Finance Security

Case Study: Strengthening IT Governance for a Financial Consulting Firm

December 06, 20243 min read

Future Logic Case Study: Strengthening IT Governance for a Financial Consulting Firm

How a Financial Planning and Analysis Consulting Firm Enhanced Their Security Posture with Future Logic’s Cybersecurity Audit

Introduction

A leading financial planning and analysis consulting firm sought to validate and enhance its IT governance and data security measures. Focusing on safeguarding sensitive information across multiple locations and hosted environments, it engaged Future Logic to conduct a comprehensive cybersecurity audit. Our goal was to provide a clear assessment of its current security posture and deliver actionable recommendations for improvement.

The Consulting Firm: Navigating Complex IT Challenges

The firm operates in a highly sensitive environment, managing critical financial data for clients. Ensuring robust data security, validating past improvements, and maintaining compliance with industry standards were key priorities to reassure senior management and stakeholders of their security posture.

Challenges of Ensuring Robust Data Security and IT Governance

Customer Request: The firm sought a third-party audit emphasising data security and controls, aiming to:

             Assess risks and controls to identify vulnerabilities.

             Receive recommendations for enhancing IT governance and efficiency.

             Align their IT environment with industry standards, particularly in Azure and M365.

Problem They Are Trying to Solve: The firm needed to ensure their systems adequately protected sensitive data, validate the effectiveness of past improvements, maintain compliance with frameworks like the DSD Essential 8, and enhance IT governance.

Future Logic Steps In

Future Logic conducted a cybersecurity audit based on a comprehensive IT Risk Assessment Framework. Our systematic and structured approach focused on identifying, evaluating, and managing IT-related risks.

A Comprehensive Cybersecurity Audit

Objective of the Report: To provide a systematic IT risk assessment focused on:

             Identifying critical assets and their value to operations.

             Evaluating threats and vulnerabilities.

             Quantifying risk levels to prioritise mitigation strategies.

             Delivering actionable recommendations to enhance data security and operational resilience.

Approach and Scope: The audit adopted a holistic methodology covering hardware, software, data, and personnel.

             Asset Identification: Established a comprehensive asset register to categorise and assess key resources.

             Risk Assessment: Weighted Score Analysis and Threat-Vulnerability-Asset (TVA) mapping were used to evaluate risks.

             Threat Analysis: Identified potential threats, calculated annual loss frequency, and assessed loss magnitude.

             Recommendations: Provided mitigation strategies to address high-priority risks, such as implementing Multi-Factor Authentication (MFA) and enhancing access control policies.

Key Problems Addressed

             Data Security: Identified vulnerabilities in protecting sensitive data and offered strategies to minimise risks.

             Operational Resilience: Evaluated the impact of threats on critical operations like payroll processing and customer billing.

             Governance and Compliance: Aligned findings with industry best practices to ensure robust IT governance.

Deliverables to the Customer

             Detailed Asset Register: Identification and valuation of critical assets.

             Threat and Risk Analysis: Insight into potential vulnerabilities and their operational impact.

             Prioritized Risk Register: A ranked list of risks with qualitative descriptors.

             Mitigation Recommendations: Actionable strategies tailored to reduce identified risks.

Outcome Highlights

The assessment empowered the client to:

             Address immediate risks and strengthen their security posture.

             Build a proactive governance model for ongoing IT and security improvements.

             Ensure compliance with industry standards and reinforce operational continuity.

By implementing the recommended controls and processes, the organisation significantly reduced its vulnerabilities, reinforced its data security, and positioned itself to handle future challenges effectively.

Client Testimonial

"Future Logic's cybersecurity audit has enhanced our IT governance and security measures. Their thorough assessment and clear recommendations have given us confidence in our ability to protect sensitive data and meet industry standards. The expertise and professionalism of the Future Logic team have made them a trusted partner in our ongoing security journey." - CEO of the Financial Consulting Firm.

Building a Secure Future with Future Logic

This case study illustrates how Future Logic’s comprehensive cybersecurity audits can empower organisations to enhance their security posture. Integrating advanced risk assessment frameworks with strategic recommendations, we help financial leaders safeguard their operations and maintain compliance with industry standards.

Ready to Enhance Your IT Governance and Security?

Contact Future Logic today to explore how our tailored cybersecurity solutions can support your organisation’s security and operational excellence. Let us help you prepare for a future of resilience and growth.

Nathan Colyer-Long is CEO at Future Logic, holding a Bachelor of Science degree in IT and an MBA, he has been with the company for over 20 years. Nathan is an avid landscape photographer and loves to travel the world. If you would like to chat, send Nathan a LinkedIn request.

Nathan Colyer-Long

Nathan Colyer-Long is CEO at Future Logic, holding a Bachelor of Science degree in IT and an MBA, he has been with the company for over 20 years. Nathan is an avid landscape photographer and loves to travel the world. If you would like to chat, send Nathan a LinkedIn request.

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