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Just the FAQs: FFIEC answers questions about its Cybersecurity Assessment Tool

October 17, 2016

The Federal Financial Institutions Examination Council has issued a frequently asked questions guide related to the Cybersecurity Assessment Tool.

In a press release, the council said that the guide clarifies points in the assessment and supporting materials that have generated the highest volume of questions over the past year.

FFIEC members developed the assessment to help financial institutions determine their risk profile and determine their inherent risks and cybersecurity preparedness. The assessment provides a repeatable, measurable process that can be used to gauge cybersecurity preparedness over time.

Use of the tool is voluntary; financial institution management may choose to use the assessment or another framework, or another risk assessment process to identify inherent risk and cybersecurity preparedness, the release said.

Management of financial institutions and management of third-party service providers are primarily responsible for assessing and mitigating their entities’ cybersecurity risk. Financial institutions can find the latest information about cybersecurity risk management at www.ffiec.gov/cybersercurity.htm