The Federal Financial Institutions Examination Council (FFIEC) provides cybersecurity standards and auditing for financial institutions and regulatory bodies including: The Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Consumer Financial Protection Bureau (CFPB).
Credit unions face major challenges when protecting financial data in today’s threat landscape. In addition to protecting consumer data and financial records, IT security teams must also deal with compliance mandates for FFIEC and a patchwork of federal, state, and other industry regulations. With so many regulations and areas to consider, the task of securing a network from breaches and vulnerabilities while meeting compliance requirements can seem overwhelming. That task has become even more onerous with the National Credit Union Administration (NCUA) buckling down even further on FFIEC compliance to ensure that credit unions are as secure as possible, given how many data breaches are still happening in the financial services industry today.
Banks, credit unions, and other financial institutions face major challenges when protecting financial data in today’s threat landscape and must also deal with compliance mandates for GLBA, FFIEC, SOX, PCI, and a patchwork of federal, state, and other industry regulations. For example, In March of this year, the National Futures Association enacted its Cybersecurity Interpretive Notice to help structure and strengthen members’ information security programs. These guidelines suggest that each member firm establish a written governance framework, assess and prioritize IT risks, defend specifically against identified threats and vulnerabilities, create incident response plans, and provide continuous employee training. These guidelines build on the SEC’s Cybersecurity Examination Initiative conducted by the Office of Compliance Inspections and Examinations (OCIE), which focus on six key areas in its audits:
- Cybersecurity Governance and Risk Assessments
- Access Rights and Controls
- Data Loss Prevention (DLP)
- Vendor Management
- Cybersecurity Incident Response
- Cybersecurity Awareness & Training
Banks, credit unions, and other financial institutions face major challenges when protecting financial data in today’s threat landscape. In addition to protecting consumer data and financial records, IT security teams also deal with auditing mandates for GLBA, FFIEC, SOX, PCI, and a patchwork of federal, state, and other industry regulations. In 2014, the Federal Financial Institutions Examination Council announced a new effort focusing on cyber security, including an audit of an organization’s ability to manage cyber security and mitigate cyber risk. The task of monitoring thousands of network and system events can seem overwhelming. EiQ’s SOCVue® hybrid SaaS security services help overcome these challenges by providing the right people, process, and technology in order to deliver increased security visibility and guidance to effectively reduce cyber risks and meet compliance requirements.
We’ve been having a lot of conversations recently with banks and financial organizations about not only meeting GLBA and PCI-DSS requirements, but also making sure they are prepared for the FFIEC examinations. On the heels of the release of the FFIEC Cybersecurity Assessment Tool this summer, financial organizations are recognizing shortcomings and gaps with their current security processes and systems and looking for ways to correct the issues within constraints of limited budgets, time, and other resources.
Continuous security monitoring has become the new norm for employers as they battle today's growing cyber security threats. Not only do they have to worry about threats from the outside, they have to be concerned about internal risk from employees as well. With so much to do in IT security already, how can employers alleviate some of the burdens? Working with EiQ Networks is an optimal way to resolve your company's IT security concerns because we have the right people, process, and technology in place to make it happen.