FFIEC Updates Its Cybersecurity Guidelines For Financial Institutions

On October 3, 2022, the Federal Financial Institutions Examination Council's (FFIEC) updated its 2018 Cybersecurity Resource Guide for Financial Institutions.

The resource guide is a valuable tool for financial institutions of all sizes as it provides best practices, recommendations, and resources to help organizations protect their networks and data from cyber threats. The guide also serves as an educational resource on the latest security technologies.

The FFIEC

The mission of the FFIEC is to promote the safety and soundness of financial institutions by providing guidance for federal supervisory agencies, examining and supervising financial institutions, publishing standards for financial activities, collecting and sharing data on banking-related activities, helping ensure consumer access to financial services, and developing innovative solutions to modern banking challenges.

Therefore, the FFIEC provides guidance on financial regulations and best practices for federal supervisory agencies, as well as helping them develop exam policies for banks, savings associations, credit unions, thrifts, and other financial institutions. It also publishes standards of sound banking practices and procedures for use by these institutions in fulfilling their legal and regulatory responsibilities. Additionally, the Council collects consumer financial data from these institutions and makes it available to aid in risk management, consumer protection and policy making.

Cyber Security Guidelines

The updated FFIEC Cybersecurity Guidelines are voluntary programs and actionable initiatives that are designed to help financial institutions and their service providers protect the security, confidentiality, and integrity of customer information in an increasingly interconnected digital world. The guidelines provide a risk-based framework for evaluating cybersecurity preparedness, identifying key controls to mitigate cyber threats, developing strategies to detect and respond to cyber incidents, and maintaining an effective cybersecurity program.

The FFIEC Cybersecurity Guidelines provide financial institutions with information about the importance of implementing a comprehensive cybersecurity program, as well as specific recommendations for protecting customer data from malicious actors. Financial institutions are expected to assess their own risk profile and implement appropriate measures to ensure the security of customer data.

The FFIEC Cybersecurity Guidelines are part of a larger national effort to ensure the security of customer information and help financial institutions protect against cyber threats. Financial institutions that comply with the guidelines may be eligible for certain benefits, such as reduced regulatory examinations or review time, recognition from other financial services regulators, and/or other forms of risk mitigation.

The guide includes sections on risk assessment and management, incident response, authentication and access control, monitoring and logging, encryption, physical security, and more. Each section provides an overview of the technology or practice as well as advice on implementation. The CRSG also offers insight into regulatory requirements for financial institutions related to cybersecurity.

Finally, the guide contains links to additional resources, such as cybersecurity handbooks from the FFIEC and other organizations, websites with further information on cyber threats, and more. The CRSG is an invaluable resource for any financial institution looking to strengthen their cybersecurity posture.

How Mayhem Can Help

Financial institutions should also consider utilizing a third-party security audit to ensure that they are in compliance. In addition, financial institutions should consider fuzz testing their apps and application code using Mayhem.

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