FDIC releases new cybersecurity videos, tools

As part of the Federal Deposit Insurance Corporation’s Community Banking Initiative, the agency has added to its cybersecurity awareness resources for financial institutions. These include a cybersecurity awareness video and three new vignettes for the Cyber Challenge, which consists of exercises intended to encourage discussions of operational risk issues and the potential impact of information technology disruptions on common banking functions.

The new tools are specifically targeted at institutions with total assets under $1 billion, but apply to all FDIC-supervised financial institutions, according to an FDIC letter to financial institutions.

Operational risks from cyber attacks can threaten an institution’s ability to conduct basic business operations, impact its customer service and tarnish its reputation.

The Cybersecurity Awareness Directors’ College video provides an overview of the threat environment and steps community financial institutions can take to be better prepared should a cyber attack occur. The video is available at https://fdic.gov/regulations/resources/director/technical/cybersecurity.html.

Cyber Challenge facilitates discussion between financial institution management and staff about operational risk issues. Exercises are designed to provide valuable information about an institution’s state of preparedness and identify opportunities to strengthen resilience to operational risk. The first four Cyber Challenge videos and supporting discussion materials were released in early 2014.

Cyber Challenge now includes:

• Seven scenarios presented through short video vignettes;

• Associated challenge questions;

• Reference materials; and

• An instructional guide.

Cyber Challenge is not a regulatory requirement but an optional tool to assist financial institutions in strengthening their resilience against potential cyber risks, according to the FDIC. Cyber Challenge is available at https://www.fdic.gov/regulations/resources/director/technical/cyber/purpose.html.

By |2019-11-25T08:30:36-06:00May 18th, 2016|Financial Services|0 Comments

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