WASHINGTON (7/1/15)--A tool for helping financial institutions identify risks and assess cybersecurity preparedness was released by the Federal Financial Institutions Examination Council (FFIEC) Tuesday.
According to the National Credit Union Administration spokesman, the NCUA is encouraging credit unions to use this tool, and a letter containing more details will be sent to credit unions in the near future.
The tool can be used by financial institutions of all sizes, and will be updated accordingly as threats, vulnerabilities and operational environments evolve. It contains an overview for institution executives, resources for connection to the FFIEC IT Handbook and the National Institute of Standards and Technology Cybersecurity Framework and a step-by-step process for using the assessment.
The release comes after the council conducted a pilot program last summer with 500 financial institutions, a program that included a number of credit unions. The FFIEC also announced in March that creating the assessment tool was a top priority for 2015.
The FFIEC is encouraging financial institutions to comment on the assessment tool through an upcoming Paperwork Reduction Act notice in the Federal Register.
The council also provides a number of other resources intended to help institutions improve their cybersecurity practices.