FFIEC Cyber Assessments: What to Expect

[InfoSec News <alerts () infosecnews org>]

http://www.bankinfosecurity.com/ffiec-cyber-assessments-what-to-expect-a-6831

By Tracy Kitten
Bank Info Security
May 12, 2014

The Federal Financial Institutions Examination Council's new cybersecurity 
assessments for community banking institutions will be incorporated into 
the usual IT examination process, regulators say. Industry associations 
and analysts say banking leaders should be preparing for more stringent 
oversight of cybersecurity awareness and initiatives.

A new work program and assessment tool for cybersecurity will be used in 
banking institutions' regularly scheduled IT exams, says Stephanie 
Collins, spokeswoman for the Office of the Comptroller of the Currency, 
one of the banking agencies that's part of the FFIEC.

"[This] will allow us to develop a baseline assessment across the sector 
of how they are managing cybersecurity risks," she says. "In order to 
ensure that we comprehensively assess the cybersecurity environment in 
which financial institutions operate, we also plan to involve a number of 
the most critical technology service providers."

On May 7 and 8, the FFIEC and the Office of the Comptroller of Currency 
announced plans to launch a pilot program for new cybersecurity 
assessments by the end of this year (see FFIEC Plans Cybersecurity 
Assessments).

[...]



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