Cybersecurity is an area of growing concern for financial institutions, especially in the face of recent high-profile data breaches. The Federal Financial Institutions Examination Council (FFIEC) Cybersecurity Assessment Tool (CAT) helps financial institutions identify their risks and determine their cybersecurity preparedness. The Federal Financial Institutions Examination Council (FFIEC) developed the Cybersecurity Assessment Tool (CAT) to help banks and credit unions identify cybersecurity risks and determine their preparedness. Using the CAT, banks can understand where their security practices fall short and how to address those gaps. The CAT consists of two parts: the Inherent Risk Profile and the Cybersecurity Maturity. The following table depicts the relationship between an institution’s Inherent Risk Profile and its domain Maturity Levels, as there is no single expected level for an institution. Proving compliance with the FFIEC is determined based on your organization’s cybersecurity maturity levels and posture. In a perfect world, your preparedness would be Innovative for all of the components. Institutions use the FFIEC Cybersecurity Assessment Tool (CAT) to test their current level of risk as well as the maturity of their security strategies. The CAT is an organizational risk management framework that allows institutions to quantify and measure their risk exposure and identify the maturity of current controls. The CAT provides a measurable process for your financial institution to determine cybersecurity preparedness over time. Many of the “Baseline Maturity” statements correlate directly to the existing FFIEC Handbooks, so there is an implied expectation that all entities will achieve at least this level of maturity. Cybersecurity Maturity - ffiec.gov The FFIEC assessment consists of two parts: an inherent risk profile and a cybersecurity maturity assessment. Controls” for each of the declarative questions within a maturity level. We used our interpretation of the CAT statement and examined the CRR questions and question guidance throughout all domains to identify the CRR questions, which resulted in the most complete functional match with the NIST CSF mappings. While management can determine the institution’s maturity level in each domain, the CAT is not designed to identify an overall cybersecurity maturity level. The FFIEC’s assessment tool is broken out into two parts and with maturity levels; To help financial institutions assess their cybersecurity preparedness and identify their risks, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool (CAT) in June 2015. The CAT establishes a single process for banks to identify their Cybersecurity Risk and Maturity level. Cybersecurity Maturity The Assessment’s second part is Cybersecurity Maturity, designed to help management measure the institution’s level of risk and corresponding controls. Answer one of the maturity level questions “Yes” instead of “N/A.” Recommend that you add a note to explain your scoring. FFIEC CAT Assessment. FFIEC Cybersecurity Assessment Tool: The Federal Financial Institutions Examination Council Cybersecurity Assessment Tool ( FFIEC Cybersecurity Assessment Tool) is a repeatable and measurable process that institutions can use to measure their cybersecurity preparedness over time. If executives and boards are being asked to be part of the solution, then teams may have some momentum to advance their cause. Determine if you need to adjust either your current levels of acceptable risk or your goals for future Cybersecurity Maturity, and keep working to mitigate future risk. What is an FFIEC Cyber Assessment Tool (CAT)? The Cybersecurity Maturity assessment includes domains, assessment factors, components, and individual declarative statements across five maturity levels … Part I: FFIEC CAT -Background, Overview, Maturity •What is it, and why you should you care •Cybersecurity Maturity according to the FFIEC Part II: FFIEC CAT –The Assessment •What does it look like, and how do you use it Part III: FFIEC CAT and Splunk •What Domains and controls does Splunk map to specifically •Explanation of Splunk Capabilities as they relate to the FFIEC CAT The Cybersecurity Maturity includes domains, assessment factors, components, and individual declarative statements across five maturity levels to identify specific controls and practices that are in place. N/A maturity level score prevents risk maturity scoring from evaluating to the correct level. Companies can use the assessment to determine their risk level, as well as their maturity level (a measure of cybersecurity preparedness). The CAT is also useful for non-depository institutions. In June 2015, the Federal Financial Institutions Examination Council (FFIEC) released the cybersecurity assessment tool (the Assessment) to help financial institutions identify their cyber risks and determine their cybersecurity maturity and preparedness. The CAT consists of two parts: the Inherent Risk Profile and the Cybersecurity Maturity. Given the complexity of most business infrastructures, the FFIEC cybersecurity tool offers various criteria that you can use as you measure the effectiveness of your current security profile. This forced financial institutions to complete the tool manually on paper, to develop their own mechanism to electronically complete the assessment, or to use third-party software such as Tandem to complete the assessment. The assessment tool categorizes risk, from areas of most concern to least. Generate consistent and professional documents effortlessly. The levels range from baseline to innovative. In response to high threat levels, the Federal Financial Institution Examination Council (FFIEC) has provided firms with a Cybersecurity Assessment Tool (CAT), a framework to assess a financial institution's cybersecurity preparedness. Maturity results for each domain to understand whether they are aligned. Hot Topic Webinar - FFIEC CAT Update Released! While originally released by the FFIEC as an “optional” assessment tool for financial institutions, CAT has sparked controversy because of its application to … The FFIEC Cybersecurity Assessment Tool measures the maturity of your financial institution’s information security program. Its risk assessment also uses a 5-point scale, but the maturity appraisal requires yes or no answers to 494 statements about specific activities, services, and products. The Cybersecurity Maturity assessment includes domains, assessment factors, components, and individual declarative statements across five maturity levels to identify specific controls and practices that are in place; however, the CAT is not designed to identify an overall cybersecurity maturity level and instead allows companies to determine the maturity level for each domain. Rather than poking holes in the assessment tool from the FFIEC, there’s an opportunity to try and drive this more into the business. We can help! This is useful because of the sensitive customer … While the Assessment is a voluntary method, it is highly recommended that financial institutions utilize it … In June of this year, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Self Assessment Tool (CAT) to help institutions determine their risks and evaluate their preparedness. There are five maturity levels: Baseline, Evolving, Intermediate, Advanced and Innovative. On May 31, 2017, the Federal Financial Institutions Examination Council (FFIEC) announced the release of an update to the Cybersecurity Assessment Tool (CAT). While the FFIEC Cybersecurity Assessment Tool (CAT) was called a tool, it was released in the form of a PDF download. Cybersecurity Maturity includes FFIEC CAT actually comprises two parallel assessments – Inherent Risk and Cybersecurity Maturity. The tool helps define your current inherent risk profile and assess your compliance status across the security domains. The CAT is based on a number of declarative statements that address similar concepts across FFIEC-defined maturity levels. The inherent risk profile identifies the amount of risk posed to a bank by the types, volume, and complexity of the bank’s technologies and connections, Page 8/34. Members of the Federal Financial Institutions Examination Council (FFIEC) 2 have also experienced challenges in assessing whether financial institutions’ actions are appropriate and sufficient. Realistically, your maturity preparedness ratings will be scattered across all levels. The institution identifies its inherent risk based on activities, products, and services offered. Downloads. Generate an action plan to improve your cybersecurity maturity to reach the target levels defined by your organization's board of directors and senior management. The FFIEC Cybersecurity Assessment Tool (CAT) was originally released in June of 2015 and updated in May of 2017. It helps assess an institution’s inherent cyber risk profile and its cybersecurity maturity level. Compare your updated Cybersecurity Maturity levels to the results from CAT 1.0, and report these updates to your IT Committee and Board of Directors. Problem editing text copied from other workbooks When copying from other workbooks, use the paste as values option. The update is the first for the tool since its initial release in 2015. It can be a daunting exercise to complete. The framework has two focuses. To help financial institutions assess their cybersecurity preparedness and identify their risks, the Federal Financial Institutions Examination Council (FFIEC) released its Cybersecurity Assessment Tool (CAT) in June 2015. FFIEC Cybersecurity Assessment Tool Overview for CEOs and Boards of Directors . The FFIEC Cybersecurity Assessment, launched in 2015, was created to help organizations adopt cybersecurity best practices for greater security. The FFIEC CAT (Cybersecurity Assessment Tool) provides financial institutions with a repeatable and measurable process that enterprises can use to gauge cybersecurity preparedness. It has quickly become a standard baseline to assess the cybersecurity maturity of financial firms. 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