AMERICAN BANKERS ASSOCIATION: ABA Applauds FFIEC Support of Cybersecurity Profile


American Bankers Association issued the following announcement on Aug. 28.

“We applaud the Federal Financial Institutions Examination Council for its support of the industry-developed Cybersecurity Profile, which is based on the National Institute of Standards and Technology’s cybersecurity framework. ABA, along with BPI, FSSCC and a coalition of other trades, rose to the challenge of developing this tool to help harmonize the industry’s approach to cybersecurity. Support from national and state banking supervisors should encourage more institutions to adopt the Cybersecurity Profile, which will strengthen banks’ security and protect the customers and communities they serve.”

Background

The Financial Services Sector Cybersecurity Profile—released in October 2018—uses a questionnaire to identify the risk and complexity of a company and match the company with an appropriate, customized, and focused cybersecurity plan. For example, a community bank currently using the 533-question FFIEC Cybersecurity Assessment Tool would only complete 142 questions to use the Cybersecurity Profile—a 73% reduction in compliance burden—that helps focus an institution on likely threats and vulnerabilities, while conserving resources and employee time.

The coalition of trade associations and financial services companies within the Financial Services Sector Coordinating Council that developed the tool included representation from more than 150 financial institutions ranging from community banks and credit unions to large multi-national banking, investment and insurance organizations. U.S. and international financial services regulatory bodies also offered input.

Original source can be found here.

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