The Federal Financial Institutions Examination Council (FFIEC) announced last week that it wants to work on identifying vulnerabilities in the U.S. banking system, especially when it comes to smaller community banks. FFIEC is an agency in charge of developing standards and principles for the U.S. banks. In the statement, the agency also said it plans to raise awareness for cyber threats.
The statement was part of the talk “Executive Leadership of Cybersecurity. What Today’s CEO Needs to Know About The Threats They Don’t See”. In the talk, CEOs are advised to think about “How is the staff at my institution providing me with accurate and timely information about our risks and our ability to mitigate them, so that I can prioritize our resource allocations and inform the board of directors?”
The agency points wants to build a “security culture” to make sure it can identify, measure, mitigate and monitor risks in the financial industry. Therefore, the FFIEC announced to implement a new vulnerability and risk-mitigation assessment. The agency also plans on implementing a regulatory self-assessment of supervisory policies and processes. FFIEC wants to give both tests a short pilot phase and then set them in place later this year.