FFIEC: Review Risk Management Practices and Controls Over IT and Wholesale Payment Systems Networks


The [FFIEC], on behalf of its members, today issued the attached statement in light of recent cyber attacks, to remind financial institutions of the need to actively manage the risks associated with interbank messaging and wholesale payment networks. Financial institutions should review their risk management practices and controls over information technology (IT) and wholesale payment systems networks, including authentication, authorization, fraud detection, and response management systems and processes. This statement emphasizes that participants in interbank messaging and wholesale payment networks should conduct ongoing assessments of their ability to mitigate risks related to information security, business continuity, and third-party provider management.

Read the FFIEC Statement here.

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