About Us | Contact Us
View Cart

SOS Indiana Advisory

By Dan Hadaway | Wednesday, January 28, 2015 - Leave a Comment

And now that we are all paying attention . . .

A great example of Awareness Activation!
Another one of those Dan’s New Leaf Posts, meant to inspire thought about IT Governance . . . .


When we finally release our annual “trend article” . . . .  and we’re sorry it’s taking so long but we’re only supposed to name seven trends and we’re at nine still  . . . . but when we do release that article, I’m almost certain the number one trend will be called “The End of Procrastination,” and the number six trend will be called “Lawyers Join the Incident Response Team.”  Interestingly, today I’ve witnessed the intersection of these two trends

Check out what the Secretary of State in Indiana sent today, in an advisory.

To summarize, the advisory suggest that investors ask their “investment professional” what safeguards their financial institution has to protect against cyber-risk.  And then she bullet-points eight questions to ask:

  1. Has the firm addressed which cybersecurity threats and vulnerabilities [that] may impact its business?
  2. Does the firm have written policies, procedures, or training programs in place regarding safeguarding client information?
  3. Does the firm maintain insurance coverage for cybersecurity?
  4. Has the firm engaged an outside consultant to provide cybersecurity services?
  5. Does the firm have confidentiality agreements with any third-party service providers with access to the firm’s information technology systems?
  6. Has the firm ever experienced a cybersecurity incident where, directly or indirectly, theft, loss, unauthorized exposure, use of, or access to customer information occurred? If so, has the firm taken steps to close any gaps in its cybersecurity infrastructure?
  7. Does the firm use safeguards such as encryption, antivirus and anti-malware programs?
  8. Does the firm contact clients via email or other electronic messaging, and if so, does the firm use secure email and/or any procedures to authenticate client instructions received via email or electronic messaging, to work against the possibility of a client being impersonated?

Now I’m of course glad that the Secretary of State has joined us in the battle against cyber-risk, and we sure welcome the questions.  They’re good ones.

And talk about a great way to make sure the training work gets done . . . just scare investors into bombarding the institution with questions.

Yes, the questions are good ones and my Clients (or at least their ISOs) are ready to answer them all.  But stilll, can you say “ouch” on number six?  I’d think carefully about your answer.  If I was asked that at infotex, my answer would be:

“Of course we’ve experienced minor incidents from time to time and we’ve always learned from them.  Nothing major; nothing that I can recall now.  You have to realize we’ve been managing technology risk since we started our firm in 2000 so of course, we’ve had our lessons.  But in the past few years, we have had no incidents that would warrant notifying our customers and that’s the important thing.  If there ever IS an incident that affects your data, we will notify you.”

To this I’ve three questions:

  1. Are your “Investment Professionals” ready to answer these questions?
  2. Would it be better to arm them with an eight-point document that can be handed and/or e-mailed to the investor?
  3. Is this an incident that requires an Emergency Incident Response Meeting?

Those of you who have “Awareness Activation Programs” in place . . . . you know what to do next.  Those of you who don’t . . . . good luck!

Original article by Dan Hadaway CRISC CISA CISM. Founder and Managing Partner, infotex

“Dan’s New Leaf” is a “fun blog to inspire thought in the area of IT Governance.”




Latest News
    A Webinar-Movie In 2018 the NCUA started reviewing credit unions with $1 billion or more in assets using a tool known as the Automated Cybersecurity Examination Tool, or ACET. The expansion to smaller credit unions is inevitable. In the new year, credit unions should now think about how they can come into compliance with the […]
    What are the top seven risks your board should know about in 2021? Since his first board presentation in 2000, when Dan presents audit reports to boards of directors, he also talks to the board about the top risks the institution is facing. Since 2006, Dan has been compiling a list of the “top seven […]
    It’s time for another workshop for the technical side of the community-bank. The infotex Team brings you all new topics for 2021! Topics that are jam packed with all the techno-babble that is often lost on management, but is music to the Bank IT Geek’s ears. Time for a workshop where we can turn off the […]
     A Timeline Update as of 02/22/21 An update to our Newest Employee’s FIRST Technical Article Another interim post-mortem review . . . . A Note About Updates: We have decided to leave the original article as it was originally posted and to update this post with any changes that have been made. You can see […]
    Another awareness poster for YOUR customers (and users).  Now that we have our own employees aware, maybe it’s time to start posting content for our customers! Download the large versions here: Awareness Poster (Portrait) Awareness Poster (Landscape)   You are welcome to print out and distribute this around your office.  
    A Webinar-Movie The 2020 annual webinar update on the subject will include a review of the previous years’ movies that are already available, and a discussion about alternative tactics that have arisen from recent virtual conferences and regulator panels.
    The cybersecurity industry faces challenges, and some of them may involve your business… An article review. In a world where threats to your organization’s electronic assets are constantly emerging and evolving a cybersecurity insurance policy can help mitigate risk…but what kind of risk does the cybersecurity insurance industry face?  A new article in the Harvard […]
    A Timeline as of 01/24/2021 Our Newest Employee’s FIRST Technical Article Another interim post-mortem review . . . . A Note About Updates: We are leaving this article as is, but for any updates to the timeline, check the Autopsy of the SolarWinds Hack Timeline Update article!      – Vigilize Introduction: As the managing […]
    PRESS RELEASE – FOR IMMEDIATE RELEASE BUSINESS NEWS FORUM AND CONFERENCE NEWS infotex is proud to announce that Dan Hadaway will be moderating a series of IT Forums for the Ohio Bankers League. “We are excited to continue fostering the relationship with the OBL to help educate and keep Risk Management at the forefront of […]
    Top 7 Trend Articles of 2021. . .  . . .For ISOs of Small Financial Institutions. Welcome to our annual T7 article:  a list of our favorite trend articles from the past year.  Our intent: help you organize your thoughts as your work through your strategic planning process.  We hope reviewing these articles will help you […]