As financial institutions grapple with data security and risk management issues, the Federal Financial Institutions Examinations Council’s (“FFIEC”) Cybersecuity Assessment Tool (“CAT”) has become an important component of monitoring cybersecurity risk. However, the CAT is largely presented as a series of tables, risk levels, and statements that understandably give rise to questions. Now, the FFIEC has provided some level of clarification.
The FAQs range in complexity, but include information on how community institutions can meet baseline declarative statements (No. 14), how to distinguish between declarative statements/risk maturity (No. 16), among others. All FDIC-insured institutions should pass this document to risk managers, information technology personnel involved in testing and audit, and other key stakeholders.
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