Welcome to March (and in the Northeast, the arrival of meteorological spring is welcome indeed……)
We start this month with a question: Have you looked at your cyber resilience?
The Federal Financial Institutions Examination Council (FFIEC) recently described “cyber resilience” as an organization’s ability to recover critical IT systems and resume normal business operations in the event of a cyberattack. On February 6, the FFIEC added a new Appendix J to its Business Continuity Planning booklet titled Strengthening the Resilience of Outsourced Technology Services (Guidance) which discusses the importance of cyber resilience in light of the increasing sophistication and volume of cyber threats and their ability to disrupt operations and challenge business continuity preparedness and provides recommendations for financial institutions and their services providers for addressing and mitigating cyber resilience risks and strengthening business resilience. Published in 2003, the Business Continuity Planning booklet is one of a series of booklets that comprise the FFIEC Information Technology (IT) Examination Handbook and provides guidance to assist field examiners from the FFIEC member agencies in evaluating financial institution and service provider risk management processes to ensure the availability of critical financial services. The FFIEC has also set up a cybersecurity awareness website and in the past year piloted a cybersecurity assessment program at a number of financial institutions across the country. Although these most directly apply to financial institutions and their service providers, the question of cyber resilience is critical to every organization.
So what are cyber resilience risks?
Continue Reading Privacy Monday – March 2, 2015: How is Your Cyber Resilience?