How credit unions can evaluate their FFIEC, NCUA cyber compliance using AWS
Credit unions face unique security, regulatory, and compliance obligations, making a sound cybersecurity posture essential for their operations. To meet the requirements set by the Federal Financial Institutions Examination Council (FFIEC) and National Credit Union Administration (NCUA), credit unions can leverage the capabilities of Amazon Web Services (AWS). AWS offers a range of services that can help credit unions prepare for audits, assess their security posture, and produce necessary documentation for state or federal regulators.
Pick the right audit tool
To evaluate their cyber compliance, credit unions can choose from several tools provided by AWS. When it comes to evaluating access to AWS resources, the Automated Cybersecurity Evaluation Toolbox (ACET) developed by the NCUA and the Cybersecurity Assessment Tool (CAT) from the FFIEC are widely used. AWS Identity and Access Management Access Analyzer (IAM Access Analyzer) can also be employed to identify external access to AWS resources.
Prepare with AWS Audit Manager
AWS Audit Manager is a valuable tool that offers prebuilt frameworks mapped to various standards like the Center for Internet Security’s (CIS) Critical Security Controls, Payment Card Industry Data Security Standard (PCI DSS), and NIST standards. It simplifies evidence collection and assessment of an organization’s policies, procedures, and activities.
Continuously assess through AWS Security Hub
AWS Security Hub is a cloud security posture management service that performs automated, continuous security checks against AWS resources. It aggregates security findings from multiple AWS services and partner products into a centralized location. Security Hub can evaluate resources against standards such as the CIS AWS Foundations Benchmark and PCI DSS, among others. Remediation can be automated through Amazon EventBridge.
Deploy AWS Config conformance packs
AWS Config provides resource inventory, configuration history, and change notifications. AWS Config conformance packs make it easier to deploy multiple rules as a single unit. While they don’t replace internal efforts, they help verify compliance. Credit unions can use the AWS Config operational best practices for FFIEC conformance pack, which provides mappings between FFIEC CAT/NCUA ACET Inherent Risk Profile and Cybersecurity Maturity domains.
Extending AWS capabilities to on-premises
Credit unions using a hybrid cloud model can aggregate security findings from both cloud and on-premises resources into Security Hub. This allows for a centralized view of security findings and identification of on-premises servers for remediation.
Stay current with NIST standards in the AWS Cloud
The NCUA bases its assessments on the NIST Cybersecurity Framework (CSF). AWS supports the NIST SP 800-53 Revision 5, allowing automated checks against 121 security controls. Mapping AWS cloud resources to the NIST CSF helps credit unions address compliance best practices.
Frequently Asked Questions
What is FFIEC?
FFIEC stands for the Federal Financial Institutions Examination Council. It is an interagency body composed of five US regulators that provides uniform principles, standards, and reporting forms for the examination of financial institutions.
What is NCUA?
NCUA stands for National Credit Union Administration. It is the independent federal agency that regulates, charters, and supervises federal credit unions in the United States.
How can AWS help credit unions evaluate their compliance?
AWS offers various services like AWS Audit Manager, AWS Security Hub, and AWS Config, which credit unions can utilize to assess their compliance with FFIEC and NCUA requirements. These services automate evidence collection, perform security checks, and provide resources to evaluate cybersecurity posture.
Can credit unions use AWS tools for on-premises resources?
Yes, credit unions can extend AWS capabilities to on-premises resources by aggregating security findings into Security Hub. This allows for centralized viewing and remediation of on-premises servers.
What is the NIST CSF?
The NIST CSF is the National Institute of Standards and Technology Cybersecurity Framework. It is a risk-based framework designed to help organizations manage cybersecurity risk. It provides a set of standards, guidelines, and best practices for managing and improving cybersecurity efforts.
By leveraging AWS services, credit unions can simplify the process of evaluating their compliance with FFIEC and NCUA cyber requirements. AWS provides the necessary tools and frameworks to meet regulatory obligations while enhancing security and governance practices.
For more information about the benefits of AWS for credit unions, visit the AWS for Credit Unions hub.
Find out how VIS Banking software solutions can assist credit unions in meeting their compliance needs. Explore our site to learn more about our solutions, pricing, and request a demo.
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