FSSCC, Financial Trade Associations Unveil New Cybersecurity Profile

As banks continue to struggle with cybersecurity compliance, the American Bankers Association and several financial trade groups — under the direction of the Financial Services Sector Coordinating Council — today unveiled a new Cybersecurity Profile intended to provide a common, credible approach to cybersecurity and assessment.

The Profile — which is complementary to the NIST Cybersecurity Framework — uses a questionnaire to identify company’s risk and complexity and match it with an appropriate cybersecurity assessment. It is intended to reduce the time spent on compliance and reconciling competing, duplicative and redundant cybersecurity examinations, the associations noted.

“The industry took up the challenge to find a cybersecurity roadmap that works for both community banks and global banks,” said ABA VP Denyette DePierro. “It’s an exciting moment and a new, innovative approach to regulation that could be applied to other areas of supervision and oversight.”