The financial services industry is a prime target for cyberattacks, with devastating consequences that can impact not only an institution's bottom line but also its reputation and customer trust. The complexity of modern financial systems, coupled with the rapid evolution of cyber threats, makes a proactive and robust approach to risk assessment an absolute necessity. A comprehensive cyber risk assessment is the foundational step in identifying, analyzing, and mitigating these threats, transforming a reactive security posture into a resilient and strategic defense. This course will provide you with the tools to stay one step ahead of adversaries and build an impenetrable cyber fortress.

This training program is designed to equip you with the knowledge and practical skills to conduct a thorough cyber risk assessment tailored specifically for the financial sector. You will learn to identify critical assets, analyze potential vulnerabilities, and quantify the potential impact of a cyber incident. The curriculum covers a wide range of topics, from regulatory compliance and threat modeling to risk-based decision-making and the development of effective mitigation strategies. By the end of this course, you will be able to implement a robust and repeatable risk assessment framework that protects your institution, your customers, and your reputation.

Duration: 10 days

Target Audience:

• Cybersecurity Professionals and Analysts
• IT Risk Managers
• Internal and External Auditors
• Compliance Officers
• Chief Information Security Officers (CISOs)
• Financial Regulators
• IT and Business Continuity Planners
• Senior Management and Board Members
• Anyone responsible for managing technology risk in a financial institution

Objectives:

• Understand the unique cyber risk landscape for financial institutions
• Master the process of identifying and classifying critical assets
• Learn to conduct a comprehensive threat and vulnerability analysis
• Gain proficiency in quantifying cyber risk
• Understand key regulatory requirements and frameworks (e.g., NIST, ISO 27001)
• Develop skills in risk-based decision-making
• Learn to design and implement effective mitigation strategies
• Understand the importance of a continuous monitoring program
• Prepare for and respond to a cyber incident
• Communicate complex cyber risks to non-technical stakeholders

Course Modules:

Module 1: The Cyber Risk Ecosystem for Finance

• The unique threat landscape for financial institutions
• Common attack vectors and threat actors
• The impact of a cyber incident (financial, reputational, legal)
• The importance of a proactive risk posture
• The role of a cyber risk assessment

Module 2: The Foundational Principles of Risk Assessment

• Core concepts: threat, vulnerability, asset, and impact
• The difference between qualitative and quantitative risk analysis
• The role of a risk management framework
• The importance of a clear and repeatable process
• The importance of a stakeholder-centric approach

Module 3: Asset Identification and Valuation

• The importance of a comprehensive asset inventory
• Classifying assets by criticality and sensitivity
• Valuing assets (e.g., data, systems, reputation)
• The role of business impact analysis (BIA)
• The challenges of valuing intangible assets

Module 4: Threat and Vulnerability Analysis

• The process of identifying potential threats
• The use of threat intelligence feeds
• The role of a vulnerability scanner
• The importance of a penetration test
• The challenges of zero-day vulnerabilities

Module 5: Risk Quantification

• The importance of moving beyond a simple "high, medium, low"
• The use of a risk scoring methodology
• The concept of Annualized Loss Expectancy (ALE)
• The challenges of data collection for quantification
• The role of a cost-benefit analysis

Module 6: Regulatory and Compliance Frameworks

• A deep dive into NIST Cybersecurity Framework
• The importance of ISO 27001
• The role of the Payment Card Industry Data Security Standard (PCI DSS)
• The importance of FFIEC guidelines
• The role of a compliance audit

Module 7: Risk Mitigation and Control Selection

• The hierarchy of controls (preventive, detective, corrective)
• The importance of a layered security architecture
• The use of technical controls (e.g., firewalls, IDS/IPS)
• The use of administrative controls (e.g., policies, procedures)
• The role of physical security

Module 8: The Role of a Third-Party Risk Assessment

• The importance of a third-party risk management program
• The challenges of managing a vendor ecosystem
• The use of a vendor risk questionnaire
• The role of a vendor security audit
• The importance of contractual language

Module 9: Incident Response and Business Continuity

• The importance of a well-defined incident response plan
• The role of a crisis communication plan
• The importance of a business continuity plan (BCP)
• The role of a disaster recovery plan (DRP)
• The importance of regular exercises and drills

Module 10: The Role of an Internal Audit

• The importance of an independent audit function
• The role of an audit program
• The use of audit findings to improve the risk posture
• The importance of a continuous audit
• The challenges of auditing a dynamic environment

Module 11: Application to Specific Financial Sectors

• The unique cyber risks for commercial banking
• The challenges for investment banking
• The importance of a tailored approach for wealth management
• The role of cyber risk assessment for fintech startups
• The future of cyber risk in the financial industry

Module 12: Cyber Risk Reporting and Communication

• The importance of a clear and concise risk report
• The use of dashboards and visualizations
• The challenges of communicating with senior management and the board
• The role of a cyber risk register
• The importance of a continuous feedback loop

Module 13: Emerging Threats and Future Trends

• The risks of Artificial Intelligence (AI) and Machine Learning (ML)
• The challenges of quantum computing
• The importance of a forward-looking threat model
• The role of a threat hunting team
• The future of cyber risk in finance

Module 14: Case Studies and Practical Implementation

• A deep dive into successful cyber risk assessments
• The challenges of a real-world project
• The importance of a strong cross-functional team
• The role of leadership in adopting a risk-aware culture
• Lessons learned from the field

Training Approach

This course will be delivered by our skilled trainers who have vast knowledge and experience as expert professionals in the fields. The course is taught in English and through a mix of theory, practical activities, group discussion and case studies. Course manuals and additional training materials will be provided to the participants upon completion of the training.

Tailor-Made Course

This course can also be tailor-made to meet organization requirement. For further inquiries, please contact us on: Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Training Venue

The training will be held at our Skills for Africa Training Institute Training Centre. We also offer training for a group at requested location all over the world. The course fee covers the course tuition, training materials, two break refreshments, and buffet lunch.

Visa application, travel expenses, airport transfers, dinners, accommodation, insurance, and other personal expenses are catered by the participant

Certification

Participants will be issued with Skills for Africa Training Institute certificate upon completion of this course.

Airport Pickup and Accommodation

Airport pickup and accommodation is arranged upon request. For booking contact our Training Coordinator through Email: info@skillsforafrica.org, training@skillsforafrica.org  Tel: +254 702 249 449

Terms of Payment: Unless otherwise agreed between the two parties’ payment of the course fee should be done 10 working days before commencement of the training.