Get the free FFIEC Statement On Cyber Extortion Webinar April 7 2016

FAFIEC Statement On Cyber Extortion Webinar April 7, 2016 2:30 p.m. 4:30 p.m. The FAFIEC recently released a joint statement to notify financial institutions of the increasing frequency and severity

How to fill out ffiec statement on cyber

How to fill out FFIEC statement on cyber:

1. Gather the necessary information: Before filling out the FFIEC statement on cyber, gather all the relevant information regarding your financial institution's cybersecurity measures, incidents, threats, and risk management practices. This includes details on your cybersecurity program, incident response plans, risk assessments, and any breaches or incidents that have occurred.
2. Understand the FFIEC guidance: Familiarize yourself with the FFIEC guidance on cybersecurity. This includes documents like the Cybersecurity Assessment Tool (CAT), which provides a framework for assessing your institution's cybersecurity risk management and controls. Review the guidance thoroughly to ensure you understand what information is required and how it should be presented.
3. Complete the required sections: The FFIEC statement on cyber is typically divided into different sections, each addressing a specific aspect of cybersecurity. Fill out each section accurately and provide all the requested information. Some sections may require you to provide details on your institution's cybersecurity policies, resources, training, and risk management processes. Others may ask for information on your incident response capabilities, vendor management practices, or emerging threats.
4. Provide supporting documentation: In addition to completing the statement itself, you may be required to provide additional documentation to support your responses. This can include policies, procedures, reports, or other evidence that demonstrates your institution's adherence to cybersecurity best practices. Ensure that all supporting documentation is organized and easily accessible.
5. Review and validate your responses: Before submitting the FFIEC statement, thoroughly review your answers to ensure they are accurate, complete, and aligned with your institution's actual cybersecurity practices. Consider involving key stakeholders, such as IT and cybersecurity teams, to validate the information provided and verify its accuracy.
6. Submit the statement on time: Ensure that you submit the FFIEC statement on cyber within the designated deadline. Late submissions may result in penalties or regulatory consequences. Follow the specified submission process, whether it's through an online portal or via a paper submission.

Who needs FFIEC statement on cyber?

The FFIEC statement on cyber is required for financial institutions regulated by the Federal Financial Institutions Examination Council (FFIEC) in the United States. This includes banks, credit unions, savings associations, and certain nonbank financial institutions. The statement helps regulators assess the cybersecurity readiness, risk management practices, and incident response capabilities of these institutions. Compliance with the FFIEC statement is important to ensure the protection of customers' sensitive information and the overall stability of the financial system.

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