FFIEC
Strategic Support for Financial Institutions
Understanding FFIEC Cybersecurity and the Cybersecurity Assessment Tool (CAT)
The Federal Financial Institutions Examination Council (FFIEC) provides a cybersecurity framework designed to help financial institutions manage and mitigate risks associated with today’s threat landscape. A central tool within this framework, the FFIEC Cybersecurity Assessment Tool (CAT), helps organizations assess their cybersecurity maturity and identify gaps in their cybersecurity posture. Using FFIEC CAT, institutions can develop a deeper understanding of their cyber risk profile and align their controls and defensive strategy accordingly.
The FFIEC CAT process involves two main components:
Inherent Risk Profile
This assesses the institution’s exposure to risk based on key factors such as technology adoption, delivery channels, external threats, connection types, and products/services offered. This analysis leads to the identification of an inherent risk level (e.g., ‘Least’ to ‘Most’) that feeds into the maturity assessment.
Cybersecurity Maturity
This evaluates an institution’s maturity level across five risk management domains, providing insights into potential improvement areas.Â
The Five Domains of FFIEC Cybersecurity Maturity
FFIEC CAT is organized into five domains that together provide a comprehensive view of an institution’s cybersecurity preparedness:
1. Cyber Risk Management and Oversight
This domain emphasizes the role of governance in cybersecurity, focusing on policies, risk management practices, and board oversight to ensure security measures align with business goals.
Key areas include:
- Board and senior management oversight
- Cybersecurity policies
- Risk management practices and audits
2. Threat Intelligence and Collaboration
Here, institutions assess how they detect, share, and respond to emerging threats through industry collaboration, intelligence sharing, and analysis.
Key areas include:
- Monitoring threat intelligence sources
- Threat analysis and response
- Industry collaboration for threat awareness
3. Cybersecurity Controls
This domain covers the security measures in place to prevent, detect, and respond to cybersecurity threats, from access controls to vulnerability management.
Key areas include:
- Access and identity management
- Vulnerability management
- Network and data security
4. External Dependency Management
This domain addresses the risks associated with third-party relationships and emphasizes the importance of managing external dependencies securely.
Key areas include:
- Vendor management
- Contract oversight
- Risk assessments for third parties
5. Cyber Incident Management and Resilience
This domain evaluates the institution’s ability to detect, respond to, and recover from cybersecurity incidents, ensuring business continuity.
Key areas include:
- Incident response planning
- Disaster recovery
- Testing and refining response capabilities
Key Features of FFIEC Cybersecurity Compliance
FFIEC compliance ensures that financial institutions maintain a high standard of cybersecurity resilience, particularly given the regulatory scrutiny and evolving threats within the financial sector. Some key benefits include:
Inherent Risk Profile
FFIEC CAT provides a structured method for assessing cybersecurity risks based on an institution’s specific profile.
Enhanced Preparedness
Compliance with FFIEC guidance strengthens defenses against sophisticated cyber threats, enhancing overall business resilience.
Regulatory Compliance
FFIEC standards align with federal regulatory expectations, helping institutions avoid penalties and maintain strong industry standing.
Continuous Improvement
FFIEC CAT fosters a continuous improvement model, encouraging institutions to regularly assess and elevate their cybersecurity maturity.
We start by assessing your institution’s risk profile and cybersecurity maturity, identifying key areas for improvement. This baseline allows you to focus resources on the most critical security controls.
This effort results in an understanding of the organization’s maturity level according to FFIEC CAT (e.g., ‘Baseline’ to ‘Innovative’) based on the assessment factors/domains and declarative statements. This additionally allows us to interpret results with you to understand whether maturity levels are appropriate in relation to the inherent risk profile.
Our experts conduct a thorough review of your current controls, policies, and processes. We provide a clear picture of gaps relative to FFIEC standards to clearly understand where remediation efforts must focus.
We assist in developing effective remediation plans and security measures, from enhancing access controls to improving incident response protocols. We also provide support in developing or refining cybersecurity policies that meet FFIEC expectations.
Managing third-party risks is vital to FFIEC compliance. We help assess vendor relationships, ensuring proper contract oversight and security controls are in place.
With a strong focus on incident management, we help create and test incident response and recovery plans as well as conduct tabletop exercises. We provide guidance to ensure resilience, from cyber incident management to disaster recovery.
FFIEC compliance is an ongoing process. We offer continued support, including regular assessments, updates to documentation, and adjustments to evolving regulatory requirements.
We start by assessing your institution’s risk profile and cybersecurity maturity, identifying key areas for improvement. This baseline allows you to focus resources on the most critical security controls.
This effort results in an understanding of the organization’s maturity level according to FFIEC CAT (e.g., ‘Baseline’ to ‘Innovative’) based on the assessment factors/domains and declarative statements. This additionally allows us to interpret results with you to understand whether maturity levels are appropriate in relation to the inherent risk profile.
Our experts conduct a thorough review of your current controls, policies, and processes. We provide a clear picture of gaps relative to FFIEC standards to clearly understand where remediation efforts must focus.
We assist in developing effective remediation plans and security measures, from enhancing access controls to improving incident response protocols. We also provide support in developing or refining cybersecurity policies that meet FFIEC expectations.
Managing third-party risks is vital to FFIEC compliance. We help assess vendor relationships, ensuring proper contract oversight and security controls are in place.
With a strong focus on incident management, we help create and test incident response and recovery plans as well as conduct tabletop exercises. We provide guidance to ensure resilience, from cyber incident management to disaster recovery.
FFIEC compliance is an ongoing process. We offer continued support, including regular assessments, updates to documentation, and adjustments to evolving regulatory requirements.
NOTE: FFIEC CAT (assessment tool) will be sunset on August 31, 2025. Due to this discontinued support the FFIEC is recommending that financial institutions consider beginning to use other frameworks for cybersecurity assessments. This includes:
Please click one of the above to see how we can support you in your compliance journey and proactive efforts in line with the evolution of FFIEC compliance.
Why Choose Us for FFIEC Compliance?
Expertise
Our team has deep knowledge of FFIEC guidelines/FFIEC CAT, cybersecurity best practices, and financial regulatory expectations.
Tailored Approach
We customize our services to align with your institution’s unique risk profile, business objectives, and regulatory requirements.
Efficiency
Our structured approach to FFIEC compliance reduces complexity, streamlining the process and conserving resources.
Long-Term Partnership
We are committed to supporting your institution’s cybersecurity needs, providing ongoing guidance as you navigate evolving risks and regulatory requirements.
Ensure your institution’s resilience and compliance with FFIEC cybersecurity standards. Partner with us to achieve a stronger, more secure foundation for the future. Contact us today to start your journey toward FFIEC compliance and robust cybersecurity.