Amid a spate of high profile cyberattacks, the FFEIC has released a new cybersecurity assessment tool to help financial institutions identify risks and evaluate their cybersecurity preparedness. The assessment provides a repeatable and measurable process for institutions to track cybersecurity preparedness over time, including determining the institution’s overall cyber risk, assessing the institution’s cybersecurity preparedness, evaluating whether the institution’s cybersecurity preparedness is aligned with its risks and determining needed risk management practices. The assessment is designed to apply to financial institutions of all sizes.