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Looking to the FFIEC Revised Information Security Booklet for Best Practices in Data Security for Financial Institutions

By Craig Nazzaro

The Federal Financial Institutions Examination Council (FFIEC) recently revised its Information Security Booklet. The changes bring the financial services industry closer to the goal of having a clearly defined set of cybersecurity and data protection protocols to ensure regulatory compliance. The booklet is one of 11 which together comprise the FFIEC IT Handbook. Special focus should be paid to the updated Appendix A which was published as guidance for field examiners of the financial services regulators to assess the level of security risks to an institution's information systems and the adequacy of an information security program's integration into an institution's overall risk management.

The Appendix lists 11 objectives for examiners to utilize, however eight of these objectives can be used as internal guidance to assess a program and devise a set of best practices to structure policies and procedures to form a strong, compliant approach to data security ahead of any examination.

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