The Federal Financial Institutions Examination Council warned financial institutions to assess their risk mitigation capabilities regarding information security, business continuity and third-party provider management. FFIEC’s advisory follows the recent announcement by the Society for World Interbank Telecommunication (SWIFT)  that a number of fraudulent payment incidents had occurred in customers’ local environments (click here for details). FFIEC recommended that financial institutions use “multiple layers of security controls to establish several lines of defense.” The organization recommended a number of specific measures to improve cybersecurity including regularly conducing information security risk assessments; performing security monitoring, prevention and risk mitigation on an ongoing basis (including having an intrusion detection system); protecting against unauthorized access; and implementing and regularly testing controls of critical systems. FFIEC is an interagency organization that prescribes uniform principles, standards and report forms for the examination of financial institutions by federal bank examiners. (Click here for a helpful article that contains a useful cybersecurity checklist in the Advisory, “Cyber-Attacks: Threats, Regulatory Reaction and Practical Proactive Measures to Help Avoid Risks” of June 24, 2015, by Katten Muchin Rosenman LLP.)