New Industry Coalition to Support Banks’ Cyber Risk, Compliance Efforts

A coalition of 31 financial institutions and trade associations—including the American Bankers Association and led by the Bank Policy Institute—today announced the creation of the Cyber Risk Institute. This new organization that will develop cybersecurity and resiliency strategies and standards to help institutions respond to evolving threats.

As part of its work, CRI will implement a common language for cybersecurity risk assessments and will continue to maintain and develop the Financial Services Cybersecurity Profile, which ABA originally helped develop with other trade groups. The profile—which is intended to help financial institutions reduce the overall time spent on cyber risk compliance—has already being implemented by several major institutions and is accepted by the regulatory community.

“The profile can help banks of all sizes strengthen their cyber defenses,” said ABA VP Denyette DePierro, who also serves on CRI’s board. “We’re proud to work with CRI and other organizations to expand its use and further protect the banking industry from cyber threats.”