Importance of Cyber Security Incident Response Team in Financial Organizations

Running head: CYBER SECURITY INCIDENT RESPONSE TEAM
Cyber Security Incident Response Team
Name of the student:
Name of the university:
Author note:

1CYBER SECURITY INCIDENT RESPONSE TEAM
Table of Contents
Introduction................................................................................................................................3
Background of the organisation.............................................................................................3
CSIRT....................................................................................................................................4
Importance of CSIRT in the organisation..............................................................................4
Proposed CSIRT.........................................................................................................................5
Mission and vision statement for the CSIRT.........................................................................5
Key stakeholders....................................................................................................................5
Scope and levels of service....................................................................................................5
Staffing recommendation.......................................................................................................5
Identifying and procuring personnel......................................................................................6
Infrastructure required for the proposed CSIRT....................................................................6
Top 5 key CSIRT policies for the organisation.....................................................................6
CSIRT reporting structure......................................................................................................7
CSIRT Organizational model.................................................................................................7
Funding request for the proposed CSIRT..............................................................................7
Communication strategy........................................................................................................7
Proposed timeline to implement the CSIRT..........................................................................8
Return on Investment (ROI) research........................................................................................8
Examples of cyber security incidents in other organisations.................................................8
Total cost of an incident.........................................................................................................9
Direct cost of manpower........................................................................................................9

2CYBER SECURITY INCIDENT RESPONSE TEAM
Direct costs of Equipment......................................................................................................9
Indirect costs..........................................................................................................................9
Potential costs of lost business...............................................................................................9
Company’s reputation and Brand image................................................................................9
Conclusion..................................................................................................................................9
References:...............................................................................................................................11

3CYBER SECURITY INCIDENT RESPONSE TEAM
Introduction
Cyber security incidents can occur at any time in any field. With the advancement of
digital technology in every sector of life, cyber security events have become notable events
causing damages of systems around the world in different sectors especially in the financial
sectors. This report is prepared so as to reflect the importance of developing a cyber security
response team for responding quickly and efficiently to the major losses and interruptions in
services of the organisation of iFinance. Accordingly the detailed report is presented based on
the proposed CSIRT for the organisation.
Background of the organisation
iFinance bank is one of the largest banks with a global network. It provides a range of
financial services serving the traditional banking of consumers, corporate investment banking
and other insurance services. The organisation was formed while acquiring regional banks
from the West and Midwest. The organisation of iFinance operates about 2225 banking
offices in 25 states, operating over 4000 ATMs. Besides these services, the organisation also
provides online banking and mobile banking services to business and personal customers
(Drigă & Isac, 2014).
According to Khezri & Tavallaei, (2014), with the growing number of financial
transactions, digitization in banking process has led to the emergence of cybercrimes. The
main reason that was established in this respect is the lack of having a centralized body or a
CSIRT. As the organization of iFinance is expanding its network with other banking sectors,
the security policies that are used are different for different sectors. It is thus needed that a
proper standard security incident response team should be implemented defining a consistent
policy for securing information all across its business units.