The Cybersecurity Guide to Governance, Risk, and Compliance

CHAPTER 21Understanding US Regulatory Bodies

“Just as traffic rules maintain order on the roads, cyber regulations establish order in the digital domain, fostering a secure and harmonious digital ecosystem.”

It is important to understand the roles and mandates of key US regulatory bodies in the cybersecurity sector. Whether you are a cybersecurity professional, financial institution, or an individual interested in understanding the US regulatory framework for cybersecurity, you will need insights into the Federal Financial Institutions Examination Council (FFIEC), the Office of the Comptroller of the Currency (OCC), the Board of Governors of the Federal Reserve System (Fed), the Federal Deposit Insurance Corporation (FDIC), the Consumer Financial Protection Bureau (CFPB), the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), and the National Credit Union Administration (NCUA).

FEDERAL FINANCIAL INSTITUTIONS EXAMINATION COUNCIL (FFIEC)

The FFIEC is a government interagency body that sets the tone for cybersecurity within financial institutions across the United States. The council was created in 1979 to promote uniformity and consistency in the supervision of financial institutions. The FFIEC is pivotal to formulating and establishing principles and standards for examining these institutions. It is crucial for any cybersecurity professional working within a financial institution to have a comprehensive understanding of the FFIEC's ...