On June 24, 2014, the Federal Financial Institutions Examination Council ("FFIEC") took another step toward regulating financial institutions' capacity to identify, assess and mitigate emerging cybersecurity risks facing the banking industry by launching a cybersecurity-specific webpage. FFIEC, which is comprised of the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, the Office of the Comptroller of the Currency and the Consumer Financial Protection Bureau, established the webpage to raise awareness of cybersecurity risks at financial institutions and provide a repository of cybersecurity documents and guidance previously released by FFIEC.
The webpage release closely follows FFIEC's May 7, 2014 webinar titled, Executive Leadership of Cybersecurity, where Comptroller Curry indicated that FFIEC-member agencies would begin conducting cybersecurity assessments by the end of 2014. Similarly, on May 6, 2014, New York State announced that the New York Department of Financial Services would begin conducting cybersecurity risk assessments as part of their routine examination process to assess each bank's cybersecurity preparedness.
The following is a link to the FFIEC cybersecurity webpage: http://www.ffiec.gov/cybersecurity.htm.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
