FFIEC launches pilot programme to assess banks readiness to handle cyberattacks

Thursday 26 June 2014 10:48 CET | News

The Federal Financial Institutions Examination Council (FFIEC) has launched a pilot programme at over 500 US community financial insitutions to assess their readiness to handle cyberattacks.

According to FFIEC, the pilot focuses mostly on risk management and oversight, threat intelligence and collaboration, cybersecurity controls, service provider and vendor risk management, cyber incident management and resilience. The programme is also aimed at helping regulators make risk-informed decisions to upgrade the effectiveness of supervisory programs, guidance and examiner training.

In April 2014, the FFIEC warned banks to protect their automated teller machines and card authorisation systems from a fresh wave of cyber-attacks that seek to exploit ATM control weaknesses to spew out millions of dollars in fraudulent withdrawals.

The Council also called on banks to step up their readiness to repel Distributed Denial of Service Attacks that aim to cripple public-facing websites.

The FFIEC has also released a dedicated web page to act as a central repository for current and future FFIEC-related materials on cybersecurity.

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Keywords: FFIEC, online security, fraud, cybercrime, cyberattacks, US, financial institutions
Categories: Fraud & Financial Crime
Countries: World
This article is part of category

Fraud & Financial Crime

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