Community Banks Gear Up Against Cyber Security Threats

In a bid to protect banks from the ever-growing cyber security threats, the Federal Institutions Examination Council (FFIEC) has launched a new program to assess the security readiness of 500 community banks against cyber attacks.

Since April, the new program is yet another step the FFIEC has taken toward warning and preparing banks in fending off cyber security threats, following the warnings to protect ATM and card authorization systems against attacks targeting fraudulent ATM withdrawals.

Coinciding with the program launch, the council set up a dedicated web page, which would act as a central repository for FFIEC related materials on cyber security, according to

The new web page has links to joint statements, webinars among a plethora of information for any financial institution to develop effective safeguards against any threats. To further discourage cyber attack, the council has requested banks to step up their readiness in dealing with distributed denial of services attacks.

According to the website, the watchdogs say that the pilot examinations are focusing on “risk management and oversight, threat intelligence and collaboration, cyber security controls, service provider and vendor risk management, and cyber incident management and resilience”.

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