The Financial Services Sector (FSSCC) Cyber Security Profile is one of the critical pieces of information used for proving compliance across a host of standards necessary of financial institutions of all types, financial services companies, financial firms, and their third-party providers. In 2018, a survey showed that CISOs in the financial services sector spent 40% of their time, and their teams’ time reconciling various cybersecurity and regulatory frameworks instead of focusing on cybersecurity needs. This time spent was because each regulation has its own standards for institutions to follow for their cybersecurity initiatives resulting in a segmented approach to compliance with various regulatory standards. As such, the Financial Services Sector Coordinating Council developed the Financial Services Sector Cybersecurity Profile to unify CISOs and practitioners’ efforts to maintain and improve their compliance activity.
The FSSCC Cybersecurity Profile uses a cybersecurity risk management-based approach, very similar to the NIST Cybersecurity Framework, from which it draws inspiration. One thing that separates the FSSCC from the NIST CSF is that the FSSCC is broken up…
