On November 23, 2015, the Federal Deposit Insurance Corporation (FDIC) released Financial Institution Letter 55-2015 (FIL-55-2015) which announces additions to the FDIC’s cybersecurity awareness resources for financial institutions. These resources are made available through the FDIC’s Community Banking Initiative. The newest resources include a Cybersecurity Awareness video, which provides an overview of the cybersecurity threat environment and steps that community banks can take to mitigate such threats, as well as three new vignettes for the Cyber Challenge, which consists of exercises to encourage discussions of operational risk issues and the potential impact of information technology disruptions. These resources are a useful starting point for many community banks seeking to get up to speed on cybersecurity risk and the operational issues associated with such an attack, no matter the size of the institution. Cybersecurity risks have been front and center at countless industry events of late and are front and center on the banking agencies radar as a current and ever-evolving risk. Institutions are well advised to be prepared for questions on their cybersecurity preparedness.
The Financial Institution Letter can be found at: https://www.fdic.gov/news/news/financial/2015/fil15055.html?source=govdelivery&utm_medium=email&utm_source=govdelivery.