|For Immediate Release||October 17, 2016|
FFIEC Issues Frequently Asked Questions Guide on the Cybersecurity Assessment Tool
The Federal Financial Institutions Examination Council (FFIEC), on behalf of its members, today issued a frequently asked questions (FAQ) guide related to the Cybersecurity Assessment Tool (Assessment). The FAQ guide answers questions and clarifies points in the Assessment and supporting materials based on questions received by the FFIEC members over the course of the last year.
The FFIEC members developed the Assessment to help financial institutions’ management determine their risk profile and determine the institutions’ inherent risks and cybersecurity preparedness. The Assessment provides a repeatable and measurable process that financial institutions’ management may use to measure their cybersecurity preparedness over time. Use of the tool is voluntary, and financial institution management may choose to use the Assessment or another framework, or another risk assessment process to identify inherent risk and cybersecurity preparedness.
Management of financial institutions and management of third-party service providers are primarily responsible for assessing and mitigating their entities’ cybersecurity risk. Financial institutions can find the latest information about cybersecurity risk management at 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. 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.