|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:
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 http://www.ffiec.gov/cybersecurity.htm.
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.