Federal banking regulators have for the last year been pushing community banks and credit unions to enhance their cybersecurity assessment and risk management strategies. The FDIC created a cyber-challenge to promote preparedness among banks for potential cyber threats. The program includes four real-world attack and cyber-threat scenarios presented in brief videos. These include a processing failure, an account takeover incident, a phishing attach that infects a bank’s network with malware and operational problems stemming from when an institution’s technology service provider performs an update.
The Federal Financial Institutions Examination Council issued new cyber-resilience guidance tools this summer to help institutions gauge their risk and cybersecurity improvements. It’s designed to help banking institutions of all sizes assess and identify risks and weaknesses in their cybersecurity preparedness programs.
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