The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, and the National Credit Union Administration (together, the "agencies"), under the auspices of the Federal Financial Institutions Examination Council ("FFIEC"), have accelerated efforts to assess and enhance the state of the financial industry's cyber preparedness, and to close gaps in the agencies' examination procedures and training that can strengthen the oversight of financial industry cybersecurity readiness. The agencies also have focused on improving their abilities to provide financial institutions with resources that can assist in protecting institutions and their customers from the growing risk posed by cyber attacks.
As part of these increased efforts, the agencies have developed a Cybersecurity Assessment Tool ("Assessment") that will assist financial institutions of all sizes in assessing their inherent cybersecurity risk and their risk management capabilities. The Assessment allows a financial institution to identify its inherent cyber risk profile based on the financial institution's technologies and connection types, delivery channels, online/mobile products and technology services it offers, organizational characteristics, and threats it is likely to face. Once an institution identifies its inherent risk, it can evaluate its level of cybersecurity preparedness based on the institution's cyber risk management and oversight, threat intelligence capabilities, cybersecurity controls, external dependency management, and cyber incident management and resiliency planning using the Assessment's maturity matrix. A financial institution can use the maturity levels to identify opportunities for improving the institution's cybersecurity, based on its inherent risk profile. The Assessment also will enable financial institutions to identify areas more rapidly that could improve their cybersecurity risk management and response programs, if needed.
Cyber threats have evolved and increased exponentially, with greater sophistication than ever before. Financial institutions are exposed to cyber risks because they are dependent on information technology to deliver services to consumers and businesses every day. Cyber attacks on financial institutions may not only result in access to, and the compromise of, confidential information, but also the destruction of critical data and systems. Disruption, degradation, or unauthorized alteration of information and systems can affect an institutionâs operations and core processes, and undermine confidence in the nation's financial services sector. Absent immediate attention to these rapidly increasing threats, financial institutions and the financial sector as a whole are at risk.
The agencies, under the auspices of the Federal Financial Institutions Examination Council, have developed the attached Assessment that will assist financial institutions of all sizes in assessing their inherent cybersecurity risk and their risk management capabilities. Financial institutions, particularly smaller institutions, have requested this assistance. The Assessment incorporates existing regulatory requirements applicable to financial institutions and the cybersecurity framework developed by the National Institute of Standards and Technology. The Assessment will enable financial institutions to identify areas that could improve their cybersecurity risk management and response programs more rapidly, if needed. The agencies would like to issue the Assessment as expeditiously as possible, given the potential severity and imminence of cyber threats to individual financial institutions and the financial sector as whole. The agencies note that addressing cyber threats to critical infrastructure also is an Administration priority. The timeframes required by the ordinary clearance process would delay use of the Assessment and could have a negative impact on the cybersecurity preparedness of the financial sector.
For these reasons, the agenciesâ request emergency OMB approval of this collection. The agencies believe that immediate collection of this information is in the best interest of the United States, the banking system, and the public. The agencies also request a waiver of a Federal Register publication for emergency clearance. Of course, the renewal procedure will involve Federal Register notice and public comment. The agencies will carefully consider all comments received in connection with the renewal procedure to determine if revision to the information collection is warranted.
On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).
The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:
(i) Why the information is being collected;
(ii) Use of information;
(iii) Burden estimate;
(iv) Nature of response (voluntary, required for a benefit, or mandatory);
(v) Nature and extent of confidentiality; and
(vi) Need to display currently valid OMB control number;
If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.
Emergency Request Letter.pdf
PRA Cybersecurity Self-Assessment 6-16-15 Clean.doc
FFIEC Cybersecurity Assessment Tool