Today at an event at the National Press Club, the Financial Services Sector Coordinating Council (FSSCC) along with a group of leading financial trade associations will unveil the sector’s Cybersecurity Profile, an initiative that the National Institute of Standards and Technology (NIST) has called “…one of the more detailed Cybersecurity Framework-based, sector regulatory harmonization approaches to-date.”
The Profile provides a framework that integrates widely used standards and supervisory expectations to help guide financial institutions in developing and maintaining cybersecurity risk management programs. It offers a common, credible approach to cybersecurity and assessment and is complementary to the NIST cybersecurity framework. Specifically, the Profile seeks to provide financial institutions and the third-party providers more consistent and efficient processing of examination material by firms and regulators. It also helps regulators and firms to prioritize resources and focus on cyber threats of greatest concern.