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ARTICLE · 31 JULY 2015

FFIEC Assessment Helps Financial Institutions Prevent Cyber Attacks

McGuireWoods LLP
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The Federal Financial Institutions Examination Council (FFIEC) recently issued an assessment tool meant to assist financial institutions in the detection of cybersecurity vulnerabilities and the prevention of cyber attacks.

United StatesFinance and Banking
Ashley Matthews
Ashley Matthews
Joshua Davey
Joshua Davey

The Federal Financial Institutions Examination Council (FFIEC) recently issued an assessment tool meant to assist financial institutions in the detection of cybersecurity vulnerabilities and the prevention of cyber attacks.

The FFIEC is an interagency body that develops the principles and standards used by agencies and organizations empowered to examine financial institutions, such as the Consumer Financial Protection Bureau, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation. Earlier this year, the FFIEC released a list of its cybersecurity priorities for 2015.

According to the FFIEC, cyber attacks increasingly threaten financial institutions' financial, operational, legal and reputational wellbeing. The FFIEC's new tool is designed to assist financial institutions in avoiding these threats by:

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