Cybersecurity Covered in FFIEC Webinar
The Federal Financial Institutions Examination Council focused on ways community banks can improve cybersecurity during a webinar Wednesday.
The FFIEC briefed about 5,000 CEOs and senior managers on the prevalence of cybersecurity threats and announced a vulnerability and risk-mitigation assessment.
The webinar, which was part of a larger cybersecurity awareness initiative for financial institutions of all sizes, also included a regulatory self-assessment of supervisory policies and processes.
“These assessments will be conducted later this year and will help the FFIEC member agencies make informed decisions about the state of cybersecurity across community institutions and address gaps and prioritize necessary actions to strengthen supervisory programs,” said a press release Wednesday. “FFIEC members want to provide additional support to community banks, which may not have access to the resources available to larger institutions.”
The FFIEC highlighted areas senior management should focus on to address cybersecurity threats, including building a security culture among personnel and identifying, measuring, mitigating, and monitoring cybersecurity risks.
The FFIEC also recommended institutions include cybersecurity strategy with their business strategy and account for how risks will be managed. The council also said institutions should provide timely reports to senior management that include information about the institution’s exposure to cybersecurity threats.