What is the FFIEC ?
The Federal Financial Institutions Examination Council (FFIEC) is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions to make recommendations to promote uniformity in the supervision of financial institutions. FFIEC compliance applies to financial institutions and providers of services to these institutions that handle financial or consumer data.
FFIEC provides guidance on a number of various standards and regulations including privacy and cyber security standards. One of FFIEC’s tools is the Cybersecurity Assessment Tool to help institutions identify their risks and determine their cybersecurity preparedness, which was developed in the light of the increasing volume and sophistication of cyber threats. The Assessment Tool provides a repeatable and measurable process for financial institutions to measure their cybersecurity preparedness over time.
This solution will facilitate the implementation of FFIEC.