On June 30, 2015, the FFIEC released a Cybersecurity Assessment Tool to help financial institutions identify their risks and assess their cybersecurity preparedness. The assessment tool is designed to provide a repeatable and measurable process for banks and credit unions to measure their cybersecurity preparedness over time.
tandem Cybersecurity Assessment provides a quick, easy, electronic way to complete the FFIEC cybersecurity self-assessment. Users log in to tandem and complete a questionnaire to generate their institution’s inherent risk profile and maturity level. Results live in tandem for tracking and reporting on a regular basis.
The tandem Cybersecurity Assessment tool is launching in phases and will be available as a free or professional version. Some of the key features provided by the tool will include the ability to compare results with similar financial institutions, a variety of graphs and reports for analyzing data and improving cybersecurity, including a report template for the board of directors, and a plan of action template to improve maturity levels if applicable.
The tool is an integrated module in tandem, an online software suite for managing information security and compliance. Other modules include: Risk Assessment, Vendor Management, Business Continuity Planning, Identity Theft Prevention Program, Audit Management, Social Media Management, Compliance Management, and more.
tandem Cybersecurity Assessment by CoNetrix warrants an Innovative Solutions Award because:
- The tool is an electronic way to complete the FFIEC cybersecurity assessment.
- The streamlined process will help financial institutions save time, avoid gaps or simple errors, and easily see where to improve.
- The solution will provide a variety of reports and graphs to assist institutions in analyzing and understanding their data and making informed decisions to improve their cybersecurity.
- The tool is free to financial institutions with pro features coming soon.
- tandem subscribers can access the tool in the same interface as other modules for efficient security and compliance management.