FFIEC encourages standardized cybersecurity approach
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:
- FFIEC Cybersecurity Assessment Tool, which provides a measurable and repeatable process for financial institutions to measure preparedness over time;
- National Institute of Standards and Technology Cybersecurity Framework, a voluntary framework of standards, guidelines and best practices to manage cybersecurity-related risk;
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