monitoring to an MSSP provides a host of benefits, including: • Increase network security bandwidth: With real-time monitoring and management of your network, you and your employees can focus on serving customers, not on whether your data is secure. • Prevent cyberattacks: A managed security provider helps prevent cyberattacks by implementing current best practices. An MSSP offers services such as intrusion detection, Zero Trust architecture, Vulnerability Management, and threat monitoring. These additional layers of security in your network make it harder for cybercriminals to get in. • Take the pressure off your already overwhelmed team: When your bank is growing or inundated with routine IT tasks, it can be hard to find enough time to focus on security logs, respond appropriately to alerts, or even implement improvement projects. MSSPs alleviate some of that pressure by taking over some security tasks. • Enhanced technical expertise: Whether you have an entire IT department or one tech person running the show, having a backup team can be an asset to your organization. Perhaps there’s a problem too advanced for your internal staff. An MSSP can help resolve the issue. What If I Already Have an IT Department? No problem! MSSPs are designed to work in conjunction with your IT department. While your IT department handles your bank’s day-to-day responsibilities and future business initiatives, a managed security services provider can keep a close watch on your network. In addition, if someone on your IT staff is sick, goes on vacation, or leaves your company, an MSSP can fill that cybersecurity gap to prevent vulnerabilities. In addition, MSSPs may have additional knowledge or capacity that your IT department or MSP doesn’t have. This could apply, for example, to the vast Log4j vulnerability seen in December 2021. An MSSP also could assist with the asset management documentation examiners are seeking, or help you keep your Vendor Management Plan current. An MSSP also can assist with routine tasks, such as keeping backups current and protected, managing security alerts, and providing other documentation examiners seek. Banking is a Highly Regulated Industry. Can an MSSP Still Help? An MSSP security company shines brightest in industries with strict regulations. For example, during an examination, you may need to show Jay Mallory has been a business leader in the Louisville area since graduating from Western Kentucky University. To contact Mr. Mallory, he can be reached at jmallory@imagequest.com. your business continuity, disaster recovery, and incident response plans. In addition, the examiner will want to see that you have tested the plans and have proof of implementation. Many small community banks don’t have the bandwidth to adequately prepare these plans and run regular tests on them. But with an outsourced managed security provider, you would have the documentation for the examiner to prove you have the plans to meet business continuity requirements and that penetration testing, vulnerability testing, and tabletop exercises are completed. The financial industry isn’t the only regulated industry where an MSSP can help. If you have customers in healthcare, insurance and benefits, legal services, or non-profit organizations, an MSSP can guide them through the appropriate tests and plans and ensure they remain compliant with industry regulations – and remain good risks for your bank. Finally, having an MSSP on board can help you with cyber insurance renewals and even examiner questions on your bank’s security posture. The better MSSPs include professionals who can sit with you during examinations and answer questions to examiners’ satisfaction. Not sure if your bank needs more security measures? A penetration test, in which you prearrange with an MSSP to see if its “hackers” can penetrate your defenses, might be a first step. This one-time expense can give you a report on areas where you might need to make security improvements. To learn more, call (888) 665-4362 or fill out a form at www.imagequest.com/contact. 13 wvbankers.org
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