Cyber Security

FFIEC launches cybersecurity webpage, announces pilot program

Cyber SecurityThe Federal Financial Institutions Examination Council launched its cybersecurity webpage on Tuesday to promote awareness of its cybersecurity activities.

The FFIEC page provides links to webinars, statements and other resources that may assist financial institutions as they examine and revamp their cybersecurity programs.

In addition to the webpage, the FFIEC announced that state and federal regulators plan to launch a pilot program with participation from more than 500 community institutions to cybersecurity management.

“Information from the pilot effort will assist regulators in assessing how community financial institutions manage cybersecurity and their preparedness to mitigate increasing cyber risks,” the FFIEC announcement said. “Regulators are particularly focusing on risk management and oversight, threat intelligence and collaboration, cybersecurity controls, service provider and vendor risk management and cyber incident management and resilience.”

The pilot program is also designed to help regulators make decision based on risk to increase the effectiveness of supervisory programs, training for examiners and guidance.

The FFIEC said its members will assess the risk of cyberattacks among financial institutions and use collected information to identify potential oversight in financial supervision.

In June, the FFIEC announced the establishment of a working group on cybersecurity and critical infrastructure to improve communication among member agencies and strengthen interagency efforts.

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