The Federal Financial Institutions Examination Council (FFIEC) members today emphasized the benefits of using a standardized approach to assess and improve cybersecurity preparedness.
The members note that firms adopting a standardized approach are better able to track their progress over time, and share information and best practices with other financial institutions and with regulators.
Institutions may choose from a variety of standardized tools aligned with industry standards and best practices to assess their cybersecurity preparedness. These tools include the FFIEC Cybersecurity Assessment Tool, the National Institute of Standards and Technology Cybersecurity Framework, the Financial Services Sector Coordinating Council Cybersecurity Profile, and the Center for Internet Security Critical Security Controls.
FFIEC members welcome collaborative approaches to advance and support cyber preparedness and enhance the efficiency and effectiveness of the supervisory process. While the FFIEC does not endorse any particular tool, these standardized tools support institutions in their self-assessment activities. The tools are not examination programs and the FFIEC members take a risk-focused approach to examinations. As cyber risk evolves, examiners may address areas not covered by all tools.
REFERENCES
FFIEC Cybersecurity Assessment Tool
This is an external link to a website belonging to another federal agency, private organization, or commercial entity. https://www.ffiec.gov/cyberassessmenttool.htm (Opens new window)
FSSCC Cybersecurity Profile
This is an external link to a website belonging to another federal agency, private organization, or commercial entity. https://www.fsscc.org/Financial-Sector-Cybersecurity-Profile (Opens new window)
NIST Cybersecurity Framework
This is an external link to a website belonging to another federal agency, private organization, or commercial entity. https://www.nist.gov/cyberframework (Opens new window)
Center for Internet Security Controls
This is an external link to a website belonging to another federal agency, private organization, or commercial entity. https://www.cisecurity.org/controls/ (Opens new window)
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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. 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.
Media Contacts:
| Contact | Name | Number |
|---|---|---|
Contact Federal Reserve |
Name Darren Gersh |
Number 202.452.2955 |
Contact CFPB |
Name Marisol Garibay |
Number 202.435.7425 |
Contact FDIC |
Name Julianne Fisher Breitbeil |
Number 202.898.6895 |
Contact NCUA |
Name John Fairbanks |
Number 703.518.6336 |
Contact OCC |
Name Stephanie Collins |
Number 202.649.6870 |
Contact SLC |
Name James Kurtzke |
Number 202.728.5733 |