Posted on Aug 27, 2017
The Federal Financial Institution Examination Council (FFIEC) recently issued the Cybersecurity Assessment Tool (CAT). For U.S. financial institutions that fall under the FFIEC’s purview, this is a framework that can facilitate discussions about an organization’s cybersecurity maturity. As its name suggests, the CAT is a measurement of overall cybersecurity preparedness that the FFIEC recommends as a standard for financial institutions to use when assessing risk.
The CAT is a robust and detailed survey which breaks the assessment process down into two key parts. (For SecurityScorecard users, getting the information required to respond to many of these questions can be expedited by looking at factor-level grades and issue types in your Scorecard.)
Part One is used to help management evaluate the organization’s inherent risk profile based on five risk areas:
Part Two is used to assess the organization’s maturity in five cybersecurity domains:
Each level of maturity within each domain includes a detailed description the behaviors, practices, and processes required of the financial institution to achieve that level of maturity. Ultimately, this draws out a potential roadmap for organizations looking to improve their security posture.
Using the CAT may allow financial institutions to gain a deeper understanding of their risk profile and what risk category they fall into, how mature their cybersecurity policies and procedures are, and (most importantly) if their policies and procedures are appropriate given their risk profile. FFIEC recommends performing cybersecurity assessments at least once a year or as often as any new information on cyber threats is shared or if a new electronic service is added to the institutions workflow.
Lastly, if a financial institution opts out of utilizing the CAT, FFIEC still recommends that organizations select another industry standard framework to help identify risk profile.
For SecurityScorecard users, you can find our available compliance frameworks simply by clicking the “Compliance tab.” By selecting a framework, your Scorecard findings are mapped to the framework of your choice.
Check out our list of 3 top third party risk management (TPRM) challenges, and the actions you can take to bolster your program. Learn more.
Performing cybersecurity risk assessments is a key part of any organization’s information security management program. Read our guide.
Templates and vendor evaluations are needed to level that playing field, in a time efficient and fair way, so that the best vendors are chosen.
Co-founder and CEO, Alex Yampolskiy, speaks about the importance of measuring and acting on key indicators of cybersecurity risk.
You’ve invested in cybersecurity, but are you tracking your efforts? Check out our list of 20 cybersecurity KPIs you should track. Read more.
No waiting, 100% Free
Get your free scorecard and learn how you stack up across 10 risk categories. Answer a few simple questions and we'll instantly send your score to your business email.