Codeveloped Operational Resilience Assessment Aids Banking Sector in Reducing Operational Risk from Destructive Cyber Attacks
MINNEPOLIS, MINNESOTA, USA, November 3, 2021 — The TrustMAPP and Global Resilience Federation (GRF) team won the category, “Effectiveness/Impact” in the Federal Deposit Insurance Corporation (FDIC) Technology Sprint Competition. TrustMAPP presented its revolutionary cybersecurity assessment coupled with the GRF developed Operational Resilience Framework which together, can help an organization’s approach and resilience when faced with destructive malware campaigns.
“The FDIC Tech Sprint is designed to turn ideas into value,” Chad Boeckmann, CEO of TrustMAPP said. “Being awarded the category of Effectiveness/Impact by the FDIC provides further validation in the market that TrustMAPP — the leader in Cybersecurity Performance Management — is designed for leaders who care about keeping the future of their business secure.”
TrustMAPP and GRF competed against teams with representatives from Google, Amazon Web Services, and RSM. Ultimately, the TrustMAPP and GRF team were awarded one of the three categories after a fierce competition.
The Effectiveness/Impact category was defined by the FDIC as:
To what degree did the approach have the potential to lead to a universal set of measures with a testing mechanism that may be used by all banks while protecting proprietary data, including consumer data, and critical systems and operations? In addition, how did the approach add value for a variety of stakeholders, particularly small to midsize financial institutions?
A panel reviewing presentations included representatives from FDIC, the Office of the Comptroller of the Currency, the Securities and Exchange Commission, the Department of Homeland Security Cybersecurity and Infrastructure Security Agency, and the National Institute of Standards and Technology.
Mark Orsi, President of GRF, said, “We were pleased to participate in the FDIC tech sprint contest and could not be happier to have won the Effectiveness/Impact category against some impressive competition. We’ve been working hard to develop a multi-sector set of measures to reduce risk, limit disruptions, and lessen the impact of destructive cyber-attacks, and it’s fantastic to see that work recognized by subject matter experts, in the face of some great work put forward by our peers in the contest.”
TrustMAPP’s Cybersecurity Performance Management Platform provides executives an inside view of their Cyber Security Maturity. Our Executive level reporting provides CISO and Board Members a view of the current cybersecurity maturity, a road map to improve the score as well as the cost to achieve those. Our analytics and reporting capabilities provide the data for executives to create a roadmap to achieve their cyber security maturity goals.
TrustMAPP CISO and CTO Allan Alford said, “This competition was important in two ways. First, it ratified steps we’ve taken in developing a TrustMAPP module useful for security practitioners in the financial services sector to establish and enhance operational resilience. Secondly, it validated the multi-sector applicability of the assessment and the Operational Resilience Framework. This is a big win.”
Read more about the competition from FDIC: https://www.fdic.gov/news/press-releases/2021/pr21091.html
Global Resilience Federation (GRF) is a non-profit hub and integrator for support, analysis, and cross-sector intelligence exchange among information sharing and analysis centers (ISACs), organizations (ISAOs), and computer emergency readiness/response teams (CERTs). GRF’s mission is to help assure the resilience of critical and essential infrastructure against threats that could significantly impact the orderly functioning of the global economy and general safety of the public. Learn about the GRF’s Business Resilience Council developing the Operational Resilience Framework: https://www.grf.org/brc. You may also visit @GRFederation on Twitter or Global Resilience Federation on LinkedIn. Media questions may be directed to Patrick McGlone at email@example.com
TrustMAPP delivers continuous Cybersecurity Performance Management, giving CISOs a real-time view of the effectiveness of their cybersecurity program. TrustMAPP tells you where you are, where you’re going, and what it will take to get there. From a single source of data, an organization’s security posture is visible based on stakeholder perspectives: CISO, C-Suite, and Board. TrustMAPP gives organizations the ability to manage security as a business, quantifying and prioritizing remediation actions and costs. Please visit trustmapp.com to learn more and also visit @TrustMAPP on Twitter and TrustMAPP on LinkedIn. General inquiries should be directed to firstname.lastname@example.org. Press and analyst inquiries should be sent to email@example.com.