Federal financial regulators emphasized the benefits of using a standardized approach to assess and improve cybersecurity preparedness, without mandating any particular assessment—advancing a long-standing ICBA and community bank priority.
In a joint announcement, the Federal Financial Institutions Examination Council members encouraged institutions to choose from various standardized tools aligned with industry standards and best practices to assess their cybersecurity preparedness.
ICBA has long said the regulatory agencies should not mandate the use of one cybersecurity assessment tool over another. Over years of letters and testimony to policymakers, ICBA has repeatedly noted that community banks use a multitude of cybersecurity frameworks, tools and assessments to secure their critical systems and safeguard customer data.
ICBA will continue working with policymakers on collaborative approaches to mitigate cyber and data security threats.