FFIEC Cybersecurity Assessment Tool: What You Need to Know

2 minute read

September 2015

Cybercrime is a hot topic among GRC practitioners these days. It should be. According to PwC’s 2014 Global Economic Crime Survey, 39% of financial services respondents reported having been victims of cyber crime. In the meantime, Bloomberg found companies such as Anthem, JP Morgan and Home Depot faced a combined $272 Million in corporate stock losses as a result of cyber hacks.

Fortunately, Banks and Financial Services firms looking to improve their cyber defenses are getting some much-needed help. Regulators are rolling out new tools and recommendations to help organizations rate their cybersecurity maturity and understand their risk for a potential attack. One such resource is the Cybersecurity Assessment Tool (CAT), released by the FFIEC this past June.

While the CAT is being provided as a guide today, some accompanying notes in the corresponding OCC Bulletin indicate that regulators will begin to require cybersecurity oversight in the very near future.

What does that mean to you? Now is the time to get your cybersecurity practices ready before the examiners come knocking.

Ready to learn more? Join ProcessUnity on Tuesday, September 22 at 11:00 AM EDT for a 45-minute executive web clinic aimed at demystifying the Cybersecurity Assessment Tool. During the session we’ll review:

  • What you need to understand in the new guidance provided by the FFIEC
  • How to best utilize and automate the Cybersecurity Assessment Tool
  • How you can take action to address the gaps you identify

To join the session, click here to register. If you’re not available, but you’re still interested in the content, sign up and we’ll send you a link to the recording.

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ProcessUnity is a leading provider of cloud-based applications for risk and compliance management. The company’s software as a service (SaaS) platform gives organizations the control to assess, measure, and mitigate risk and to ensure the optimal performance of key business processes. ProcessUnity’s flagship solution, ProcessUnity Vendor Risk Management, protects companies and their brands by reducing risks from third-party vendors and suppliers. ProcessUnity helps customers effectively and efficiently assess and monitor both new and existing vendors – from initial due diligence and onboarding through termination. Headquartered outside of Boston, Massachusetts, ProcessUnity is used by the world’s leading financial service firms and commercial enterprises. For more information, visit www.processunity.com.