During the summer of 2014, Federal Financial Institutions Examination Council (FFIEC) members. This event focuses on describing the effective components of the FFIEC Cybersecurity Assessment Tool and their usage. NIST Cybersecurity Framework FFIEC Cybersecurity Assessment Tool A clear understanding of the organization’s business drivers and security considerations specific to use of informational technology and industrial control systems. Last Modified: 04/15/2020 11:10 AM, EGRPRA (Economic Growth and Regulatory FFIEC Cybersecurity Assessment Tool Frequently Asked Questions (opens new window) The NCUA expects credit unions to have the appropriate procedures in place to anticipate, identify, and mitigate cybersecurity risks.Specific expectations can be found in the body and appendices of Part 748 of NCUA regulations (opens new window) as well as the FFIEC IT Examination Handbooks. These tools include the FFIEC Cybersecurity Assessment Tool, the National Institute of Standards and Technology Cybersecurity Framework, the Financial Services Sector Coordinating Council Cybersecurity Profile, and the Center for Internet Security Critical Security Controls. The FFIEC CAT (Cybersecurity Assessment Tool) provides financial institutions with a repeatable and measurable process that enterprises can use to gauge cybersecurity preparedness. The FFIEC’s tool measures risk levels across several categories, including delivery channels, connection types, external threats, and organizational characteristics. Overview for Chief Executive Officers and Boards of Directors (PDF), Cybersecurity Assessment Tool (PDF) (Update May 2017), Print all documents at once (PDF) (Update May 2017), FFIEC Cybersecurity Assessment Tool Presentation View Slides (PDF) | View Video. We cover how to evaluate and discuss cybersecurity risk and the maturity of existing controls. Maintained by the FFIEC. The Assessment provides a repeatable and measurable process that financial institutions’ management may use to measure their cybersecurity preparedness over time. Refer to the User's Guide for additional explanation of Steps 3, 4, and 5. 2. In addition to the �Overview for Chief Executive Officers and Boards of Directors�, the FFIEC has released the following documents to assist institutions with the Assessment. A federal agency may not conduct or sponsor, and an organization (or person) is not required to respond to, a collection of information unless it displays a currently valid OMB control number. The update to the cybersecurity maturity section of the tool allows institutions to select “Yes with Compensating Controls”, meaning that an institution has implemented a control or controls that protect an information system in a manner that is comparable or equivalent to a recommended security control within a declarative statement. Incident Analysis: FFIEC members will enhance its processes for gathering, analyzing and sharing information with each other during cyber incidents. Cybersecurity Assessment Tool In light of the increasing volume and sophistication of cyber threats, the Federal Financial Institutions Examination Council (FFIEC) developed the Cybersecurity Assessment Tool (Assessment) to help institutions identify their risks and determine their cybersecurity preparedness. CU*Answers agrees with CUNA’s review that the Tool has value, but is likely to take far longer than the 80 hours estimated by the FFIEC, and there are significant problems with the Tool itself. )”In practice, this update will allow financial institutions to achieve higher … Watkins’ latest Excel workbook includes this functionality. Step 2: Read the User's Guide (Update May 2017) to understand all of the different aspects of the Assessment, how the inherent risk profile and cybersecurity maturity relate, and the process for conducting the Assessment. In 2017 the FFIEC updated their tool to include the option “Yes, with compensating controls” when answering the risk maturity, declarative statements. An article review. More importantly, you can use the results of the survey to prioritize cybersecurity initiatives and controls going forward. The Federal Financial Institutions Examination Council (FFIEC) has updated the Cybersecurity Assessment Tool to reflect changes to the FFIEC IT Examination Handbook.. The Assessment incorporates cybersecurity-related principles from the FFIEC Information Technology (IT) Examination Handbook and regulatory guidance, and concepts from other industry standards, including the National Institute of Standards and Technology (NIST) Cybersecurity Framework. Written by Shari R. Pogach, Regulatory Paralegal. The FFIEC Cybersecurity Assessment Tool (CAT) is a diagnostic test that helps institutions identify their risk level and determine the maturity of their cybersecurity programs. Step 4: Complete Part 2: Cybersecurity Maturity of the Cybersecurity Assessment Tool (Update May 2017) to determine the institution�s cybersecurity maturity levels across each of the five domains. Credit unions should review the Tool and determine whether or not there is FFIEC Cybersecurity Assessment Tool should be voluntary for credit unions. FFIEC members developed the Assessment to help institutions’ management identify their risks and determine their cybersecurity preparedness. An example of compensating controls would be a review of activity log s for applications that do not allow proper segregation of duties. Excerpted from FFIEC Cybersecurity Assessment Tool, Inherent Risk Profile . The Information Technology Examination Handbook InfoBase concept was developed by the Task Force on Examiner Education to provide field examiners in financial institution regulatory agencies with a quick source of introductory training and basic information. These tools include the FFIEC Cybersecurity Assessment Tool, the National Institute of Standards and Technology Cybersecurity Framework, the Financial Services Sector Coordinating Council Cybersecurity Profile, and the Center for Internet Security Critical Security Controls. Step 5: Interpret and Analyze Assessment Results to understand whether the institution�s inherent risk profile is appropriate in relation to its cybersecurity maturity and whether specific areas are not aligned. The following resources can help management and directors of financial institutions understand supervisory expectations, increase awareness of cybersecurity risks, and assess and mitigate the risks facing their institutions. •Compensating control - A management, operational, and/or technical control (e.g., safeguard or countermeasure) employed by an organization in lieu of a recommended security control in the low, moderate, or high baselines that provides equivalent or comparable protection for … The FFIEC hasn’t released what you would normally expect a tool to look like, it’s a collection of PDF documents that outline a cybersecurity assessment process with specific controls to mitigate risks. The framework has two focuses. Compensating control s are controls that adjust for weaknesses within the system or process. It helps assess an institution’s inherent cyber risk profile and its cybersecurity … A management, operational, and/or technical control (e.g., safeguard or countermeasure) employed by an organization in lieu of a recommended security control in the low, moderate, or high baselines that provides equivalent or comparable protection for an information system. Independence and Staffing of Internal IT Audit, Audit Participation in Application Development, Acquisition, Conversions, and Testing, Independence of the External Auditor Providing Internal Audit Services, Third-Party Reviews of Technology Service Providers, Appendix C: Laws, Regulations, and Guidance, II Business Continuity Management Governance, II.A Board and Senior Management Responsibilities, III.A.1 Identification of Critical Business Functions, VII.I Third-Party Service Provider Testing, VII.J Testing for Core and Significant Firms, VII.K Post-Exercise and Post-Test Actions, International Organization for Standardization, Software Development Contracts and Licensing Agreements, Software Licenses and Copyright Violations, Documentation, Modification, Updates, and Conversion, Subcontracting and Multiple Vendor Relationships, Liquidity, Interest Rate, Price/Market Risks, Cost-Benefit Analysis and Risk Assessment, Oversight and Monitoring of Third Parties, Transaction Monitoring and Consumer Disclosures, I Governance of the Information Security Program, II Information Security Program Management, II.A.3 Supervision of Cybersecurity Risk and Resources, II.C.1 Policies, Standards, and Procedures, II.C.5 Inventory and Classification of Assets, II.C.10 Change Management Within the IT Environment, II.C.16 Customer Remote Access to Financial Services, II.C.20 Oversight of Third-Party Service Providers, II.C.21 Business Continuity Considerations, III.A Threat Identification and Assessment, III.C Incident Identification and Assessment, IV Information Security Program Effectiveness, I.B.6 Planning IT Operations and Investment, III.C.1 Policies, Standards, and Procedures, III.C.5 Software Development and Acquisition, III.D.6 Quality Assurance and Quality Control, Risk Mitigation and Control Implementation, Information Distribution and Transmission, Appendix D: Advanced Data Storage Solutions, Key Service Level Agreements and Contract Provisions, General Control Environment of the Service Provider, Potential Changes due to the External Environment, Outsourcing the Business Continuity Function, Appendix B: Laws, Regulations, and Guidance, Appendix C: Foreign-Based Third-Party Service Providers, Appendix D: Managed Security Service Providers, Payment Instruments, Clearing, and Settlement, Online Person-to-person (P2P), Account-to-Account (A2A) Payments and Electronic Cash, Contactless Payment Cards, Proximity Payments and Other Devices, Biometrics for Payment Initiation and Authentication, Retail Payment Instrument Specific Risk Management Controls, Appendix C: Schematic of Retail Payments Access Channels & Payments Method, Appendix D: Laws, Regulations, and Guidance, Supervision of Technology Service Providers, C. Holding Company and Non-Bank Subsidiary of the Holding Company, E. Independent TSPs, Including Those in the Multi-Regional Data Processing Servicers Program, Shared Application Software Review Program, Uniform Rating System for Information Technology, Fedwire and Clearing House Interbank Payments System (CHIPS), Other Clearinghouse, Settlement, and Messaging Systems, Society for Worldwide Interbank Financial Telecommunication (SWIFT), National Securities Clearing Corporation (NSCC), Internally Developed and Off-The-Shelf Funds Transfer Systems, Computer and Network Operations Supporting Funds Transfer, Wholesale Payment Systems Risk Management, Tier I Examination Objectives and Procedures, Tier II Examination Objectives and Procedures, Appendix C: Laws, Regulations and Guidance, Appendix D: Legal Framework for Interbank Payment Systems, Appendix E: Federal Reserve Board Payment System Risk Policy: Daylight Overdrafts, Account Balancing Monitoring System (ABMS), Bank Identification Number/Interbank Card Company (BIN/ICA), Clearing House Interbank Payment Systems (CHIPS), Domain Name System security extensions (DNSSEC), Due diligence for service provider selection, Financial Services Information Sharing and Analysis Center (FS-ISAC), National Institute of Standards and Technology (NIST), Personally identifiable financial information, U.S. Computer Emergency Readiness Team (US-CERT). , analyzing and sharing information with each other during cyber incidents s for applications do. 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