Cyber Defense eMagazine March Edition for 2022

Implementing legislation in hopes to minimize damage
The Biden administration recently issued Binding Operational Directive 22-01, requiring most federal
agencies to patch hundreds of cybersecurity vulnerabilities considered major risks for damaging
intrusions including data breaches or compromise of government computer systems.
Specifically, “Organizations of all sizes, including the federal government, must protect against malicious
cyber actors who seek to infiltrate our systems, compromise our data, and endanger American lives,”
DHS Secretary Alejandro Mayorkas said in a statement alongside the directive. The new order “requires
federal civilian departments and agencies to protect against critical known vulnerabilities, which will
reduce the risk of malicious intrusion and increase our collective cybersecurity.”
What this boils down to is federal institutions, banks, credit unions and fintechs nationwide must find ways
to comply with these new cybersecurity standards and mandates. But how? What if you are already
behind the 8 ball? What can be done not only to improve but catch up?
Meeting challenge with opportunity
While the new government mandate might seem an insurmountable challenge to all but the big
corporations, it isn’t. Rather, it’s an opportunity to shore up security and thwart cyberattacks and data
breaches.
Financial institutions everywhere already abide by considerable cybersecurity, privacy and information
security requirements. Further, many have adopted the National Institute of Standards and Technology’s
(NIST) Cybersecurity Framework as their main cyber risk management tool. But financial institutions that
haven’t met those standards could take the order as an impetus to do so and improve their cybersecurity
posture and make improvements in the maturity of their risk management program.
Perhaps, too, federal institutions will view the order as a reason to enact zero-trust policies, procedures,
and relevant technologies. The order mandates executive branch agencies to create zero-trust
environments.
Putting cybersecurity best practices in place
Whether a bank, credit union or fintech adopts a zero-trust model or not, it’s wise to consider these best
practices to increase cybersecurity:
• Proactively monitor total cyber exposure. Consider partnering with a built-for-banking
company that provides 24/7, real-time cybersecurity and cyber compliance and sends alerts of
any anomalies.
Cyber Defense eMagazine – March 2022 Edition 100
Copyright © 2022, Cyber Defense Magazine. All rights reserved worldwide.