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NCUA Encourages FFIEC Cybersecurity Assessment Tool for CUs
Thursday, July 9, 2015 6:40 AM

The compliance staff of Credit Union National Association met with National Credit Union Administration staff this week to discuss the details of the new Cybersecurity Assessment Tool issued by the Federal Financial Institutions Examination Council (FFIEC).

The tool was released nationally last week. Credit unions are not required to use the assessment; however, NCUA examiners will receive training on the tool in the coming months, and required use of the tool could follow.

The NCUA encourages credit unions to familiarize themselves with the new tool, which can be used to perform a self-assessment and evaluate risk management strategies.

CUNA’s CompBlog provides a deeper look into the new assessment tool, which consists of two parts:

  • Inherent risk profile: Identifies the institution’s inherent risk before implementing controls; and
  • Cybersecurity maturity: Designed to help management measure the credit union’s level of risk and corresponding controls.