FFIEC Cybersecurity Assessment Tool

Forms and Documents

Document Name	Status
Emergency Request Letter.pdf Supplementary Document	2015-06-16
PRA Cybersecurity Self-Assessment 6-16-15 Clean.doc Supporting Statement A	2015-06-16

IC Document Collections

IC ID	Document Title	Status
216960	FFIEC Cybersecurity Assessment Tool Other-Assessment: User's Guide, Inherent Risk Profile, and Cyber	New

ICR Details

OMB Control No: 1557-0328	ICR Reference No: 201506-1557-001
Status: Historical Active	Previous ICR Reference No:
Agency/Subagency: TREAS/OCC	Agency Tracking No:
Title: FFIEC Cybersecurity Assessment Tool
Type of Information Collection: New collection (Request for a new OMB Control Number)	Common Form ICR:  No
Type of Review Request: Emergency	Approval Requested By: 06/25/2015
OIRA Conclusion Action: Approved without change	Conclusion Date: 06/24/2015
	Date Received in OIRA: 06/16/2015
Terms of Clearance:

	Inventory as of this Action	Requested	Previously Approved
Expiration Date	12/31/2015	6 Months From Approved
Responses	17,259	0	0
Time Burden (Hours)	1,380,720	0	0
Cost Burden (Dollars)	0	0	0

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Abstract: The Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve, and the National Credit Union Administration (together, the "agencies"), under the auspices of the Federal Financial Institutions Examination Council ("FFIEC"), have accelerated efforts to assess and enhance the state of the financial industry's cyber preparedness, and to close gaps in the agencies' examination procedures and training that can strengthen the oversight of financial industry cybersecurity readiness. The agencies also have focused on improving their abilities to provide financial institutions with resources that can assist in protecting institutions and their customers from the growing risk posed by cyber attacks. As part of these increased efforts, the agencies have developed a Cybersecurity Assessment Tool ("Assessment") that will assist financial institutions of all sizes in assessing their inherent cybersecurity risk and their risk management capabilities. The Assessment allows a financial institution to identify its inherent cyber risk profile based on the financial institution's technologies and connection types, delivery channels, online/mobile products and technology services it offers, organizational characteristics, and threats it is likely to face. Once an institution identifies its inherent risk, it can evaluate its level of cybersecurity preparedness based on the institution's cyber risk management and oversight, threat intelligence capabilities, cybersecurity controls, external dependency management, and cyber incident management and resiliency planning using the Assessment's maturity matrix. A financial institution can use the maturity levels to identify opportunities for improving the institution's cybersecurity, based on its inherent risk profile. The Assessment also will enable financial institutions to identify areas more rapidly that could improve their cybersecurity risk management and response programs, if needed.

Emergency Justfication: Cyber threats have evolved and increased exponentially, with greater sophistication than ever before. Financial institutions are exposed to cyber risks because they are dependent on information technology to deliver services to consumers and businesses every day. Cyber attacks on financial institutions may not only result in access to, and the compromise of, confidential information, but also the destruction of critical data and systems. Disruption, degradation, or unauthorized alteration of information and systems can affect an institution’s operations and core processes, and undermine confidence in the nation's financial services sector. Absent immediate attention to these rapidly increasing threats, financial institutions and the financial sector as a whole are at risk. The agencies, under the auspices of the Federal Financial Institutions Examination Council, have developed the attached Assessment that will assist financial institutions of all sizes in assessing their inherent cybersecurity risk and their risk management capabilities. Financial institutions, particularly smaller institutions, have requested this assistance. The Assessment incorporates existing regulatory requirements applicable to financial institutions and the cybersecurity framework developed by the National Institute of Standards and Technology. The Assessment will enable financial institutions to identify areas that could improve their cybersecurity risk management and response programs more rapidly, if needed. The agencies would like to issue the Assessment as expeditiously as possible, given the potential severity and imminence of cyber threats to individual financial institutions and the financial sector as whole. The agencies note that addressing cyber threats to critical infrastructure also is an Administration priority. The timeframes required by the ordinary clearance process would delay use of the Assessment and could have a negative impact on the cybersecurity preparedness of the financial sector. For these reasons, the agencies’ request emergency OMB approval of this collection. The agencies believe that immediate collection of this information is in the best interest of the United States, the banking system, and the public. The agencies also request a waiver of a Federal Register publication for emergency clearance. Of course, the renewal procedure will involve Federal Register notice and public comment. The agencies will carefully consider all comments received in connection with the renewal procedure to determine if revision to the information collection is warranted.

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Authorizing Statute(s): US Code: 12 USC 6801 and 6805(b) Name of Law: The Gramm-Leach Bliley Act
   US Code: 12 USC 1 et seq. Name of Law: The National Bank Act
   US Code: 12 USC 221 et seq. Name of Law: The Federal Reserve Act
   US Code: 12 USC 1831p-1 Name of Law: The Federal Deposit Insurance Corporation Act
   US Code: 12 USC 1811 et seq. Name of Law: The Federal Deposit Insurance Act
   US Code: 12 USC 1751 et seq. Name of Law: The Federal Credit Union Act
  

Citations for New Statutory Requirements: None

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Associated Rulemaking Information
RIN:	Stage of Rulemaking:	Federal Register Citation:	Date:
	Not associated with rulemaking

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Federal Register Notices & Comments

Did the Agency receive public comments on this ICR? No

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Number of Information Collection (IC) in this ICR: 1

IC Title	Form No.	Form Name
FFIEC Cybersecurity Assessment Tool

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ICR Summary of Burden

	Total Approved	Previously Approved	Change Due to New Statute	Change Due to Agency Discretion	Change Due to Adjustment in Estimate	Change Due to Potential Violation of the PRA
Annual Number of Responses	17,259	0	0	17,259	0	0
Annual Time Burden (Hours)	1,380,720	0	0	1,380,720	0	0
Annual Cost Burden (Dollars)	0	0	0	0	0	0

Burden increases because of Program Change due to Agency Discretion: Yes

Burden Increase Due to: Miscellaneous Actions

Burden decreases because of Program Change due to Agency Discretion: No

Burden Reduction Due to:

Short Statement: The increase in burden is due to the fact that this is a new collection.

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Annual Cost to Federal Government:

Does this IC contain surveys, censuses, or employ statistical methods? No

Is the Supporting Statement intended to be a Privacy Impact Assessment required by the E-Government Act of 2002? No

Is this ICR related to the Affordable Care Act [Pub. L. 111-148 & 111-152]? No

Is this ICR related to the Dodd-Frank Wall Street Reform and Consumer Protection Act, [Pub. L. 111-203]? No

Is this ICR related to the American Recovery and Reinvestment Act of 2009 (ARRA)? No

Is this ICR related to the Pandemic Response? Uncollected

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Common Form ICR:  No

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On behalf of this Federal agency, I certify that the collection of information encompassed by this request complies with 5 CFR 1320.9 and the related provisions of 5 CFR 1320.8(b)(3).

The following is a summary of the topics, regarding the proposed collection of information, that the certification covers:

(a) It is necessary for the proper performance of agency functions;

(b) It avoids unnecessary duplication;

(c) It reduces burden on small entities;

(d) It uses plain, coherent, and unambiguous language that is understandable to respondents;

(e) Its implementation will be consistent and compatible with current reporting and recordkeeping practices;

(f) It indicates the retention periods for recordkeeping requirements;

(g) It informs respondents of the information called for under 5 CFR 1320.8 (b)(3) about:

(i) Why the information is being collected;

(ii) Use of information;

(iii) Burden estimate;

(iv) Nature of response (voluntary, required for a benefit, or mandatory);

(v) Nature and extent of confidentiality; and

(vi) Need to display currently valid OMB control number;

(h) It was developed by an office that has planned and allocated resources for the efficient and effective management and use of the information to be collected.

(i) It uses effective and efficient statistical survey methodology (if applicable); and

(j) It makes appropriate use of information technology.

If you are unable to certify compliance with any of these provisions, identify the item by leaving the box unchecked and explain the reason in the Supporting Statement.

Certification Date: 06/16/2015

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