No doubt every credit union will have heard of the Automated Cybersecurity Examination Tool (ACET). It’s the latest compliance requirement aiming to provide a repeatable, measurable and transparent process that improves and standardizes supervision related to cybersecurity in all federally insured credit unions. A Cybersecurity Agency delivering Security-as-a-Service can help credit unions with the people and repeatable process to meet ACET requirements.
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.