FFIEC Issues Statement on Cybersecurity
by William Hord
June 08, 2016 08:06 am
FFIEC Issues Statement on Safeguarding the Cybersecurity of Interbank Messaging and Payment Networks
The Federal Financial Institutions Examination Council advised financial institutions yesterday afternoon to monitor the risks associated with interbank messaging and wholesale payment networks. Coming just two weeks after a malware attack on the Society for Worldwide Interbank Financial Telecommunication (SWIFT) breached 12 banks. The FFIEC stated “financial institutions should review risk-management practices and controls related to information technology systems and wholesale payment networks, including risk assessment; authentication, authorization and access controls; monitoring and mitigation; fraud detection; and incident response.”
If you haven’t already been assessing this process risk via your ERM program and/or your IT/GRC program, you should. Ensuring you have all the necessary controls in place to mitigate your risk and provide assurances to examiners and stakeholders is critical for such a highly utilized and trusted financial service.