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 […]
Hey Guru! We finished a FDIC exam earlier this year, and in the IT portion they hit us on our pandemic plan saying it “needed improvement.” Here is the actual finding: Management should improve the pandemic plan within the Business Continuity Plan. The pandemic plan has no defined action plan, nor has it been tested. […]
Hey Guru! We contracted with Safe Systems to help remediate exam findings, but we were told by the examiner that we are not allowed to share examination findings “under penalty of law”. How do we share this critical information with you without getting into legal trouble? Thanks for the question, here is where this issue […]
Hey Guru! I’m looking at an FIL that came out recently (FIL-19-2019), and trying to figure out how to react to it. In your opinion, how do we “ensure that business continuity and incident response risks are adequately addressed” in our contracts? We do get copies of their BCP/IRP plans and their insurance, and we […]
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”. […]
Since both Windows 7 and Server 2008 R2 will reach end-of-life support in January of 2020, many organizations have already made the jump to Windows 10 and Windows Server 2012, 2016, 2019, or Azure. If you have full control over the asset lifecycle management process for your financial institution you may have already completed this […]
Hey Guru! Our institution works with a third-party that has recently engaged with a company in a foreign county to begin assisting them in taking care of our institution’s IT matters. Do we need to perform a review on this new foreign third-party? When evaluating this situation, the first step is to understand the parties […]
Hey Chuck! Our auditor is telling us we need longer passwords. I’ve done some reading and asked around on this, and I’ve heard everything from 8 to 15 characters. How long should our passwords be? Ask a simple question, get… a different answer from every person you ask. Frustratingly enough, they all might be right. […]
Hey Guru! I have heard a lot about GDPR recently, but I am not terribly familiar with it. I already break my back to stay in compliance with FFIEC guidance. Do I have anything more to worry about here? GDPR has certainly been in the news for the past few months as implementation was required […]
Hey Guru! We’re doing our due diligence on a new HR software package. We’ve requested the vendor’s financials and a SOC 2 report, but they told us they don’t provide financials (they are privately held), and their SOC 2 won’t be completed until the end of the year. They do have a SOC 1. What […]
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 […]
