You have been assigned to support the Padgett-Beale Merger & Acquisition (M&A) team working under the direct supervision of Padgett-Beale’s Chief Information Security Officer (CISO). The M&A team is in the planning stages for how it will integrate a new acquisition, Island Banking Services, into the company as its financial services arm (PBI-FS). Initially, PBI-FS will function as a wholly owned subsidiary which means that it must have its own separate cybersecurity program.

Your first major task (Project #1) will be to help develop a Cybersecurity Strategy & Plan of Action for PBI-FS. Island Banking Services never had a formal cybersecurity program so you’re starting from scratch. You will need to research best practices as well as relying heavily upon what you learned in your undergraduate studies in Cybersecurity Management and Policy. The CISO has provided detailed instructions for this task. (These appear after the Background section below.)
After five years of operation, Island Banking Services — a non-U.S. firm — was forced into bankruptcy after criminal money laundering charges were filed against the company and its officers. Padgett-Beale, Inc. purchased the digital assets and records of this financial services firm from the bankruptcy courts. The purchased assets include licenses for office productivity software, financial transactions processing software, database software, and operating systems for workstations and servers. Additional assets included in the sale include the hardware, software, and licensing required to operate the company’s internal computer networks.

Cybersecurity Strategy & Plan of Action