FFIEC Cybersecurity Assessment Tool
What is an FFIEC Cyber Assessment Tool (CAT)?
The FFIEC Cybersecurity Assessment, launched in 2015, was created to help organizations adopt cybersecurity best practices for greater security. Companies can use the assessment to determine their risk level, as well as their maturity level (a measure of cybersecurity preparedness). More importantly, you can use the results of the survey to prioritize cybersecurity initiatives and controls going forward. The FFIEC risk assessment tool allows your financial institution to be more strategic in its allocation of resources to IT defenses by assigning priority to the most at risk areas. Research has indicated that expenditure on cyber mitigation does not always reflect an improvement in risk exposure, and the FFIEC risk assessment is designed to help target those areas of your program that will benefit most from additional due diligence.
What are the Benefits of Using a FFIEC Cybersecurity Assessment Tool?
When looking at the news lately, it might seem like you can’t escape daily reports of cyberattacks. With this threat looming larger and larger, companies of all sizes are focusing more of their resources and energy on cybersecurity to protect themselves from attacks. However, as the FFIEC’s Cybersecurity Assessment Tool makes clear, it’s critical that Chief Risk and Information Security Officers realize the following: Governance of information security is most effective when using a risk-based approach. A risk-based approach ensures cybersecurity practices are actually followed, whether you start with FFIEC compliance or another area.
LogicManager ties for the highest overall position for Ability to Execute in the 2019 Gartner Magic Quadrant for IT Risk Management Solutions.
LogicManager’s FFIEC Cybersecurity Assessment Tool
LogicManager provides cybersecurity risk management software to a wide variety of customers, including FFIEC software. Among others, our cybersecurity solution provides a host of functionalities and tools to ensure your organization achieves FFIEC compliance.
FFIEC Risk Assessment Tool: Leverage LogicManager’s pre-built FFIEC risk assessment tool to gauge the level of risk your organization is exposed to. LogicManager can deploy the FFIEC’s cybersecurity assessment into your environment with all of the risk profiles pre-populated. Each risk comes with easily accessible drop-down menu and scoring criteria to guide your assessment.
Centralized Platform: Build out assessment plans and centrally house ongoing risk assessments and mitigation activities in one centralized, easily-accessible location.
Root-Cause Risk Library: FFIEC best practice tells us that the most effective programs utilize a root cause approach. LogicManager enables you to pick from a pre-built root-cause risk library, built to reflect the cybersecurity risks identified by FFIEC and map them to controls across the enterprise.
Cybersecurity Control Library: Cybersecurity professionals need access to what controls are in place, how they’re tested, and when they were last reviewed. Document and design access rights to this information in LogicManager.
Taxonomy Technology: LogicManager’s taxonomy addresses the questions of who is responsible for what? Which departments need which resources? And where should resources be spent? Document and create relationships between your organization’s cybersecurity risks, processes, personnel, resources, and more.
Reporting Engine: Report on your FFIEC compliance status and progress with auto-generated heatmaps and dashboards along with an endless possibility of customized reports.
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If you’re already a LogicManager customer, you can contact your advisory analysts to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to see our FFIEC cybersecurity assessment tool (CAT) in action.
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