WASHINGTON (6/25/14)--The Federal Financial Institutions Examination Council (FFIEC) has launched a cybersecurity website to serve as a general repository for current and future cybersecurity materials from the council. The page will contain links to joint statements from federal financial institution regulators, webinars and other information for financial institutions.
The launch of the new site coincides with a pilot program at more than 500 community institutions to gather information compiled by state and federal regulators. The information is meant to assist regulators in assessing "how community financial institutions manage cybersecurity and their preparedness to mitigate increasing cyber risks," according to a statement released by the FFIEC.
The program also aims to help regulators make risk-informed decisions for more effective supervisory programs, guidance and examiner training. Regulators will focus primarily on risk management and oversight, threat intelligence and collaboration, cybersecurity controls, service provider and vendor risk management, and cyber incident management and resilience.
Also this month, the FFIEC announced the formation of a new working group to promote critical infrastructure and cybersecurity coordination. The FFIEC Cybersecurity and Critical Infrastructure Working Group will enhance communication among FFIEC agencies, and further coordinate with other entities such as the Financial Services Sector Coordinating Council, which includes the Credit Union National Association and other financial industry members.
The FFIEC was formed in 1978 to promote uniformity in financial institution regulation. It is comprised of the heads of the National Credit Union Administration, Office of the Comptroller of the Currency, Federal Deposit Insurance Corp., Consumer Financial Protection Bureau, the Council's State Liaison Committee and a member of the Federal Reserve Board.
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