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Credit Unions Can Learn How FFIEC Cybersecurity Assessment Tool Works

ALEXANDRIA, Va. (Oct. 30, 2015) – Credit unions now have another resource from the National Credit Union Administration to help them use the Federal Financial Institutions Examination Council’s cybersecurity assessment tool (opens new window) to evaluate their ability to address cyber risks.

The video, available here (opens new window), provides an overview of how the assessment tool works. The assessment tool can help credit unions pinpoint strengths and weakness in their cyber security programs.

“The increasing volume and sophistication of cyber threats pose real risks to the credit union system,” NCUA Board Chairman Debbie Matz said. “NCUA has created this new video to supplement the online information found on our Cyber Security Resources webpage and to encourage credit unions to take steps to identify, assess and mitigate risks. Cyber security continues to be a core focus for NCUA, and I encourage all credit unions to take steps to protect themselves, their members and the entire financial system.”

The FFIEC’s cybersecurity assessment tool is designed to enhance cyber security oversight and management capabilities, identify gaps in risk management practices and inform associated risk management strategies. The assessment tool is meant to be an enterprise-wide risk management tool that credit unions can use and revisit periodically as significant technological changes occur.

The video also directs credit unions to the FFIEC webpage (opens new window)for additional resources like joint statements, webinars and other information about cyber security.