FFIEC Forms Cybersecurity and Critical Infrastructure Working Group

The Federal Financial Institutions Examination Council (FFIEC) today announced the formation of a working group to further promote coordination across the federal and state banking regulatory agencies on critical infrastructure and cybersecurity issues.

The Cybersecurity and Critical Infrastructure Working Group will enhance communication among the FFIEC member agencies and build on existing efforts to strengthen the activities of other interagency and private sector groups, such as the FFIEC’s Information Technology Subcommittee of the Task Force on Supervision, the Financial and Banking Information Infrastructure Committee, the Financial Services Sector Coordinating Council, and the Financial Services Information Sharing and Analysis Center. These efforts are important in light of the growing sophistication and volume of cyber attacks and the global importance of critical financial infrastructure.

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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 Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, the Consumer Financial Protection Bureau, 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.