Earlier this month, the Federal Deposit Insurance Corporation’s Division of Risk Management Supervision released “A Framework for Cybersecurity” in its Winter 2015 issue of Supervisory Insights. The FDIC article outlines the current and evolving cyber threat landscape and identifies the challenges presented by these threats as “critical” to financial institutions. The article describes regulatory steps the FDIC has taken and also how banks should incorporate cybersecurity into their overall risk management framework. The article is helpful for understanding the FDIC’s cybersecurity focus and the issues upon which it expects banks subject to its supervision to focus.
The Federal Financial Institutions Examination Council (FFIEC) has released final supervisory guidance on the use of social media by financial institutions. We last reported on the guidance when it was published in draft form in January 2013. The final guidance is substantially similar to the proposal (and we encourage you to read our prior post for more details on the elements of the guidance), but the FFIEC made certain revisions in light of the 81 public comments it received on the proposal.