Tag Archives: FFIEC

FFIEC Members Issue Joint Statement to Financial Institutions on Role of Cyber Insurance as Risk Management Tool

On April 10, the Federal Financial Institutions Examination Council (FFIEC) members issued a joint statement discussing cyber insurance and its potential role in the risk management programs of financial institutions. Members of the FFEIC include the Board of Governors of the Federal Reserve System, Consumer Financial Protection Bureau, Federal Deposit Insurance Corporation, National Credit Union … Continue Reading

Ukrainian bank loses $10 million in latest SWIFT cyber-attack

An unnamed bank in Ukraine is the most recent victim in a series of cyber-attacks exploiting vulnerabilities in the international banking communications system. According to an independent IT monitoring organization, hackers stole approximately $10 million by breaking into the Ukrainian bank’s internal network and submitting fraudulent money orders via SWIFT, the messaging system responsible for … Continue Reading

Protecting financial institutions in cyberspace—U.S. financial regulators come up with a new tool kit to stem cyberthreats

The Federal Financial Institutions Examination Council (FFIEC) has recently developed a new tool to help U.S. financial institutions combat the increasing volume and sophistication of cyber attacks. To blunt threats to a financial institution’s computers, computer systems, electronic communications network and infrastructure, the FFIEC’s June 2015 Cybersecurity Assessment Tool is designed to help financial institutions … Continue Reading
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