Payment Law Advisor Legal Commentary and Resources for the Payment Industry

Federal Financial Institutions Examination Council Releases Cybersecurity Assessment Results: Boards of Directors and Senior Management Need to Engage

Posted in Privacy and Data Security

The Federal Financial Institutions Examination Council (FFIEC) released general observations yesterday from a cybersecurity assessment of over 500 community financial institutions. The cybersecurity assessment evaluated the institutions’ preparedness to mitigate cyber risks. It ultimately found that due to the critical dependence of financial institutions on information technology to conduct business operations, combined with increasing sector interconnectedness and the rapidly evolving cyber threats, it is more important than ever before that boards of directors and senior management be engaged in managing cybersecurity risk.

Read the full post from friends over at the Privacy & Security Law Blog.