FFIEC Releases Report Regarding Cyber Security Assessment as NASCUS Prepares for Upcoming Credit Union Cyber Security Symposium

November 4, 2014 The Federal Financial Institutions Examination Council (FFIEC) released a report yesterday regarding the recent cyber security examination work program, and recommended that regulated financial institutions participate in the Financial Services Information Sharing and Analysis Center (FS-ISAC). (To review the report in its entirety, click here. To read NASCUS' summary of the report, click here.)

The program was conducted this past summer at more than 500 community financial institutions in order to evaluate their preparedness to mitigate cyber risks. General observations released in the FFIEC’s report include cyber security inherent risk—“the amount of risk posed by a financial institution’s activities and connections, notwithstanding risk-mitigating controls in place,” and cyber security preparedness.

The release of the report is timely as NASCUS is preparing for the upcoming Credit Union Cyber Security Symposium, being held in partnership with CUNA Nov. 13-14 in Arlington, Va. Those working in the financial industry, including credit union managers, compliance officers, information officers and examiners, are invited to attend.

A wide range of mission-critical cyber security issues will be covered during symposium. Attendees will talk with policymakers and intelligence experts in Washington who have been assessing growing cyber threats in the financial system. Other presentations by cyber experts will focus on using the National Institute of Standards and Technology (NIST) framework for risk assessments, exploring the crossroads of cyber and disaster recovery, surveying the critical legal issues related to suffering a breach, and discussing the mitigation of reputational challenge. State and federal regulators will discuss supervisory expectations and the evolving cyber examination programs.

NASCUS is pleased to partner with CUNA and TrustCC for this event. Registration is just $475 for NASCUS and CUNA members/affiliates, TrustCC clients, government and Corporate Central CU members. The price for non-members is $575 per person. For more information, contact Brian Knight at brian@nascus.org. To register, click here.


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