The all new IT Examination Handbook is more than an update, it’s a complete re-write, and represents a significant change in how the business continuity process is managed. It also has several new expectations regulators will be looking for from financial institutions1. In fact, that is one of the most interesting changes; the term “institution” […]
A Standardized Approach On August 28th, the FFIEC issued a press release entitled “FFIEC Encourages Standardized Approach to Assessing Cybersecurity Preparedness”. The release “…emphasized the benefits of using a standardized approach to assess and improve cybersecurity preparedness.” On the surface the this seems very logical and straightforward, but in fact this may have provided more […]
It may be a good time to review your Incident Response Plan and determine if additional clarification regarding the term “misuse” should be added to incorporate denial of access to information. The FFIEC Information Technology Examination Handbook for Information Security was published in September 2016 and refers to misuse as “attacks from within the organizations”. […]
The statement is here, and is intended to provide additional awareness about the possible use of cyber insurance to off-set financial losses resulting from cyber incidents. Here are a few high-level observations: First of all, we’ve seen several announcements from various organizations stating that “the FFIEC has released new guidance…”. The statement makes it clear […]
The FFIEC Cybersecurity Assessment Tool has been out since 2015, and by now almost all financial institutions have completed it at least once, some as many as 3-4 times. Although most of the examiner feedback we’ve gotten indicates that simply completing is all regulators are looking for at this time, the FFIEC made it clear […]
The FFIEC recently released a long-awaited update to the Cybersecurity Assessment Tool, and we think overall it is a relatively minor but useful evolution. But before we get into the details of what the update does address, it’s important to note that it did not address the ambiguity issues that plague the current assessment. One […]
In the first update in over 10 years, the FFIEC just completely rewrote the definitive guidance on their expectations for managing information systems in financial institutions. This was widely expected, as the IT world has changed considerably since 2006. There is much to unpack in this new handbook, starting with what appears to be a […]
Starting immediately, all FDIC-examined institutions will be subjected to new IT examination procedures, the first major overhaul since December 2007. The new format is dubbed the InTREx program (Information Technology Risk Examination), and is designed to be a bit simpler in the pre-examination phase. In fact, the InTREx has only 26 questions vs. 59 for the 12/07 […]
“A topic is at times of such significant interest to bankers and examiners that it warrants a special issue…” Whenever something from a regulatory body begins this way all bankers should take notice, and the latest Special Corporate Governance Edition from the FDIC is no exception. In fact the Guru did a little research and the last time the FDIC released […]
The FDIC released FIL-17-2016 today, which will increase the examination cycle for community banks meeting certain criteria from 12 months to 18 months, thereby potentially decreasing one of the most intrusive events in the bankers life. The criteria is as follows: Must be less than $1 B in assets Must have a CAMELS composite rating […]
