Cybersecurity preparedness – Be sure to ask the right questions

Description

Abstract: Last summer, in an effort to evaluate financial institutions’ cybersecurity preparedness, the FFIEC piloted a cybersecurity examination work program (the “Cybersecurity Assessment”) at more than 500 community banks. The agency’s subsequent “Cybersecurity Assessment General Observations” provides questions for boards and management to consider as they assess their institutions’ preparedness. This article discusses some of those questions, while a sidebar looks at security risks involved in mobile banking apps.