Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
FFIEC advises FIs prepare for cybersecurity assessments
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.
Other Resources

FFIEC presentation (PDF)
RSS print
News Now LiveWire
.@Filene's survey of 'every day people:' Unsettled by economic 'recovery,' income inequality See #NewsNow http://t.co/2PMVWaycm3
11 minutes ago
For the last 75 years, even in the most difficult of times, Mill Town #CU has been there for the community it serves. Read #NewsNow Tues.
13 hours ago
The 1st vid shows how consumer can become victim and, advice to those who think they've been targeted. http://t.co/hr9VHpzEze
17 hours ago
.@TheNCUA has released two videos designed to raise awareness of elder financial abuse. http://t.co/iddSxr7H40
17 hours ago
Celebrate #100MM with @MDDCCUA1 at Orioles v Blue Jays tonight at Camden Yards
17 hours ago