While no legislation currently requires banks and credit unions to formally adhere to the
FFIEC Cybersecurity Assessment Tool (CAT), the assessment provides a repeatable and measurable process for institutions to gauge their cybersecurity preparedness over time.
Formed by bankers and technology experts, DefenseStorm aggregates event data across all cybersecurity tools and links policies to real-time alerts, so that financial institutions can prove to regulators they are both secure and compliant with evolving
FFIEC cybersecurity requirements.
While the
FFIEC and other regulatory agencies have implemented substantial regulation around social media, the advantages brought by these innovations to the financial industry far outweigh the costs, as evidenced by the increasing rate of adoption of social media marketing among financial institutions.
Other areas that the
FFIEC focuses on in connection with cybersecurity are third-party management, cybersecurity insurance, and board of director and senior management oversight.
Part II provides a brief introduction of the existing law surrounding bank liability for online fraud and the role of the
FFIEC. (17) Part III introduces the Patco case, discussing the facts behind the fraud attacks, Ocean Bank's security system, the district court's decision, and the First Circuit's reversal.
Currently, many companies have different IT policies and while the
FFIEC and other organizations provide guidance to enforce a standard across organizations, this guidance is broad and focuses on general IT controls.
Foreign bank branches not incorporated into a separate subsidiary (as depicted at bottom right of the exhibit) file the
FFIEC 030 report.
The Federal Financial Institutions Examination Council (
FFIEC), which includes the Federal Reserve, the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation, updates the list annually.
In addition to providing data that will assist in meeting
FFIEC examiner expectations, SmartSight gives financial institutions the knowledge to optimize areas of success and adjust to shifts in the marketplace, the company says, (www.profitstars.com)