Subscription service aims to eliminate financial cyberthreats

The cybersecurity landscape is growing more menacing and is proving to be a challenge for a wide range of industries. The financial sector, in particular, is struggling to keep up with evolving compliance requirements while simultaneously protecting sensitive customer information and records from malicious individuals.

To help financial institutions survive the growing presence of cyberthreats, Open Systems Technologies recently unveiled a new subscription service called Bank Security Assessments, which is designed to meet Federal Financial Institutions Examination Council stipulations.

“With these requirements, financial institutions cannot afford to use a non-security expert to assess the well-being of an organization’s IT environment,” said Scott Montgomery, security practice manager at OST.

According to a report by the Identity Theft Resource Council, the banking and financial industry experienced 28 data breaches in 2011, exposing more than 413,000 sensitive records.

By subscribing to the service, financial decision-makers can locate vulnerabilities in their network that may lead to a data breach of some type, whether malicious or unintentional. Subscribers can also gain unique insight into how they can immediately resolve these issues without disrupting operations or efficiency.

Financial institutions using OST’s Bank Security Assessments service can also learn how to physically and socially protect themselves from threats that may pose a damage to their reputation or customer service.

As the cybersecurity landscape becomes more challenging for organizations to address, it will become increasingly common for decision-makers to subscribe to services that will help them in this endeavor. Companies offering these types of subscription based security services may benefit from implementing a subscription management platform, allowing them to track and analyze client usage more effectively.

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The Forrester Wave: Subscription Billing Platforms, Q4 2015

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