better security collaboration within banks throughout the U.S., further strengthening our nation’s cyber resiliency.”
Cybernance received the SAFTEY Act designation form the Department of Homeland Security that provides its customers the highest form of risk and liability protection from third-party action in the event of a cyber criminal data breach. Participating banks that continue to utilize the Cybernance FFIEC CAT Platform will also be afforded protection from liability of the Cybernance DHS SAFETY Act designation.
About Cybernance Corporation
Cybernance is the cyber risk governance platform that regulated industries, public companies, and government agencies rely on to effectively oversee and manage cyber risk. Based on the NIST Cybersecurity Framework, the Cybernance Platform is an internal control system that provides deep visibility into the people, processes, and policies within an entire organization so business and agency leaders can easily mitigate and document all cyber risks. With Cybernance, departments work seamlessly together in an online platform that provides company-wide risk reporting through dashboards and a proprietary risk scoring system that gives executives and board members peace of mind and third party liability protection in the event of cyber terrorist activity. In 2017, Cybernance received the SAFETY Act designation from the Department of Homeland Security, which provides customers the highest form of risk and liability protection from third-party action in the event of a cyber-criminal data breach. Visit www.cybernance.com for more information, and follow Cybernance on Twitter and LinkedIn.
Karen Zelina Shultz