|For Release at 1:00 p.m. EDT||June 7, 2016|
FFIEC Issues Statement on Safeguarding the Cybersecurity of Interbank Messaging and Payment Networks
The Federal Financial Institutions Examination Council (FFIEC) members today advised financial institutions, consistent with existing regulatory expectations, to actively manage the risks associated with interbank messaging and wholesale payment networks. In a statement, the FFIEC also stressed that financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization and access controls; monitoring and mitigation; fraud detection; and incident response.
The joint statement notes that recent cyber attacks have targeted interbank messaging and wholesale payment functions at financial institutions to originate unauthorized transactions. These unauthorized transactions may subject a bank that originates such transactions to losses and compliance risk. .
Financial institutions may find additional information on risk management and cybersecurity threat management on the FFIEC’s website at http://www.ffiec.gov/cybersecurity.htm. The joint statement may be found at http://www.ffiec.gov/press/PDF/Cybersecurity_of_IMWPN.pdf.
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. It also conducts schools for examiners employed by the five federal member agencies represented on the FFIEC and makes those schools available to employees of state agencies that supervise financial institutions. The Council consists of the following six voting members: a member of the Board of Governors of the Federal Reserve System; the Chairman of the Federal Deposit Insurance Corporation; the Director of the Consumer Financial Protection Bureau; the Comptroller of the Currency; the Chairman of the National Credit Union Administration; and the Chairman of the State Liaison Committee.