WASHINGTON (5/9/14)--The Federal Financial Institutions Examination Council (FFIEC) highlighted efforts to enhance financial institutions' cybersecurity during a webinar Wednesday for approximately 5,000 chief executive officers and senior managers from community financial institutions.
The webinar aimed to raise awareness of cyber threats, discussed the role of executive leadership in managing these risks and shared actions being taken by the FFIEC.
FFIEC announced it will conduct vulnerability and risk-mitigation assessments, as well as regulatory self-assessment of supervisory policies and processes later this year. These will help the FFIEC member agencies make informed decisions about the state of cybersecurity across community institutions, address gaps and prioritize necessary actions to strengthen supervisory programs.
FFIEC members want to provide additional support to community banks, which may not have access to the resources available to larger institutions. They hope to help these institutions identify and mitigate cybersecurity risks by:
- Setting the tone from the top and building a security culture;
- Identifying, measuring, mitigating, and monitoring risks;
- Developing risk management processes commensurate with the risks and complexity of the institutions;
- Aligning cybersecurity strategy with business strategy and accounting for how risks will be managed both now and in the future;
- Creating a governance process to ensure ongoing awareness and accountability; and
- Ensuring timely reports to senior management that include meaningful information addressing the institution's vulnerability to cyber risks.
To download the presentation from the webinar, use the resource link.