INSIGHT

How to select an IT & cybersecurity assessment firm: A guide for financial institutions 

September 8, 2025

Services: Cybersecurity Risk Assessments

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Cybersecurity threats evolve daily, and regulatory requirements continue to expand, making it critical for financial institutions to partner with the right assessment firm. The wrong choice can leave your institution vulnerable to breaches, regulatory penalties, and reputation damage. 

Selecting the right IT and cybersecurity assessment partner requires careful consideration of several key factors.  

Key criteria for selecting the right IT & cybersecurity firm 

This article will outline the essential criteria for evaluating potential firms and guide you through the selection process. 

1. Understanding your specific needs 

Before reaching out to assessment firms, clearly define what your institution requires. Banks and credit unions have unique regulatory obligations under frameworks like FFIEC guidelines, NCUA requirements, and state banking regulations. Your assessment partner must understand these specific compliance mandates. 

Consider whether you need a comprehensive security assessment, penetration testing, vulnerability scanning, or ongoing monitoring services. Some institutions require specialized assessments for payment card industry (PCI) compliance or specific third-party vendor evaluations. Document these requirements before beginning your search. 

“Before diving into vendor selection, clearly articulate your specific needs to your team and remain open to their feedback. Share both the big picture goals and the detailed requirements that matter most to you. Don’t hesitate to ask about the pain points that keep you up at night—your instincts about what needs attention are usually spot-on, and addressing these concerns upfront will guide you toward the right solution.” – BPM cybersecurity team 

2. Evaluating industry experience 

Look for firms with substantial experience serving financial institutions. Generic cybersecurity companies often lack the nuanced understanding of banking regulations and industry-specific threats that your institution faces. Ask potential partners about their track record with banks and credit unions of similar size and complexity. 

Request case studies and references from comparable organizations. A firm that has successfully guided similar clients through rigorous assessments brings valuable perspective to your evaluation process. They understand stakeholder expectations and can help you prepare for thorough scrutiny. 

3. Assessing technical capabilities 

Your chosen firm should demonstrate proficiency across all relevant technology areas. This includes network security, application security, cloud security, and emerging technologies like artificial intelligence and machine learning systems. They should understand both traditional banking systems and modern fintech integrations. 

Inquire about their testing methodologies and tools. The firm should use current industry-standard assessment frameworks and maintain certifications from recognized organizations. They should also stay current with emerging threats and attack vectors specific to financial services.  

4. Reviewing credentials and certifications 

Verify that the firm’s team holds relevant professional certifications such as:  

• Certified Information Systems Security Professional (CISSP) 
• Certified Ethical Hacker (CEH) 
• Certified Information Security Manager (CISM).  

These credentials indicate a commitment to professional development and industry best practices. 

Check for firm-level accreditations and partnerships with major security vendors. Organizations that maintain relationships with leading technology providers often have access to the latest threat intelligence and assessment tools. 

5. Communication and reporting standards 

Clear communication throughout the assessment process is essential. The firm should provide regular updates, explain technical findings in business terms, and deliver comprehensive reports that management and board members can understand. 

Ask to see sample reports from previous engagements. Quality reports include executive summaries, detailed technical findings, risk ratings, and practical remediation recommendations. The firm should also offer ongoing support to help you implement their recommendations. 

6. Considering cost and value 

While cost matters, the cheapest option rarely provides the best value for financial institutions. Focus on the total value proposition, including the depth of assessment, quality of recommendations, and ongoing support. A thorough assessment that identifies critical vulnerabilities provides far greater value than a superficial review that misses important security gaps. 

Request detailed proposals that break down costs by service component. This transparency helps you understand what you’re purchasing and compare offerings across different firms. 

“Your organization’s cybersecurity maturity really drives the value proposition of different deliverables. If your policies are top-notch and you’re primarily concerned with detecting malicious activity, you’ll get far more value from Red Teaming exercises. Conversely, if you’re still developing foundational controls, you’d likely gain significantly more value from an IT General Controls audit.” – BPM cybersecurity team 

7. Evaluating ongoing support 

Cybersecurity assessment is not a one-time activity. Your chosen partner should provide ongoing support to help you implement recommendations and address new threats as they emerge. This might include follow-up testing, staff training, or assistance with regulatory responses. 

Ask about their approach to long-term client relationships. Firms that invest in understanding your institution’s unique environment and challenges provide better service over time. 

Working with BPM for your IT and cybersecurity assessment needs 

BPM brings deep financial services industry knowledge and comprehensive cybersecurity capabilities to companies across the country. Our team understands the unique regulatory landscape facing financial institutions and has guided numerous banks through successful IT and cybersecurity assessments. 

We combine technical proficiency with practical business insight, delivering assessments that not only identify vulnerabilities but also provide clear roadmaps for improvement. Our ongoing client relationships reflect our commitment to your institution’s long-term security posture. To discuss how our assessment services can help protect your institution and customers while meeting regulatory requirements, contact us.