FFIEC Statement Supports Industry-Developed Cybersecurity Profile

In a statement today, the Federal Financial Institutions Examination Council highlighted a number of available standardized tools institutions can take advantage of to assess and improve their level of cybersecurity preparedness. Among the tools referenced was the Financial Services Sector Coordinating Council’s Cybersecurity Profile, which was developed by the American Bankers Association and other trades under the direction of the FSSCC.

The profile uses a questionnaire to identify a company’s risk and complexity and match it with an appropriate cybersecurity assessment. It is intended to reduce the time spent on compliance and in reconciling competing, duplicative and redundant cybersecurity examinations.

“We applaud the Federal Financial Institutions Examination Council for its support of the industry-developed Cybersecurity Profile, which is based on the National Institute of Standards and Technology’s cybersecurity framework,” said ABA President and CEO Rob Nichols. “ABA, along with the Bank Policy Institute, FSSCC and a coalition of other trades, rose to the challenge of developing this tool to help harmonize the industry’s approach to cybersecurity. Support from national and state banking supervisors should encourage more institutions to adopt the Cybersecurity Profile.”