While the tool is helpful, its use by regulators poses difficulties for credit unions that should be clarified before it’s adopted.
Experts warn a focus on regulatory compliance checklists creates a false sense of security.
Credit unions struggle to build effective cybersecurity strategies that also satisfy regulatory requirements.
The council, which includes the NCUA, revises IT governance and risk management principles.
Attacks involving the extortion of payment in return for sensitive data are on the rise, the FFIEC warns.
CU Times readers can download a best practices manual that helps them pass their next IT security exam.
The number of originations has declined by 31% since 2013, according to reported data.
Affected institutions are encouraged to participate in public comment on the assessment tool.
The council asks financial institutions to assess the state of their cyber-risks.
A new report reveals financial institutions want more efficient anti-money laundering solutions.