FFIEC Urges Proactive Cybersecurity Management of Interbank Messaging and Wholesale Payment Networks

In response to recent reports of cyberattacks against the Society for Worldwide Interbank Financial Telecommunications ("SWIFT") network, the Federal Financial Institutions Examination Council ("FFIEC") urged financial institutions to manage risks actively that are associated with their interbank messaging and wholesale payment networks. SWIFT members also are being reminded to conduct ongoing assessments of their ability to mitigate risks related to information security, business continuity, and third-party provider management.

FFIEC members include the Board of Governors of the Federal Reserve System, the FDIC, the National Credit Union Administration, the Office of the Comptroller of the Currency, the Consumer Financial Protection Bureau, and the State Liaison Committee.