ALEXANDRIA, Va. (1/11/16, UPDATED 1:45 p.m. ET)--The new Cybersecurity Assessment Tool from the Federal Financial Institutions Examination Council (FFIEC) will be incorporated into federal credit union examinations in the second half of 2016, the National Credit Union Administration (NCUA) announced this morning. The agency published, via a letter to credit unions (16-CU-01), its list of supervisory priorities for this year.
The assessment tool was released jointly by FFIEC member agencies in June 2015, and it is designed to provide a structured methodology for credit unions to manage information security and protect member information more effectively.
The NCUA has previously encouraged credit unions to manage cybersecurity risks, but the second half of this year will mark the first time it is incorporated into examinations.
Other priorities are: