FFIEC Encourages Standardized Approach to Assessing Cybersecurity Preparedness

On Wednesday, August 28, the FFIEC released a press statement that encourages the use of a "standardized approach to assess and improve cybersecurity preparedness." Firms that have adopted a standardized approach have a better ability to track their progress and share their best practices with other institutions and regulators. The FFIEC welcomes collaborative approaches as it will help to advance and enhance the effectiveness of the supervisory process. As stated in the press release, some tools that can be used for standardization include the "FFIEC Cybersecurity Assessment Tool, the National Institute of Standards and Technology Cybersecurity Framework, the Financial Services Sector Coordinating Council Cybersecurity Profile, and the Center for Internet Security Critical Security Controls."

Relevant URL(s): https://www.ffiec.gov/press/pr082819.htm