ARLINGTON, Va.–NAFCU’s regulatory compliance team has created a new, interactive version of the Federal Financial Institutions Examination Council’s (FFIEC) Cybersecurity Assessment Tool.
The member-only Cybersecurity Assessment Tool Workbook will allow credit unions to self-test cyber risk and readiness in an electronic and easy-to-share format, according to the trade group.
“The FFIEC assessment, released last summer, is formatted into two components,” said NAFCU. “Users can first complete the Inherent Risk Profile to determine their credit union’s cybersecurity risk, prior to the implementation of controls. The second component, the Cybersecurity Maturity Level, is used to determine a credit union’s current state of cybersecurity preparedness and risk mitigation. NAFCU’s new Cybersecurity Assessment Tool Workbook can be shared across personnel and multiple departments, and is an excellent resource for efficient exam preparation.”
According to NAFCU, based on their results, credit union professionals will gain an in-depth understanding of how their credit union’s potential risk is affected by their activities, products and services and the impact of any mitigating controls.
“NAFCU’s new, easy-to-use Cybersecurity Assessment Tool Workbook allows credit unions to save dozens of valuable man-hours through its self-tallying function,” said NAFCU Director of Regulatory Compliance Brandy Bruyere. “As NCUA transitions towards using the FFIEC assessment in examinations this summer, our goal in creating this user-friendly version is to provide credit unions with a more efficient way to self-test compliance with cybersecurity regulatory expectations ahead of examinations.”
In addition to the Cybersecurity Assessment Tool Workbook, NAFCU said it also offers a wealth of cybersecurity compliance resources, including the NAFCU Compliance Cyber Café Enewsletter and NAFCU Compliance Blog entries on cybersecurity news.