When the FFIEC auditor comes knocking, how many people actually feel prepared? I can wager a guess that it’s not many. There is so much anxiety that comes along with an audit – you have to do your day job and on top of the time and resource needed to prepare.
Want to make sure your company is Federal Financial Institutions Examination Council (FFIEC) compliant? Then check out this guide to FFIEC data encryption standards, describing how you can ensure your organization complies with the FFIEC's encryption requirements.
Cybersecurity standards set the minimum requirements to protect your business systems and data. Complying with government and industry data security standards can cost a business millions – and the costs have been increasing in recent years. Concerns about technology and data security are also on the rise, which in turn has led to new rules and new regulations.
Financial institutions face approximately 85 serious cyber attacks each year. Of these attacks, one-third succeed. While this may not seem like a large number, consider that these threats put people's money at risk each time.
Threats led to the introduction of the Federal Financial Institutions Examination Council (FFIEC). The FFIEC has created security guidelines since 1979. Security risks have changed and increased since the establishment of the guidelines.
That's why the FFIEC examination handbook gets updated regularly. These updates keep up with new risks and changing technology.
Banks are a prime target for cyberattacks. Banks store and utilize a large volume of confidential data surrounding their client’s personal information, account information, and other data. For bank leaders, it’s important to understand the unique challenges and regulations you must meet to protect this data. Attacks may range from malware, phishing or DDoS, to sophisticated compound attacks that use multiple methods at once to infiltrate the organizations and compromise security. You must be prepared to prevent, detect, and remediate any potential security incidents.
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.