The Federal Reserve began notifying financial institutions in early 2021 regarding new FedLine security requirements. FedLine Solutions have been identified as a critical component of the U.S. electronic payments system and efforts to secure this system are increasing as cybercrimes continue to increase in complexity and frequency. The Federal Reserve has many layered controls and embedded security components in the FedLine service, but each organization plays a vital role in safeguarding the payment messages and information that are transmitted over FedLine. The Federal Reserve Security and Resiliency Assurance Program “Assurance Program” consists of two major components:
- Assessing your compliance with FedLine security requirements
- Submit an attestation of your compliance
Organizations will need to complete these components during the 2021 calendar year. Moving forward financial institutions are required to complete the program annually.
What You Will Learn
- Detailed requirements required to complete in 2021
- Compliance preparation into 2022
- Review of specific “FedLine Security Requirements”
- Understanding of when institutions must have their controls independently audited
- Observation around current regulatory comments and actions
- We will also be providing attendees a toolkit which will provide guidance of the Federal Reserve FedLine Assurance Program.
Who Should Attend?
Your institution’s End User Authorized Contacts (EUACs), Information Security Officer, IT Manager, Risk Officer, Internal Auditor, Board members, or other management team members looking for a solid understanding of the assessment process and how it will improve security around the FedLine system.