BankTech Ventures Invests in Governance Automation Platform Finosec

BankTech Ventures is proud to announce our investment of $2 million in Finosec!

After recognizing the challenges many of our limited partners had managing and overseeing information security and cybersecurity and their need for better governance, we sourced Finosec to be part of our ever-growing ecosystem of top-tier, bank-ready solutions.

Curious on what they can do for your bank? Check out our FinTech Speed Dating video with Finosec’s CEO, Zach Duke, this webinar featuring Finosec, or read more about them below.

Background + Value Proposition

Finosec is on a mission to simplify the complicated and labor-intensive processes of providing governance in banking. They offer an intuitive, centralized platform where employees can manage the bank’s adherence to cybersecurity governance protocols, as well as report on user access controls for each of the bank's core and ancillary products.

Finosec provides the ability for banks to:

1. Assess their cybersecurity posture, identify gaps, and develop strategies to enhance their governance framework.
2. Streamline and automate their cyber-governance and user access management processes, reducing manual effort and increasing operational efficiency.
3. Align with regulatory requirements and industry best practices in order to demonstrate compliance, meet examiner expectations, and effectively respond to audits and examinations.
   
   

How to Engage + Who Should Engage

If you’re a bank who:

1. Is using manual processes (ie spreadsheets) for cyber-governance, user access reviews, or overall IT exam readiness and are seeking automation and efficiency
2. Wants to be better prepared for exams and audits through alignment with industry best practices
3. Is looking to increase the maturity of your bank’s cybersecurity program or supplement lack of information security staff

Implementation Process

1. Finosec works with your bank to establish a 12-month plan, prioritizing upcoming or overdue areas in your bank’s Exam Readiness Dashboard.
2. A system map is then created, which provides a comprehensive view of the system landscape and valuable insights into system locations, stored data, authentication and login access, and system ownership.
3. User Access Reporting implementation starts by assigning risk ratings to critical systems. This typically includes the Core Processor, Active Directory, Fedline, Wire Transfer, and FDICIA systems.
4. The User Access review process helps identify unauthorized or inappropriate access privileges and ensures that access permissions align with the principle of least privilege.
5. As part of the process, the bank receives a dedicated Customer Success Manager who provides support in areas such as exam readiness, system mapping, risk rating of systems, and overall improvement of the organization's cybersecurity governance program.
6. Post implementation, the focus shifts towards increasing the maturity of the organization's cybersecurity governance program. This involves ongoing collaboration with the Customer Success Manager to enhance security measures, address gaps, and document the improvement in the bank’s cybersecurity posture.
   
   

Benefits for Banks

Finosec enables banks to overcome time and resource constraints around information/cybersecurity staffing as it relates to regulatory compliance and expectations. Banks can simplify the overhead and cumbersome processes that are involved in user access management and controls, particularly as third-party applications become more prevalent in a bank's tech stack.

Connect with Pam (pam@banktechventures.com) or Zach Duke (zach@finosec.com) to learn more.

‍