Alert July 01, 2014

FFIEC Establishes Cybersecurity Web Page and Announces Commencement of Cybersecurity Assessment Program of Community Banks

The Federal Financial Institutions Examination Council (the “FFIEC”) announced that it had established a web page on cybersecurity (the “Web Page”), which is designed to serve as a central repository for current and future regulatory guidance and related materials concerning cybersecurity.  The members of the FFIEC are the FRB, FDIC, OCC, NCUA, CFPB and a liaison committee of the state banking supervisors.  The FFIEC also announced that its member federal and state regulators are commencing a pilot program to assess how 500 community financial institutions manage cybersecurity and how those institutions are preparing to mitigate the damage caused by cyber attacks.  The FFIEC stated that its member regulators “are particularly focusing on risk management and oversight, threat intelligence and collaboration, cybersecurity controls, service provider and vendor risk management, and cyber incident management and resilience.”  The pilot examinations, noted the FFIEC, will be conducted by regulatory agencies during regularly scheduled examinations.