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Please note that the OMB number and expiration date may not have been determined when this Information Collection Request and associated Information Collection forms were submitted to OMB. The approved OMB number and expiration date may be found by clicking on the Notice of Action link below.
View ICR - OIRA Conclusion
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
Retrieve Notice of Action (NOA)
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
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.
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
Associated Rulemaking Information
RIN:
Stage of Rulemaking:
Federal Register Citation:
Date:
Not associated with rulemaking
Federal Register Notices & Comments
Did the Agency receive public comments on this ICR?
No
Number of Information Collection (IC) in this ICR:
1
IC Title
Form No.
Form Name
FFIEC Cybersecurity Assessment Tool
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.
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
Agency Contact:
Beth Knickerbocker 202 649-7820 beth.knickerbocker@occ.treas.gov
Common Form ICR:
No
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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