Personal data is valuable. We know it’s true in healthcare. For the same reason, financial organizations are just as vulnerable to cybersecurity breaches, and must take adequate steps to protect themselves and their customers.
Created in 1979, the Federal Financial Institutions Examination Council (FFIEC) is a formal agency that prescribes principles and standards to promote uniformity around the supervision of financial institutions. FFIEC issued a set of security standards in 2005 for online banking, and created its Cybersecurity and Critical Infrastructure Working Group in 2013 specifically to strengthen the financial sector’s preparedness for cybersecurity.
Using the NIST Cybersecurity Framework as a primer, the agency created FFIEC compliance guidelines and developed its Cybersecurity Assessment Tool (CAT), which financial institutions can use to assess risk areas, identify vulnerabilities and make plans to mitigate high-risk areas.
Like the NIST CSF, the FFIEC compliance guidelines are simply a framework for cybersecurity, and include 39 different audit tracks in 5 categorized domains:
With 39 different audit tracks, how can financial organizations manage all of this information to accurately assess and mitigate cybersecurity risk? With scalable, easy-to-use FFIEC compliance software and services from ComplyAssistant.
ComplyAssistant’s FFIEC compliance software enables you to more easily document information requested in the 2-part FFIEC CAT. Using our software solution, you can first gather the appropriate data, and then determine the greatest areas of risk for your organization.
Used to determine a financial institution’s overall inherent risk profile, this part of the assessment can be completed directly in ComplyAssistant’s proprietary solution.
With ComplyAssistant, you have the flexibility to complete the profile on your own as a self-assessment, or with the help of a qualified cybersecurity consultant. Once the profile is complete, you will be given a risk profile score, which is then used for part 2 of the FFIEC assessment.
Using the input results from the inherent risk profile, ComplyAssistant’s software and services solution will help determine how a financial institution’s can attest to one of five cybersecurity maturity levels – baseline, evolving, intermediate, advanced or innovative – across each of five domains:
Our FFIEC compliance software is designed to simplify and standardize complex risk assessments. But we don’t just stop at software. You’ll have a team of consultants by your side who will assist in gathering data, assessing for risk and planning for short- and long-term mitigation. Because of our unique combination of software and services, our solution is customizable to fit your needs, and can grow with you as your program expands.
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