Financial regulators release revised information security booklet
ALEXANDRIA, VA (September 9, 2016) — The Federal Financial Institutions Examination Council (FFIEC) members today issued a revised Information Security booklet, which is part of the FFIEC Information Technology Examination Handbook (IT Handbook).
The revised booklet addresses the factors necessary to assess the level of security risks to a financial institution’s information systems. The booklet also helps examiners evaluate the adequacy of the information security program’s integration into overall risk management.
The Information Security booklet describes effective information security program management, including the following phases of the life cycle of information security risk management:
- Risk identification
- Risk measurement
- Risk mitigation
- Risk monitoring and reporting
The booklet provides an overview of information security operations, including the need for effective (1) threat identification, assessment, and monitoring and (2) incident identification, assessment and response. It discusses methods to achieve and assess information security program effectiveness, including assurance and testing. It also incorporates cybersecurity concepts, such as threats, controls, and resource requirements for preparedness. The booklet contains updated examination procedures to help examiners measure the adequacy of an institution’s culture, governance, information security program, security operations, and assurance processes.
The IT Handbook is available at http://ithandbook.ffiec.gov/.
About National Credit Union Administration (NCUA)
The NCUA is the independent federal agency created by the U.S. Congress to regulate, charter and supervise federal credit unions. With the backing of the full faith and credit of the United States, the NCUA operates and manages the National Credit Union Share Insurance Fund, insuring the deposits of more than 124 million account holders in all federal credit unions and the overwhelming majority of state-chartered credit unions. The NCUA also protects consumers and educates the public on consumer protection and financial literacy issues.