FFIEC Cybersecurity Assessment Tool
Achieve FFIEC compliance with a risk assessment tool designed by regulators themselves. Banks, credit unions, and others in financial services use it to evaluate their cybersecurity risk and maturity levels.
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 Federal Financial Institutions Examination Council’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.
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 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.
To learn more about this plugin, use our annotated guide to the FFIEC’s Cybersecurity Assessment Tool to achieve better FFIEC compliance. Already a LogicManager customer? Contact your advisory analysts to activate this plugin!