Ransomware Self-Assessment Tool
Ransomware has become the most visible cyber threat to our nation’s networks. While financial institutions have implemented good cybersecurity practices, the rapid advancements in ransomware and its potentially devastating consequences require that every financial institution review and update its controls. Ransomware can result in a sudden and unplanned suspension of critical core banking services, and payment of a ransom does not guarantee records can be restored in a timely fashion or even restored at all. In severe cases, this could result in the financial institution’s failure. The attached Ransomware Self-Assessment Tool (R-SAT) has 16 questions designed to help financial institutions reduce the risks of ransomware.
Colleagues,
I am proud to present to you the revised Conference of State Bank Supervisors (CSBS) Executive Leadership of Cybersecurity (ELOC) Resource Guide, or “Cybersecurity 101.” The number of cyber-attacks directed at financial institutions of all sizes continues to grow. Addressing new threats requires a concerted effort by Chief Executive Officers (CEOs), Presidents, and Board Members. Several years ago CSBS, on behalf of state regulators, launched the ELOC Initiative to engage bank executives and provide them with the tools to address cybersecurity threats. Since its initial publication, “Cybersecurity 101” has served as a valuable resource for countless bank executives. In this update, however, you will notice several changes. Most notably, we removed previously included technical information, such as detailed instructions for activities performed by your IT and information security personnel. They will be incorporated into appendices and made available separately. The guide has also been updated to address both bank and nonbank institutions. We intend this document as a reference for both the banks that have formed the cornerstone of our economy for hundreds of years, as well as the emerging technologies shifting our industry in exciting and challenging ways. This guide is tailored to furnish Executives with the necessary tools to better understand and prepare for the threats faced by their institutions. Thank you for taking the initiative to make your institutions, your customers, and your communities safer while online. Your leadership, determination, and willingness to adapt are instrumental to maintaining a robust, secure financial system.
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John W. Ryan
President & CEO, Conference of State Bank Supervisors