As cybersecurity threats evolve, financial institutions and their technology service providers are increasingly pressed to identify, mitigate and respond to threats and vulnerabilities.

The Federal Financial Institutions Examination Council (FFIEC) recently analyzed the technology systems of 500 community financial institutions “to evaluate their preparedness to mitigate cyber risks.” The study uncovers common areas of weakness, important security benchmarks and key questions for CEOs and boards of directors to consider in their own assessments. The FFIEC also provides recommendations for keeping up with cyber threats in the financial industry.