Press Releases
Press Release
For Immediate Release March 17, 2015


FFIEC Focuses on Cybersecurity, Will Debut Self-Assessment Tool

The Federal Financial Institutions Examination Council (FFIEC) today provided an overview of its cybersecurity priorities for the remainder of 2015.

The priorities include seven workstreams that stem from last year’s pilot assessment of cybersecurity readiness at more than 500 financial institutions. The planned work includes the development and issuance of a self-assessment tool that financial institutions can use to evaluate their readiness to identify, mitigate and respond to cyber threats. The FFIEC also will enhance their incident analysis, crisis management, training, and policy development and expand their focus on technology service providers’ cybersecurity preparedness. Additionally, the FFIEC will continue to improve its collaboration with other agencies and communicate on the importance of cybersecurity awareness and best practices among financial industry participants and regulators.

Work is underway in the following workstreams:

  • Cybersecurity Self-Assessment Tool—The FFIEC plans to issue a self-assessment tool this year to assist institutions in evaluating their inherent cybersecurity risk and their risk management capabilities.
  • Incident Analysis—FFIEC members will enhance their processes for gathering, analyzing, and sharing information with each other during cyber incidents.
  • Crisis Management—The FFIEC will align, update, and test emergency protocols to respond to system-wide cyber incidents in coordination with public-private partnerships.
  • Training—The FFIEC will develop training programs for the staff of its members on evolving cyber threats and vulnerabilities.
  • Policy Development—The FFIEC will update and supplement its Information Technology Examination Handbook to reflect rapidly evolving cyber threats and vulnerabilities with a focus on risk management and oversight, threat intelligence and collaboration, cybersecurity controls, external dependency management, and incident management and resilience.
  • Technology Service Provider Strategy—The FFIEC’s members will expand their focus on technology service providers’ ability to respond to growing cyber threats and vulnerabilities.
  • Collaboration with Law Enforcement and Intelligence Agencies—The FFIEC will build upon existing relationships with law enforcement and intelligence agencies to share information on the growing cybersecurity threats and response techniques.

The FFIEC has published several resources to help financial institutions improve their cybersecurity, including additional information regarding the cybersecurity assessment conducted in 2014. They are available on the FFIEC website at


Media Contacts:

CFPB Moira Vahey (202) 435-9151
FDIC Greg Hernandez (202) 898-6984
Federal Reserve Eric Kollig (202) 452-2955
NCUA Ben Hardaway (703) 518-6333
OCC Stephanie Collins (202) 649-6870
SLC Catherine Woody (202) 728-5733

The FFIEC was established in March 1979 to prescribe uniform principles, standards, and report forms and to promote uniformity in the supervision of financial institutions. The Council has six voting members: the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the State Liaison Committee. The Council’s activities are supported by interagency task forces and by an advisory State Liaison Committee, comprised of five representatives of state agencies that supervise financial institutions.