The Federal Financial Institutions Examination Council (FFIEC) Wednesday issued a statement emphasizing the benefits of using a standardized approach to assess and improve cybersecurity preparedness. Adopting this approach allows institutions to better track progress over time and share best practices with other institutions and regulators.
According to the FFIEC, ”institutions may choose from a variety of standardized tools aligned with industry standards and best practices to assess their cybersecurity preparedness.”
These tools include:
While the FFIEC does not endorse any particular tool, these standardized tools support institutions in their self-assessment activities.
However, the tools are not examination programs and the FFIEC members take a risk-focused approach to examinations. As cyber risk evolves, examiners may address areas not covered by all tools.