CSBS creates cybersecurity exams for nonbank entities

The Baseline Nonbank Cybersecurity Exam Program and the Enhanced Nonbank Cybersecurity Exam Program are to be used by state examiners nationwide to assess the cyber preparedness of nonbank entities. These tools – which were developed by a multistate team of cybersecurity experts – are meant to provide institutions with the ability to improve cybersecurity posture and better prepare for future exams by state examiners.

“Supervisory clarity is essential to increasing industry awareness and making our financial system more resilient to cyber-attacks,” CSBS Senior Vice President of Nonbank Supervision Chuck Cross said. “The Nonbank Cybersecurity Exam Procedures released today provide nonbank institutions additional optional tools to guard against cyber-attacks, data breaches or lapses in management oversight in this crucial area.”

This release is part of a larger initiative by CSBS and state regulators to equip the industry with the necessary tools to protect the nation’s critical financial infrastructure. CSBS intends to provide additional tools tailored to the specific needs of smaller nonbank financial institutions in the coming months.