Are you asking questions about cyber security?

by: Henry Meier

The Federal Financial Institutions Examination Council (FFIEC), which reflects the combined wisdom of all the financial regulators including the NCUA, released a “statement” yesterday in which it strongly recommended that financial institutions participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC) as part of their efforts to enhance the cyber security of their institutions. The call for greater information sharing is the biggest takeaway from a report and statement the FFEIC released yesterday based on an assessment of the steps that 500 financial institutions are taking to deal with cyber threats.

Although regulators stressed that the report’s observations were not to be treated as official Guidance, don’t believe them, they may not be binding on you, but they easily could be required of you in the near future. Plus, the report provides some great advice to help develop a more robust cyber security program. For example, the report is filled with questions that board members and executives should be asking about their cyber security preparedness and steps that institutions should consider taking to mitigate risk. Among the questions that boards should be asking are:

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