Banks and insured depository institutions are the targets of frequent and increasingly sophisticated cyberattacks. To address this problem, the Federal Financial Institutions Examination Council (FFIEC) – a government interagency body that prescribes uniform guidances, principles, and standards for depository institutions – has prioritized the strengthening of industry cybersecurity initiatives. Despite preventative efforts to thwart cyberattacks in the financial sector, some entities are unaware of their institutional vulnerabilities. In response, the FFIEC launched a “Cybersecurity Assessment Tool” to help institutions identify…
Continue Reading FFIEC’s Cybersecurity Self-Assessment Tool: Required Reading for Bank Officers and Boards